Intel is preparing to announce its second-quarter earnings, revealing a revenue of $12.9B and EPS of $0.10 while facing tough competition from AMD and Qualcomm in the PC market. The company's Data Center and AI revenue stands at $3B, with plans to launch a new chip to rival Qualcomm's Snapdragon X Elite.
Alongside this news, Intel is set to lay off thousands of employees as part of a $10B cost-cutting initiative under CEO Pat Gelsinger. These actions come as Intel struggles with a 1% revenue decline and challenges in AI PC products, contrasting with Nvidia's success in the CPU market.
On the other side, Qualcomm has reported strong Q3 results, exceeding Wall Street expectations with an 11% revenue increase to $9.39 billion and an adjusted EPS of $2.33. The company's stock rose significantly, reflecting the successful execution of Qualcomm's growth strategy and the introduction of the Snapdragon X Series for PCs, signaling a shift towards becoming a leading intelligent computing company.
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