Intel shares fell 28.58% to around $65.76 after its fourth-quarter forecasts missed analysts’ expectations, wiping approximately $150 billion from its market value as US equities suffered broader losses.

The chipmaker’s shares had closed at roughly $92 in the previous session. The fall left the company valued at about $340 billion, despite third-quarter revenue and earnings exceeding forecasts.

The distinction between those results and the outlook was substantial. Third-quarter revenue rose 21% to $16.51 billion, while earnings reached 52 cents a share against expectations of 40 cents. Revenue from the data centre business increased 78% to $7.3 billion.

For the fourth quarter, however, Intel forecast revenue of $15 billion to $16 billion, below analysts’ expectations of $17.1 billion. It projected adjusted earnings of 25 cents a share, compared with the 43 cents anticipated.

Intel cited a slowing personal computer market, rising memory prices and an explosion at its factory in Israel, where two people were killed. The company estimated that the explosion would reduce revenue by about $600 million across two quarters. Chief financial officer David Zinsner said Intel would not generate positive cash flow this year.

The figures show why the stronger third quarter offered limited reassurance: Intel’s forecast pointed to weaker revenue and adjusted earnings than analysts had expected in the following quarter. The estimated disruption in Israel adds a separate operational cost, although the supplied figures do not establish how much each factor contributed to the overall forecast shortfall.

The sell-off extended well beyond Intel. The Nasdaq fell 2.87%, the S&P 500 lost 1.8% and the Dow Jones declined 1.12%. The Russell 2000 index of smaller companies dropped 1.9%, while the market’s fear index rose about 16%.

Among other large technology companies, Broadcom fell 5.48% and Nvidia lost 4.22%. Amazon declined 1.4%, Tesla 0.87%, Alphabet 1.45%, Microsoft 1.55%, Meta 1.53% and Apple 1.23%.

Elsewhere, WTI crude dropped about 1% to $103.01 a barrel. Gold fell 2.88% to $3,902.30 an ounce, while bitcoin declined 1.07% to $76,786. Those simultaneous falls show that the trading weakness was not confined to technology shares; they do not, by themselves, establish a common cause.