Intel and AMD Earnings Preview: Glimmers of Data Center Recovery Emerge, PC Market Concerns Persist

Bernstein believes that the recovery in server CPU demand, combined with data center investments driven by agentic AI, is the biggest highlight ahead of Intel and AMD's earnings reports, potentially offsetting some pressure on client-side businesses. However, factors such as slowing PC market demand, rising memory prices, and channel inventory levels will continue to weigh on the short-term performance of both companies. Earnings guidance and management's assessment of PC demand for the second half of the year will become the focus of market attention