J P M O R G A N North America Equity Research 23 January 2026 Intel Wafer Capacity Shortage Tempering DCAI Growth; Weak PC Demand Outlook Amid Memory/Storage Pricing Headwinds; Still No Signs of Major Foundry Engagements; Reit UW Results were stronger than expected, but guidance landed well short of expectations - both primarily a function of burgeoning server CPU demand, offset to varying degrees by Intel's inability to fully service this demand due to a lack of available internal wafer capacity. Wafer sup ...