Intel shares tumble fanning fears over personal computer market   

The company has been steadily losing market share to rivals like AMD

The US chipmaker employs 5,000 people in Ireland.

Intel was set to erase nearly $10bn (€9.2bn) in market value after the US chipmaker which employs 5,000 people in Ireland stumped Wall Street with dismal earnings projections, fanning fears around a slump in the personal computer market.

The company predicted a surprise loss for the first quarter and its revenue forecast was $3bn below estimates as it also struggled with slowing growth in the data center business. Intel shares fell, while rival Advanced Micro Devices and Nvidia recovered from steep premarket losses. Intel supplier KLA fell after its dismal forecast.