Intel's stock price plummeted by about 30% on Friday to around $63.56, set to record the largest one-day decline since 1974, due to the chip manufacturer's weak performance outlook.

Intel expects adjusted earnings per share of 25 cents in the fourth quarter, with revenue ranging from $15 billion to $16 billion, which is significantly lower than the market's expectations of 43 cents per share and revenue of $17.1 billion.

Chief Financial Officer David Zinsner stated that the slowdown in the PC market, driven by rising costs of memory and components, is expected to continue at least until the first half of 2027.

He also mentioned that an explosion at Intel's factory in Israel earlier this month, which resulted in the death of two workers, would also cause the company's revenue to decrease by about $600 million over the next two quarters.

This decline wiped out a portion of the value of approximately $12 billion from the U.S. government's 10% stake, which amounts to around $12 billion in total, and reduced NVIDIA's market value by about $6 billion.

Before the release of this report, Intel's stock price has risen by approximately 150% this year.

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