I'm no economist or investor, but down 28% in a day seems insane for a company at this scale. And they didn't even perform badly, imagine what would happen if they missed their earnings projections.
Trump strong armed some companies to make deals with Intel, and the market went crazy - taking it all the way up to $120. But performancewise, all their gains have been incremental. I know many who work there, and nothing has changed from a year ago - other than the infusion of cash from the deals. The products are still behind AMD and Nvidia. The fab is losing money at almost the same rate that caused their stock to drop from $50 to 25 some years ago ($8B loss then - likely still over $7B this year). Revenue has gone up incrementally, and is still way down from the peak some years ago.
To give you an idea, they had reduced their ESPP offering to no lookback period - to save money. Employees get a fixed 15% discount - that's it. Their LLM budget is about $10/day ($200/month) per employee. The layoffs started by Lip-Bu Tan never ended. It's just become continual. They are trying to find any possible way to save money. That hasn't changed.
Their current price at $64 is, at best, a fair price, and likely still a bit overvalued.