Why did Intel stock go down today? Blame PC weakness and order delays
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Intel (NASDAQ:INTC) shares closed down more than 5.5% on Tuesday after Morgan Stanley lowered its estimates for the PC market for this year and reports indicated the chip giant was delaying orders.
Analyst Erik Woodring lowered his PC estimate to 249M shipments for 2023, down from a previous estimate of 261M, citing "prolonged" weakness from the consumer and commercial markets.
Woodring added that 249M shipments would be the lowest figure since 2006.
Additionally, there is evidence that PC manufacturers are becoming "more aggressive" to discount their products in an effort to spur demand.
Santa Clara-California-based Intel (INTC) still generates nearly half of its revenue from the PC market.
In addition, Intel (INTC) reportedly delayed an advanced chip order from global foundry Taiwan Semiconductor (TSM) until 2024.
Citing sources at PC makers, Digitimes reported that Intel (INTC) would push back orders of 3 nm chips until the fourth-quarter of 2024.
Investment firm Bernstein said earlier this month that Intel (INTC) may never see its "peak" revenues from PCs ever again as competitors continue to take share.