Intel reported Q3 revenue of $16.5 billion, up 21% year on year. Data Center and AI (DCAI) revenue rose 78%; Client Computing and Physical AI Group (CCPG) revenue fell 5%.⁠1

Its October 29 outlook puts Q4 revenue at $15 billion to $16 billion. The $15.5 billion midpoint is about 6.1% below Q3 sequentially.⁠1

Those segment growth rates compare Q3 with the prior-year quarter; our calculation compares Q4 guidance with Q3 companywide revenue. The lower outlook alone is not proof that AI demand collapsed.

Bloomboff's take

Keep the labels on the numbers. Strip out the period and the business, and a perfectly true figure becomes a very convincing piece of bullshit. That is not insight. It is a spreadsheet wearing a false moustache.