Intel shares see biggest-ever drop in 50 years, loses $30 billion-plus in market value in one day

Intel Corporation suffered its worst single-day stock decline since 1974 on Friday, losing over $30 billion in market value, as the chip giant announced drastic measures to fund a costly turnaround. The company suspended its dividend and plans to cut 15% of its workforce amid growing concerns about its ability to compete with rivals like Taiwan Semiconductor Manufacturing Company (TSMC).