Sure but if the rest of big tech starts returning to "historical levels" the entire economy is in trouble.

Intel also said half of their revenue was consumer sales and projected them to fall 20% soon. Meanwhile, they have limited offerings in the AI department and their gGPU market hasn't really taken a strong hold.

If it keeps going or spreads to other, unrelated businesses (no, I don't count 2-5% adjustments), that's something to notice, but this just seems like people reacting fairly expectedly to the content of the report? To put this in perspective, Intel is still up 68% YoY.

But, as always, we'll see in the coming hours/days.

It's worth remembering that 5 years ago Intel was making close to 100b revenue at over 20% net margin. Whether they can again achieve this (or better) is the question, and depends on how much the total capex costs, how fast they can ramp up production, how long the data center capex spending lasts etc. It's possible their margins will never be that high again if they were the result of irresponsibly milking the business and not reinvesting. Tsmc has much better margins, though that may also not last if it's a result of lack of competition.