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Share Facebook Twitter LinkedIn Pinterest Email Google News' now to get latest article notification text size Intel said the recovery in the data center business has been slower than the PC processor business. Dreamstime Intel Shares hit an air pocket on Tuesday after the chip company made some cautious comments on data center chip demand during a meeting with analysts linked to an Intel Innovation client event in San Jose. Intel (ticker: INTC ) CFO David Zinsner told investors that channel inventory for data center processors is taking longer to clear than the company’s PC processor business. Intel said it was finding the recovery in the data center business to be “slightly slow.” Zinsner added that Intel is likely to see “inventory churn” in the third quarter and possibly the fourth quarter before seeing a turnaround in its data center business. He added that data center business in the September quarter was down more than quarter-on-quarter. Earlier in the day, CEO Pat Gelsinger announced plans to introduce processors to power AI-enabled laptops. Intel shares were down 4.5% at $36.28. Write to Eric J. Savitz at [email protected]
Jeremy Grantham and Bill Gross have warned stocks are overvalued. Wharton professor Jeremy Siegel disagrees: “They are underpriced”
