Demand for Intel's processors is apparently there, but the supply is not

Intel reported its earnings for the fourth quarter of 2025 yesterday, and the news both for the quarter and for the year was mixed: year-over-year revenue was down nearly imperceptibly, from $53.1 billion to $52.9 billion, while revenue for the quarter was down about four percent, from $14.3 billion last year to $13.7 billion this year. (That number was, nevertheless, on the high end of Intel's guidance for the quarter, which ranged from $12.8 to $13.8 billion.)

Diving deeper into the numbers...