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Warwick VC Reports: As Major Microchip Manufacturer Intel Reports Best-Ever Profits Tech Stocks
Warwick Ventures Analyst Craig Withers reports that Intel revealed higher sales and profits than expected with a strong demand for chips, which in turn lifted technology stocks and shares prices in the U.S. and Asian markets.
“The gains were a bit of a shock and helped Intel investors feel confident in the company’s direction, but what is so surprising is the boost it has given tech stocks and shares across the board” said Withers about Intel’s action.
The figures from the world’s biggest microchip producer bring a new attitude to the beginning of season results in the US. Despite analyst’s fears of slowing demand, Intel has shown that they can persevere despite European economic woes and large speculations over a double-dip in global recession.
Intel CEO Paul Otellini stated at a conference with Withers and other analysts that “now that corporations have some breathing room in the economy and their budgets, you are starting to see those machines that were four or five years old get refreshed.”
The optimistic news from Intel helped boost shares and gave both US and Asian stocks positive market movements and pushed British chip creator Arm Holdings to the top of the FTSE 100 Index leader board.
Google and chip maker AMD are due to be released on Thursday, and IBM should have reports publicized by the 19th of July, with Microsoft following suit on the 22nd.
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