Share price collapse is overstated says Intel chief Pat Gelsinger

Shares in the US tech giant plunged as much as 13 per cent after the chipmaker delivered a weaker than expected growth outlook for 2024

Shares in Intel, the US microchip giant, recorded their sharpest fall in more than three years after delivering a disappointing forecast, a reaction that Pat Gelsinger, the company’s chief executive, said was overblown.

Intel shares fell as much as 13 per cent to $43.35 in New York after the tech company’s first-quarter projection for both sales and profit came in well short of Wall Street estimates. It was the biggest intraday decline since July 2020.