Intel stock falls 17% as it forecasts weaker chip sales

Intel stock has experienced a significant decline, falling between 16% and 17% following the company's forecast of weaker chip sales. These lower-than-expected sales projections have negatively impacted the turnaround prospects for chipmakers. In other news, Xi Jinping has promoted the general responsible for leading a military purge, and Christine Lagarde is scheduled to step down from her position as the ECB president in February. These developments highlight current volatility across global financial and political sectors.