Standing Still in a Race
The entire world is screaming “AI.” Nvidia is doubling its revenue. AMD is surging. Data centers are being built in cornfields.
So I looked at Intel’s Data Center and AI (DCAI) revenue.
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Q3 2024: $4.1 Billion
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Q3 2025: $4.1 Billion
The 0% Growth Logic
In the biggest computing boom of the century, Intel’s AI revenue is flat. They highlight a “5% sequential growth” to make it look like momentum. But in a market growing at 50%+, growing at 0% year-over-year isn’t stability. It is a massive collapse in market share.
The “Gaudi 3” accelerator was supposed to be the savior. The numbers suggest it’s a ghost. If the tide is rising and your boat stays at the same level, you aren’t floating - you’re sinking.