Intel Corporation Chief Executive Officer Pat Gelsinger said that the company is currently on track to achieve indicators that are in line with forecasts for the third quarter.
According to the head of the company engaged in the production of chips, there is currently a significant improvement in the situation in the personal computer market.
After Pat Gelsinger’s statement made during the Deutsche Bank technology conference, the share price of the corporation he heads increased by 3%, offsetting previous losses and reaching $34.99.
According to the head of the company, the firm is currently above the middle of the forecast for the third quarter in terms of efficiency. He also noted that the dynamic of the movement is positive in terms of the most likely prospects. Separately, Pat Gelsinger said that the current situation indicates that, obviously, a strong recession-boom cycle has been experienced.
In July, Intel predicted that by the end of the third quarter, total sales in monetary terms would amount to $13.9 billion. At the same time, analysts said that this figure is more likely to be fixed at around $13.3 billion.
The low level of consumer demand in China and a decrease in the number of orders from some large data center owners have become a factor of pressure on the so-called server block. Currently, the return of PC processor stocks to normal is being recorded. Against this background, customers begin to resume orders.
Pat Gelsinger stated that, in his opinion, Intel is currently moving towards achieving ambitious goals to restructure the company and return to the position of one of the leaders of the industry in which it once had a dominant position. According to the head of the brand, the transformation process has been underway for two and a half years. He also noted that the current state of affairs in the framework of Intel modernization meets his expectations regarding the restoration of the brand. Pat Gelsinger said that outside observers should reduce the level of skepticism about the company’s development opportunities.
The head of Intel acknowledged that rival Nvidia is successfully positioning itself to take advantage of the high level of demand for systems to support artificial intelligence software, but said that his firm will soon begin receiving orders for accelerated chips in the market.
As we have reported earlier, Intel Abandons Its Attempt to Acquire Tower Semiconductor.
Serhii Mikhailov
Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.
