(Bloomberg) -- Intel Corp.’s revelation that a new chip production process suffered another delay sent its stock tumbling, erasing billions of dollars in market valuation and inflating the shares of rivals.
Intel fell 17% on Friday morning, erasing about $43 billion in market cap. The news sent shares of rival Advanced Micro Devices Inc. up 11%, creating almost $8 billion in market value. Taiwan Semiconductor Manufacturing Co.’s American depositary receipts also gained 12%, adding more than $42 billion in market value.
Intel had been neck-and-neck in recent weeks with Nvidia Corp. for the title of biggest market capitalization for a U.S. chipmaker. Friday’s plunge puts Nvidia firmly in the lead with a market value of about $247 billion.
(Updates shares throughout.)
For more articles like this, please visit us at bloomberg.com
Subscribe now to stay ahead with the most trusted business news source.
©2020 Bloomberg L.P.