TLDR
- Intel (INTC) closed at $59.97 on Nov. 2, down 8.80% after a 29% plunge on Oct. 30.
- October was Intel’s worst month since at least 1980, with a 45% loss.
- Chip and memory stocks have lost about $3.7 trillion in market value since Oct. 6.
- Intel guided Q4 adjusted EPS to $0.25, down from $0.52 in Q3.
- AMD reports Q3 results Tuesday after the bell, the same day as the midterm vote.
Intel (INTC) stock closed at $59.97 on Monday, down $5.79 or 8.80%. It was up 2.58% in pre-market trading Tuesday at $61.52.
Wall Street mostly shook off last week’s tech losses on Monday. About 7 in 10 S&P 500 stocks rose, but nearly every chip stock fell.
The group shed more than $400 billion in market value in one session, by Yahoo Finance calculations. Intel led the way down again.
The slide followed Intel’s worst day since 1974 on Oct. 30. A weak forecast knocked nearly 29% off the stock that day.
Monday’s close left Intel worth less than half of what it was at the end of September. The company’s market cap now sits near $317 billion.
A Rout That Spread
The damage did not stop at Intel. Micron (MU), Sandisk (SNDK), Seagate (STX) and Western Digital (WDC) all fell roughly 6% to 8%.
Marvell (MRVL) fell even harder. The drop came as it agreed to buy Lumentum (LITE) in a $115 billion deal.
Nvidia (NVDA) held up better than most. It is still down about 16% since Oct. 6.
Chip and memory stocks have lost about $3.7 trillion since Oct. 6. Nvidia lost the most in dollars at about $896 billion, followed by TSMC at $435 billion and AMD at $298 billion.
Intel lost about $279 billion, a 47% drop. That is the steepest percentage fall among the giants.
SpaceX (SPCX) rose, though it remains well below its early October level. Cybersecurity names like Fortinet (FTNT) and CrowdStrike (CRWD) fell with chips.
What Intel Said and What History Shows
Intel closed October at $65.76, down 45% from $120.23 at the end of September. Yahoo Finance data goes back to March 1980, and no month was worse.
On Oct. 29, management guided Q4 adjusted EPS to just $0.25. That is under half the $0.52 it earned in Q3.
CFO David Zinsner said the PC slowdown should last “at least through the first half of next year.” Even so, Intel’s data center and AI segment grew revenue 78% year over year in Q3.
Intel still expects Q4 revenue to rise about 13% year over year at the midpoint. The stock is still up about 78% for 2026 as of Oct. 30.
Its previous worst month was September 2000, when it fell 44.5%. The stock lost another 51% over the next 12 months.
Other bad months ended better. After June 2002, the stock was up 14% a year later.
Some analysts see a bottom. Adam Johnson of the Bullseye Brief said, “The market kitchen-sinked it.”
Jeff Hirsch of the Stock Trader’s Almanac bought the dip on Oct. 30. Chips have risen in all eight midterm cycles since 1994, measured from the last October close through the following June.
Former Cisco CEO John Chambers sees a wider gap ahead. “There will be major train wrecks,” he said, adding, “I would not bet against Nvidia.”
Intel’s 52-week range runs from $32.89 to $142.35. Its high close this year was $140.94 on June 22.
AMD (AMD) reports Q3 results Tuesday after the bell. The report lands the same day as the midterm vote.
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