Canaccord on $INTC Intel Earnings: 'it does change our view about Intel stock in 2027' Intel's Q3 was a tale of two businesses. Data Center revenue surged 78%, its best growth in 15 years, which is fresh proof that hyperscaler AI spending is still flowing to suppliers. But a weak PC business, which management expects to stay soft into mid-2027, drove a Q4 guide well below estimates, and the stock is down about 20% after hours. Our takeaway is that this is a PC problem, not an AI problem, and it doesn't change our view that the AI infrastructure build-out remains firmly intact. But it does change our view about Intel stock in 2027. This is now firmly a battleground stock and not a clear AI winner. We expect shares to remain rangebound.