On July 23, 2020, Intel announced that a new 7-nanometer production process was delayed again, “The company’s 7nm-based CPU product timing is shifting approximately six months relative to prior expectations,” the company said as it reported quarterly results on Thursday. “The primary driver is the yield of Intel’s 7nm process, which based on recent data, is now trending approximately twelve months behind the company’s internal target.”

On July 24, 2020, following a conference call with Intel management, several analyst firms sharply criticized the company. “This, our 45th Intel earnings call, was the worst we have seen in our career covering the company,” wrote Bernstein analyst Stacy Rasgon. “From here we see things growing increasingly painful” as the delays “are likely to overshadow anything good they can put forth.” Barclays wrote that Intel has “no viable roadmap to remain competitive.”

On news of the delay the Company’s shares fell sharply in intraday trading on July 24, 2020, thereby injuring investors.

Intel Corp.

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