Intel ($INTC) reported higher Q3 adjusted earnings on strong data center demand, but PC weakness and the Fab 28 shutdown are weighing on Q4. Q3 2026: • Revenue: $16.51B, up 21% YoY • Adjusted operating income: $3.23B; operating margin: 19.6% • Adjusted gross margin: 44.1%, up 4.1 percentage points YoY • Adjusted EPS: $0.52, up 126% YoY DCAI revenue rose 78% YoY to $7.32B, while client revenue fell 5% YoY. Q3 results: For Q4, Intel forecasts $15–16B in revenue, a 38% adjusted gross margin and $0.25 in adjusted EPS. An October accident led to an extended shutdown at Fab 28 in Israel. Intel estimates a $300M Q4 revenue impact, almost entirely from 10nm server products, plus a two-percentage-point hit to gross margin. Both impacts are already included in Q4 guidance. Despite the disruption, Intel still expects DCAI revenue to grow at a mid-teens percentage rate sequentially—underscoring that server supply remains a constraint even as PC demand weakens. Earnings-call remarks: