Intel Forecast Cut Crushes Futures

Intel (INTC) cut its gross margin forecast by two full points based on pressure in NAND flash memory pricing. The company stood behind all other business metrics, but the margin cut is likely indicative of what we’ll see at other companies as the recession expands.

Up to this point, Intel, IBM (IBM), and Hewlett Packard (HPQ) appeared to have been operating in their own private tech economy, unscathed by macro forces. Intel has now fallen. We continue to expect that IBM and HP won’t be far behind.

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