What the analyst said
Needham analyst N. Quinn Bolton reiterated a Hold rating on Intel (NASDAQ: INTC).
“Intel reported a 3Q26 beat while 4Q26 revenue guidance of $15.5BN fell below expectations ($17BN).
Our key takeaways include: 1) 3Q26 CCPG revenue declined -9% Q/Q, as memory price increases and tighter IT budgets pressured PC demand.
4Q26 CCPG revenue is guided down >20% Q/Q; 2) DCAI demand continues to meaningfully exceed supply.
Management noted tight substrate supply, along with continued pressure to accelerate Intel 3 yield as limiting factors; 3) Management expects a couple of customer announcements for 14A over the coming two quarters; and, 4) CY26E CapEx remains at $20BN, and CY27 CapEx is expected to step up significantly from that level.
We remain Hold rated given the headwinds within the PC business. We also believe Intel is losing share in DC CPUs and will continue to be affected by supply limitations going forward.”
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Track record
Firm track recordNeedham: 100% of its 6 targets at least a year old were reached within 12 months. Accuracy ranking →
