Intel Q3 Earnings report to be released; market watches server CPU demand and Q4 guidance

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Intel Q3 Earnings Preview:AI Server CPU demand in focus; institutions focus on Q4 guidance and capacity-expansion investment

BlockBeats news:October 29, Intel will release its 2026 third-quarter earnings after the U.S. market closes on Thursday and hold an earnings conference call at October 30 on 5. Bloomberg-compiled analyst estimates indicate quarterly revenue of approximately 16500000000 USD, representing year-on-year growth of approximately 21%; adjusted earnings per share are expected to be approximately 0.40 USD, above 0.23 USD in the same period last year. The company previously guided for revenue of 15800000000 to 16800000000 USD, adjusted earnings per share of 0.38 USD, and an adjusted gross margin of 42%。

Server CPU demand is a key focus of this earnings report. The market expects Intel's quarterly data-center business revenue to be approximately 6600000000 USD and PC chip business revenue to be approximately 8800000000 USD。AI demand is driving data-center CPU sales, but the PC market faces a different pressure: rising memory and storage prices are pushing up system prices, depressing unit sales while increasing average selling prices.

Bullish institutions are primarily betting that CPU supply constraints will persist. New Street Research analyst Pierre Ferragu upgraded Intel from “Neutral” to “Buy,” with a price target of 125 USD, believing that the structural shortage of server AI resulting from the rapid development of AI agents could persist for several years, supporting the company's data-center business and transformation. KeyBanc maintained its “Overweight” rating and CPU price target, forecasting third-quarter revenue of 155 USD and earnings per share of 16900000000 USD, both above market consensus expectations. 0.46 USD both exceeding market consensus expectations.

JPMorgan analyst Harlan Sur is relatively cautious. He recently upgraded the rating from “Underweight” to “Neutral,” but maintained the 85 USD price target. Sur recognizes the company's improvements in product execution, manufacturing yields, and advanced packaging since Lip-Bu Tan became CEO, and also believes that demand from AI agents may continue to drive earnings expectations higher; however, he expects Intel may still experience market-share losses for several quarters, particularly in the server AI segment.CPU sector.

Capacity-expansion investment is also key to subsequent guidance. CFO David Zinsner said in an interview with Reuters in July that rising demand prompted the company to raise its 2026 capital expenditure outlook from 18000000000 USD to 20000000000 USD，2027, with 5 spending set to increase significantly further. He also noted that the company has signed some CPU and custom chip supply agreements with terms of three to

Key points

Reports expect Intel's 2026 third-quarter revenue to be approximately 16500000000 USD, up approximately year on year 21%。
Reported adjusted earnings per share are expected to be approximately 0.40 USD, above the same period last year of 0.23 USD。
The market expects Intel's quarterly data center business revenue to be approximately 6600000000 USD。
New Street Research upgraded Intel to “Buy,” with a price target of 125 USD; KeyBanc maintained its “Overweight” rating and a 155 USD price target.
JPMorgan analyst Harlan Sur upgraded the rating to “Neutral,” but maintained a 85 USD price target, and expects Intel may experience several quarters of market share losses.
The report cited David Zinsner as saying that Intel will 2026 capital expenditure outlook from 18000000000 USD to 20000000000 USD。

AI-assisted interpretation

The following is analysis, separate from reported facts. Verify important claims independently.

This is a summary of market expectations ahead of the earnings release, not Intel's actual results already announced. Investors are mainly watching server CPU revenue, fourth-quarter guidance, capital expenditures, and the company's statements on market share.

Why it matters to readers

Data Center CPU Demand and capacity-expansion investment may affect the market's assessment of Intel's AI related businesses, competitive position, and future profitability.

When reviewing earnings previews, distinguish between analyst forecasts and the company's official figures, and focus on whether actual results and guidance meet expectations.

Risks and unknowns

The revenue, earnings per share, and business revenue figures in the article are primarily market or institutional expectations; actual results have not yet been released in the evidence.
Intel's official fourth-quarter guidance has not yet been released.
AI The extent to which demand affects server CPU sales remains to be confirmed by the earnings report and conference call.
The supply agreement may still be renegotiated if market conditions change.
The evidence does not provide a link to Intel's first-party announcement.

Intel Q3 Earnings report to be released; market watches server CPU demand and Q4 guidance

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