Previously, Synopsys told investors that Intel’s reduced R&D spend “does not impact generally the EDA software” and downplayed risk because of “committed, non-cancellable” agreements covering EDA software, IP, and hardware. On September 9, 2025, after reporting Q3 results, Synopsys guided Q4 GAAP EPS of -$0.27 to -$0.16. Management blamed IP underperformance on “challenges at a major foundry customer” affecting the year. The stock fell 36% the following day, its largest single-day percentage drop since its 1992 IPO.