Intel sales, profit forecast beat estimates, boosts spending plans on AI boom

July 23 : Intel forecast quarterly profit and revenue above estimates on Thursday, boosting its spending plans over the next two years as an AI data center buildout increases demand for its central processing units (CPUs). Shares of Intel, which closed down 2.3 per cent on Thursday, rose 5 per cent in after-hours trading.The company expects third-quarter revenue between $15.8 billion and $16.8 billion, compared with analysts' average estimate of $15.10 billion, according to data compiled by LSEG. Adjusted profit is expected to be 38 cents per share, compared with analyst estimates of 27 cents.Intel is benefitting from a boom in what is known as agentic AI, where autonomous agents carry out tasks such as computer coding on behalf of human users. Its shares have declined more than 25 per cen