Electronic Components Sector: Intel‘s 2Q FY2026 results: Implications for the electronic components sector

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Electronic Components Sector: Intel‘s 2Q FY2026 results: Implications for the electronic components sector

J P M O R G A N Asia Pacific Equity Research

27 July 2026

Electronic Components Sector

Intel’s 2Q FY2026 results: Implications for the electronic

components sector

• Results summary: Intel Corp (covered by Harlan Sur) announced 2Q FY2026 Japan Equity Research

results on July 24 (morning JST). Sales were $16.13 billion (+25% YoY, +19%

Technology - Electronic

QoQ), significantly above guidance (midpoint of $14.3 billion, +5% QoQ) and Components

the Bloomberg consensus estimate of $14.43 billion thanks to stronger-than- AC Akinori Kanemoto

expected capacity expansion. Management said that the AI-related business

(81-3) 6736 8628

accounted for 70% of total sales, and the data center business achieved record akinori.kanemoto@jpmorgan.com

growth. It noted that while wafer shipments exceeded its expectations, demand Ikki Shibata

remains even stronger and continues to outstrip supply. Non-GAAP gross (81-3) 6736 8641

margin was 41.8% (+12.12ppt YoY, +0.75ppt QoQ), well above guidance of ikki.shibata@jpmorgan.com

39.0% and the Bloomberg consensus estimate of 39.2%. Profitability JPMorgan Securities Japan Co., Ltd.

improved significantly on higher sales, yield improvements, and ASP

increases driven by product mix and pricing initiatives.

• Guidance: (1) The 3Q FY2026 sales guidance is $16.3 billion (midpoint;

+19% YoY, +1% QoQ), above the Bloomberg consensus estimate of $15.06

billion. (2) The 3Q FY2026 gross margin guidance is 42.0%, above the

Bloomberg consensus estimate of 40.2%. (3) AI-related demand remains very

strong, and customers are keen to invest. Management said that supply

continues to fall short of demand, though. It expects supply constraints for