Intel stock plunges on layoffs and earnings report, sinking AI chip stocks Nvidia, TSMC, and ARM too

The worst news to come out of Intel’s second quarter financial results was that it would be cutting roughly 15,000 jobs, or 15% of its global workforce.

Shares in Intel Corporation (ticker: INTC) are trading sharply lower in premarket this morning after the chip giant posted disappointing Q2 earnings yesterday, as well as announcing a massive round of layoffs to get its costs under control. As of the time of this writing, Intel shares are down over 20% in premarket trading.