(Bloomberg) — Intel Corp.’s revelation that a new chip production process suffered another delay sent its stock tumbling, erasing billions of dollars in market valuation and inflating the shares of rivals.Intel fell 10% in postmarket trading, erasing about $25 billion in market cap. The news sent shares of rival Advanced Micro Devices Inc. up 8%, creating more than $5 billion in market value. Taiwan Semiconductor Manufacturing Co.’s American depositary receipts also gained 4%, adding almost $14 billion in market value.Intel had been neck-and-neck in recent weeks with Nvidia Corp. for the title of biggest market capitalization for a U.S. chipmaker. If Thursday’s move holds, the decline would put Nvidia firmly in the lead with a market value of almost $250 billion. Intel had a market cap of about $256 billion before news of the 7-nanometer chip delay.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
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