Chip giant Intel (INTC) earnings for the third quarter are on wired for Thursday after market close release. Data-centric business continued to drive the company’s results and Intel is banking highly on the artificial intelligence for outstripping its peers.
With regard to the next-generation 10-nanometer Cannon Lake chipset, media reports stated that Intel has killed off work on its 10-nanometer processors. However, on Monday, Intel has refuted the claims as untrue and stated the progress has been going as per plan for a 2019 launch.
On average, analysts predict earnings of $1.15 per share on revenue of $18.11 billion for the third quarter. In comparison, during the previous year quarter, the company reported a profit of $1.01 per share on revenue of $16.15 billion. Majority of the analysts recommended a “strong buy” or “buy” rating with an average price target of $55.26.
Intel has been facing competition from its own clients such as Apple (AAPL), which is considering to replace Intel chips with their own in Mac as early as 2020. Microsoft (MSFT) had opted to adore its Surface Go device with ARM processor but Intel has reportedly convinced the tech giant to not select ARM.
In addition, competitors including Nvidia (NVDA), Advanced Micro Devices (AMD), Qualcomm (QCOM) and Taiwan Semiconductor Manufacturing continued to crack Intel’s market dominance wall by offering more competitive chipset.
In the midst of the competitions, data-centric business could dominate the third quarter results as Intel Xeon Scalable processors were widely used for artificial intelligence workloads. The demand for gaming and commercial remained strong which is likely to power revenue in the PC-centric business upward. The demand for field-programmable gate arrays is likely to inch higher.
Intel’s rival Advanced Micro Devices is set to release its third-quarter results on Wednesday after the market close with strong demand for products in the PC and server markets are on cards.
Shares of Intel has opened Monday’s regular session higher and remained in the green territory. The stock has risen over 11% in the past year, while it has fallen over 2% in the year so far.
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Artificial Intelligence has become an integral part of the US economy. According to the analyst’s insights, AI market revenue in 2020 was $25.9 billion. The AI market in the North