Intel’s ‘historic collapse’ set to erase $10 billion from market value

Intel Corp was set to erase nearly $10 billion in market value on Friday after the US chipmaker stumped Wall Street with dismal earnings projections, fanning fears around a slump in the personal-computer market.

The company predicted a surprise loss for the first quarter and its revenue forecast was $3 billion below estimates as it also struggled with slowing growth in the data center business.

Intel shares fell more than 7 per cent, while rival Advanced Micro Devices and Nvidia recovered from steep premarket losses to trade flat. Intel supplier KLA Corp fell 5 per cent after its dismal forecast.