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The Intel headquarters in Santa Clara, California, US, on Wednesday, April 23, 2025. Intel Corp. is scheduled to release earnings figures on April 24.

David Paul Morris | Bloomberg | Getty Images

Intel CFO David Zinsner said President Donald Trump’s tariffs and retaliation from other countries has increased the likelihood of a recession.

“The very fluid trade policies in the U.S. and beyond, as well as regulatory risks, have increased the chance of an economic slowdown, with the probability of a recession growing,” Zinsner said on the company’s quarterly earnings call on Thursday.

Intel reported better-than-expected first-quarter results, partially because some customers stockpiled chips ahead of tariffs, the company said. However, guidance for revenue and profit was below expectations, pushing the chipmaker’s stock down more than 5% in extended trading.

Intel’s forecast for the current quarter is $11.2 billion to $12.4 billion. Zinsner said the range is “wider than normal” due to uncertainty caused by tariffs.

The company’s outlook underscores how sensitive manufacturers are to trade restrictions, even for companies that are committed to building products in the U.S. While Intel manufactures some of its advanced processors domestically, it also partners with Taiwan Semiconductor Manufacturing Company and Samsung in Korea to manufacture chips, and imports chipmaking machinery from ASML in Europe. The company also needs parts and materials that come from China.

Zinsner said the tariff environment makes it harder for Intel to predict its performance for the quarter and the year, and added that it’s now anticipating that the total market for its chips could shrink, especially if consumers stop buying new computers.

“The biggest risk we see is the impact of a potential pullback in investment and spending, as businesses and consumers react to higher costs and the uncertain economic backdrop,” Zinsner said.

Although Intel has enough production in disparate places around the world to mitigate some of the tariffs, the company “will certainly see costs increase,” he added.

One possibility is that consumers may opt for laptops and other computers based around older-generation chips, which are less expensive, said Michelle Johnston Holthaus, CEO of Intel Products.

“The macroeconomic concerns and tariffs have everybody kind of hedging their bets in what they need to have from an inventory perspective,” Holthaus said on the earnings call.

Beyond tariffs, Intel faces efforts by the U.S. government to require licenses to ship advanced chips for artificial intelligence to countries like China.

Intel’s earnings report on Thursday was its first under CEO Lip-Bu Tan, who was appointed to the job last month. Tan said he planned to cut Intel’s operational and capital expenses in order to make the company more efficient.

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Navan sets price range for IPO, expects market cap of up to $6.5 billion

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Navan sets price range for IPO, expects market cap of up to .5 billion

FILE PHOTO: Ariel Cohen during a panel at DLD Munich Conference 2020, Europe’s big innovation conference, Alte Kongresshalle, Munich.

Picture Alliance for DLD | Hubert Burda Media | AP

Navan, a developer of corporate travel and expense software, expects its market cap to be as high as $6.5 billion in its IPO, according to an updated regulatory filing on Friday.

The company said it anticipates selling shares at $24 to $26 each. Its valuation in that range would be about $3 billion less than where private investors valued Navan in 2022, when the company announced a $300 million funding round.

CoreWeave, Circle and Figma have led a resurgence in tech IPOs in 2025 after a drought that lasted about three years. Navan filed its original prospectus on Sept. 19, with plans to trade on the Nasdaq under the ticker symbol “NAVN.”

Last week, the U.S. government entered a shutdown that has substantially reduced operations inside of agencies including the SEC. In August, the agency said its electronic filing system, EDGAR, “is operated pursuant to a contract and thus will remain fully functional as long as funding for the contractor remains available through permitted means.”

Cerebras, which makes artificial intelligence chips, withdrew its registration for an IPO days after the shutdown began.

Navan CEO Ariel Cohen and technology chief Ilan Twig started the company under the name TripActions in 2015. It’s based in Palo Alto, California, and had around 3,400 employees at the end of July.

For the July quarter, Navan recorded a $38.6 million net loss on $172 million in revenue, which was up about 29% year over year. Competitors include Expensify, Oracle and SAP. Expensify stock closed at $1.64on Friday, down from its $27 IPO price in 2021.

Navan ranked 39th on CNBC’s 2025 Disruptor 50 list, after also appearing in 2024.

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Tech megacaps lose $770 billion in value as Nasdaq suffers steepest drop since April

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Tech megacaps lose 0 billion in value as Nasdaq suffers steepest drop since April

Jensen Huang, CEO of Nvidia, speaking with CNBC’s Jim Cramer during a CNBC Investing Club with Jim Cramer event at the New York Stock Exchange on Oct. 7th, 2025.

Kevin Stankiewicz | CNBC

Shares of Amazon, Nvidia and Tesla each dropped around 5% on Friday, as tech’s megacaps lost $770 billion in market cap, following President Donald Trump’s threats for increased tariffs on Chinese goods.

With tech’s trillion-dollar companies occupying an increasingly large slice of the U.S. market, their declines send the Nasdaq down 3.6% and the S&P 500 down 2.7%. For both indexes, it was the worst day since April, when Trump said he would slap “reciprocal” duties on U.S. trading partners.

After market close on Friday, Trump declared in a social media post that the U.S. would impose a 100% tariff on China and on Nov. 1 it would apply export controls “on any and all critical software.”

Amazon, Nvidia and Tesla all slipped about 2% in extended trading following the post.

The president’s latest threats are disrupting, at least briefly, what had been a sustained rally in tech, built on hundreds of billions of dollars in planned spending on artificial intelligence infrastructure.

Read more CNBC tech news

In late September, Nvidia, which makes graphics processing units for training AI models, became the first company to reach a market cap of $4.5 trillion. Nvidia alone saw its market capitalization decline by nearly $229 billion on Friday.

OpenAI counts on Nvidia’s GPUs from a series of cloud suppliers, including Microsoft. OpenAI is only seeing rising demand.

In September it introduced the Sora 2 video creation app, and this week the company said the ChatGPT assistant now boasts over 800 million weekly users. But Microsoft must buy infrastructure to operate its cloud data centers. Microsoft’s market cap dropped by $85 billion on Friday.

The sell-off wiped out Amazon’s gains for the year. That stock is now down 2% so far in 2025. It competes with Microsoft to rent out GPUs from its cloud data centers, but it doesn’t have major business with OpenAI. The online retailer is now worth $121 billion less than it was on Thursday.

“There continues to be a lot of noise about the impact that tariffs will have on retail prices and consumption,” Amazon CEO Andy Jassy told analysts in July. “Much of it thus far has been wrong and misreported. As we said before, it’s impossible to know what will happen.”

Tesla, which introduced lower-priced vehicles on Tuesday, saw its market capitalization sink by $71 billion.

The automaker reports third-quarter results on Oct. 22, with Microsoft earnings scheduled for the following week. Nvidia reports in November.

Google parent Alphabet and Facebook owner Meta fell 2% and almost 4%, respectively.

WATCH: Pres. Trump: Calculating massive increase of tariffs on Chinese products into U.S.

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Govini, a defense tech startup taking on Palantir, hits $100 million in annual recurring revenue

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Govini, a defense tech startup taking on Palantir, hits 0 million in annual recurring revenue

Govini, a defense tech software startup taking on the likes of Palantir, has blown past $100 million in annual recurring revenue, the company announced Friday.

“We’re growing faster than 100% in a three-year CAGR, and I expect that next year we’ll continue to do the same,” CEO Tara Murphy Dougherty told CNBC’s Morgan Brennan in an interview. With how “big this market is, we can keep growing for a long, long time, and that’s really exciting.”

CAGR stands for compound annual growth rate, a measurement of the rate of return.

The Arlington, Virginia-based company also announced a $150 million growth investment from Bain Capital. It plans to use the money to expand its team and product offering to satisfy growing security demands.

In recent years, venture capitalists have poured more money into defense tech startups like Govini to satisfy heightened national security concerns and modernize the military as global conflict ensues.

The group, which includes unicorns like Palmer Luckey’s Anduril, Shield AI and artificial intelligence beneficiary Palantir, is taking on legacy giants such as Boeing, Lockheed Martin and Northrop Grumman, that have long leaned on contracts from the Pentagon.

Read more CNBC tech news

Dougherty, who previously worked at Palantir, said she hopes the company can seize a “vertical slice” of the defense technology space.

The 14-year-old Govini has already secured a string of big wins in recent years, including an over $900-million U.S. government contract and deals with the Department of War.

Govini is known for its flagship AI software Ark, which it says can help modernize the military’s defense tech supply chain by better managing product lifecycles as military needs grow more sophisticated.

“If the United States can get this acquisition system right, it can actually be a decisive advantage for us,” Dougherty said.

Looking ahead, Dougherty told CNBC that she anticipates some setbacks from the government shutdown.

Navy customers could be particularly hard hit, and that could put the U.S. at a major disadvantage.

While the U.S. is maintaining its AI dominance, China is outpacing its shipbuilding capacity and that needs to be taken “very seriously,” she added.

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