"Mobileye's Revenue Forecast Woes Trigger Stock Plunge and Auto Chip Sector Tremors"

Mobileye Global, an autonomous driving technology company, has projected its fiscal 2024 revenue to be significantly lower than market estimates, anticipating a decrease in customer orders as they manage excess inventory. This announcement led to a sharp 26% drop in the company's shares in premarket trading. Mobileye expects a roughly 50% decline in first-quarter revenue year-over-year and forecasts total fiscal 2024 revenue to be between $1.83 billion and $1.96 billion, below the expected $2.58 billion.