Intel Stock Crash

Intel announced it would layoff more than 15% of its staff, or 15,000 employees, in a memo to employees on Thursday August 1st, 2024. The massive headcount is part of a large plan to reduce spending by $10 billion in 2025, following a dismal Q2 earnings report and outlook.

The surge in trading volume directly corresponds with the rapid drop in Intel's stock price. On the day when the market was at its most volatile, a staggering 300.9 million shares were sold, marking the peak of this intense sell-off.