"Intel's Stock Plummets on Disappointing 2024 Outlook"

Intel's stock dropped after the chipmaker issued a first-quarter outlook for 2024 that fell short of analyst forecasts, despite beating Wall Street estimates for the latest quarter. The company's core businesses, PC and server chips, are expected to be at the low end of the seasonal range, with overall sales impacted by weakness in subsidiaries and revenue decreases from spun-off businesses. Intel reported a net income of $2.7 billion, breaking a streak of declining revenue, and aims to catch up to Taiwan Semiconductor Manufacturing Company while focusing on a five-year transformation plan. The company has been cutting costs, spinning off business units, and saw growth in its Client Computing group but a decline in its Data Center and AI division.