Intel has released its second-quarter 2026 earnings report, reporting revenue that exceeded expectations, driven by demand for artificial intelligence. However, the stock price has suffered a sharp decline due to the emergence of a Chinese competitor and concerns about AI spending.
The US company has achieved its strongest revenue growth in over a decade and a half, but the market is punishing geopolitical uncertainty and the high cost of its shift towards contract manufacturing. Let's break down the key data.
Second quarter results: record revenue in 15 years
Intel's total revenue reached $16.130 billion, up 25,4% year-over-year, exceeding analysts' forecasts by $1.650 billion. La división de centros de datos e inteligencia artificial (DCAI) fue el motor principalWith sales of $6.300 billion, up 59%. The client computing business (PC processors) also grew by 13% to $8.900 billion. Despite this, the company posted a GAAP net loss of $11.030 billion, although on adjusted terms it earned a profit of $2.200 billion.
Intel Foundry: progress in the foundry, but still in the red
Intel Foundry, the third-party manufacturing division, reported revenue of $5.800 billion, a 31% year-over-year increase. However, las pérdidas operativas se redujeron de 3.168 a 2.089 millonesThis indicates that profitability remains a challenge. CEO Lip-Bu Tan highlighted that demand for their products exceeds production capacity, especially for servers, where Xeon 6 is experiencing record adoption.
Third quarter guide and capex outlook
For the current quarter, Intel expects revenue of between $15.800 billion and $16.800 billion, with an adjusted gross margin of approximately 42% and earnings per share of $0,38. La compañÃa ha elevado su previsión de gasto de capital (capex) a 20.000 millones para 2026, while accelerating its transformation towards smelting and invests in its plant in Ireland to boost chip production. Chief Financial Officer David Zinsner explained that production capacity is at its limit and that data center customers are demanding more chips than can be manufactured.
Market reaction: stock market crash and Chinese competition
Despite the good results, Intel's shares fell about 6% in one session, and have accumulated a 32% decline in the last month. El detonante fue el espectacular debut del fabricante chino de memorias CXMTwhich raised $8.600 billion in its IPO and soared 466%, surpassing Intel's market capitalization. Investors fear that Chinese competition and excessive spending on AI could erode the sector's margins.
Expert analysis: opportunity or risk?
BofA analysts, led by Vivek Arya, maintain a buy recommendation with a price target of $160, arguing that el apalancamiento operativo de Intel podrÃa cuadruplicar sus beneficios en tres o cuatro añosHowever, the Wall Street consensus is more cautious: 48 analysts give it an average rating of "hold" and a price target of $115,27. The key will be whether Intel Foundry manages to attract major external clients and whether the demand for AI holds.
Intel has posted strong results with record growth, but the market is punishing the company for geopolitical uncertainty and the high costs required to compete in the AI ​​era. The company faces the challenge of making its investment in foundries profitable while dealing with pressure from Chinese competitors and the need to maintain its pace of investment. The coming quarters will be crucial in determining whether the transformation pays off.
