Intel cutting prices of Alder Lake CPUs due to weak PC demand: report
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Intel (NASDAQ:INTC) is reportedly cutting the price of its Alder Lake CPUs due to continued weakness in the PC market, according to DIGITIMES.
The news outlet, citing sources from the upstream supply chain, noted that orders for the second-half of the year are "far weaker than expected."
Intel (INTC) and Advanced Micro Devices (AMD), which competes with Intel in the PC market, both saw their shares rise less than 0.5% in premarket trading on Tuesday.
Santa Clara, California-based Intel (INTC) did not immediately respond to a request for comment from Seeking Alpha.
Investment firms Morgan Stanley and Citi have both recently warned about waning demand for the PC market and its implications on Intel (INTC), which still generates a significant portion of its revenue from consumer PC sales.
Intel (INTC) Chief Financial Officer David Zinsner spoke at an investment conference earlier this month and suggested the company may see some short-term bumps in the road, noting reduced inventory levels and issues with China's reopening following its COVID-related lockdowns.
Last week, Intel (INTC) said its plans to build a $20B plant in Ohio to manufacture semiconductors could be delayed or scaled back as Congress has failed to pass the CHIPS Act.