Intel Falls 30%, Heading for Biggest One-Day Loss in Its History Amid Selloff
Key Facts
Intel shares fell 30% in trading on October 30 and were on track for their biggest one-day decline in history, according to Reuters. The drop came amid growing investor concerns about weak demand for PCs and the costs of the AI boom. Reuters reported that the stock "fell 30% on Friday and was heading for its biggest one-day decline ever." Meanwhile, major U.S. market indexes were under pressure during the session as technology stocks fell. The share moves highlighted a divergence between chipmakers and consumer staples companies that day.
Pressure extended to U.S. semiconductor stocks, with shares of other companies in the sector falling between 4% and 12%, according to Reuters. Intel's decline was expected to erase more than $146 billion from its market value. This followed the stock more than doubling in value during the year through October 30, making the sharp loss a notable turn in its year-to-date trajectory. Concerns related to PCs carry added weight because PC chip activity accounted for about half of Intel's revenue in the third quarter. The company had closed at $92.07 on October 29, before the following session's drop.
Across the broader market, the S&P 500 fell 1.9%, while the Nasdaq Composite was down 3.1% at 1:20 p.m. Eastern time, according to the Associated Press. The agency attributed the pressure on the indexes to weakness in technology stocks, which drove the steepest decline. The S&P 500 was at risk of wiping out its October gains, according to the agency's summary. These figures provide a snapshot of trading during the session, not the final closing results. The index cited is the Nasdaq Composite, not the Nasdaq 100.
By contrast, consumer staples shares showed greater resilience during trading, according to the Associated Press. Colgate-Palmolive rose 3.6% after price increases across broad markets around the world helped the company post revenue and earnings that exceeded analysts' expectations. Its net sales reached $5.369 billion in the third quarter of 2026, up 4.6% year over year. The company also raised its forecast for core earnings per share growth in the fiscal year to a range of 5% to 7%, from a previous forecast of mid-single-digit growth. The agency linked the stock's gain to higher prices, while the results and outlook provided a picture of the company's performance for the quarter and fiscal year.
Mondelez shares rose 3.9% on October 30, as the Associated Press said stocks outside the technology sector appeared more resilient. The agency's report described the company's growth as stronger than expected, without characterizing both companies' results as having beaten earnings expectations. Mondelez's rise thus came amid a broader relative move in consumer staples shares alongside declines in U.S. indexes. This performance contrasted with weakness in the technology sector, which the agency's coverage linked to market pressure during the session. The simultaneous gains and declines alone do not establish that a rotation of capital between the sectors caused the moves.
Intel's loss follows a more than doubling in value from the start of the year through October 30, according to Reuters, while PC chip activity accounted for about half of its revenue in the third quarter. The significant weight of its PC business puts demand concerns at the center of investors' assessment of the company's performance. Reuters also linked the selloff to the costs of building out AI, alongside concerns about weak PC demand. At the same time, Colgate recorded a year-over-year increase in sales and raised its range for annual core earnings per share growth, while Mondelez posted growth the agency described as stronger than expected. Prices during the session reflected this divergence between chipmakers and consumer staples shares.