Intel CEO Pat Gelsinger speaks during an event called AI Everywhere in New York, Thursday, Dec. 14, 2023. Intel shares slumped 12% on Friday and headed for their steepest drop since July 2020, after the chipmaker issued a forecast for the current quarter that came in far short of analysts' estimates. Analysts were expecting earnings of 33 cents per share on $14.15 billion of revenue, according to LSEG, formerly Refinitiv. As of Friday afternoon, Intel shares were trading at $43.68. WATCH: Intel stock sinks as early 2024 outlook comes up short

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Persons: Pat Gelsinger, Patrick Gelsinger, Seymour Ross Organizations: Intel, CNBC, PC, Deutsche Bank Locations: New York