Intel Shares Slip as CFO Warns of Excess Data Center Chip Inventories

Dow Jones2023-09-20

Intel shares hit an air pocket on Tuesday after the chip company made some cautionary comments on data center chip demand in a meeting with analysts connected with the Intel Innovation customer event in San Jose.

Intel (ticker: INTC) CFO David Zinsner told investors that channel inventory of data center processors is taking longer to clear than it did for the company's PC processor business. He said Intel is finding the recovery in the data center business to be "a little bit more delayed."

Zinsner added that Intel is going to see "inventory digestion" in the third quarter and likely the fourth quarter before seeing a turnaround on the data center business. He added that the data center business in the September quarter will be down quarter over quarter.

Earlier in the day, CEO Pat Gelsinger unveiled the company's plans for the introduction of processors to power AI capable laptops.

Intel shares are 4.34% lower at $36.34.

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