PCs and Servers: Read-through from INTC’s 2Q26 and AMD Advancing AI 2026

研报英文原文证据摘录

PCs and Servers: Read-through from INTC’s 2Q26 and AMD Advancing AI 2026

on key jennifer.hsieh@jpmorgan.com

J.P. Morgan Securities (Taiwan) Limited

component price hikes and unit downside from negative price elasticity. We expect

ASUSTek and Micro-Star to continue underperforming the index.

• Better-than-expected 2Q Client sales helped by ASP expansion; sub-

seasonal 2H26 PC demand outlook: Intel’s CCPG (Client Computing

Group) revenue grew 15% QoQ in 2Q26, better than company and market

expectations, due to cost-driven price actions and a favorable product mix.

Looking ahead, management guided to a sub-seasonal Client revenue trend at

flattish QoQ on softer end demand in 3Q26, which implies a likely sequential

unit decline given continued mix improvement. This is largely in line with our

expectations of a single-digit QoQ decline for NB ODM shipments in 3Q26.

For the full year, management expects a low-double-digit decline in PC

demand this year due to the negative price elasticity from memory price hikes

and fading Win-10 commercial PC replacement demand.

• AI-driven general server demand strength: Intel’s DCAI revenue increased

24%/59% QoQ/YoY in 2Q26, driven by strong CSP/enterprise server demand

and supply improvement. Intel’s DCAI revenue is likely to see continued

growth momentum in 3Q26 despite continued supply constraints (e.g., logic

foundry, silicon wafer, memory, substrate). Management expects a likely

stronger revenue uptick in 4Q26 due to better supply. This is largely in line with

server ODM feedback of sustained server shipment growth momentum into

2H26. For the full year, Intel’s management expects strong double-digit server

CPU demand growth and sustained momentum into 2027/28. Strong server