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Intel shares plunged about 29% on Friday—their worst session since the 1970s—after the company issued disappointing financial guidance amid weak demand for PCs and the shutdown of a manufacturing facility in Israel, which is estimated to have cost it about $600 million. The drop cut the value of the U.S. government’s 10% stake by roughly $12 billion in a single day, while the value of Nvidia’s investment in Intel fell by about $6 billion. Intel forecast revenue of $15 billion to $16 billion and earnings per share of no more than 25 cents, below Wall Street expectations.
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