Intel shares slumped on poor second-quarter results that left the iconic U.S. semiconductor company's market valuation behind perennial catcher Advanced Micro Devices, according to the Wall Street Journal. Intel shares plunged more than 10 percent in Friday trading after the company reported a surprise second-quarter loss, cut its full-year sales forecast and said it was in the process of launching a new chip for the booming The company's market capitalization has fallen to about $8 billion. AMD shares rose about 0.4 percent Friday, giving the company a market value of about $149 billion. AMD reports quarterly results next week. Qualcomm, the mobile chip company, has been valued at more than Intel, while Broadcom is also bigger. Graphics chip specialist Nvidia is the largest chip company in the United States by market value. Intel is being hit by slowing sales of personal computers. Shipments in the second quarter saw the biggest drop in years. But the company also hinted at weakness in the data center market, where AMD has gained significant market share in recent quarters. The latest delay in the new generation of server CPUs comes as AMD's rival products have been well received. Intel said it is cutting costs, including $4 billion in capital spending this year and slowing hiring. The company also said it has shuttered a computer memory business that had been following an agreement to sell most of its memory manufacturing business to South Korea's SK Hynix in 2020, and sold a drone business. The shift is largely symbolic, but it marks a more competitive PC and server chip market, with the two companies competing directly. The milestone also suggests that investors may value an asset-light chipmaker more than one that invests heavily in manufacturing, with AMD outsourcing production to an outside "fab" or chip factory, while Intel has said it plans to continue building and operating factories. In recent years, AMD chips have become increasingly competitive with Intel products in terms of performance, even outpacing their speed and efficiency in some applications. Intel said its disappointing report reflected execution problems and lowered its full-year earnings per share forecast to $3.60 from $2.30. Intel also blamed its miss on a slowdown in the personal computer market and macroeconomic conditions. AMD will report its fiscal second-quarter earnings on Tuesday, when investors will be watching closely to see if it faces the same macroeconomic challenges as Intel, as global PC sales decline.
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