Intel Soars on Booming AI Chip Demand; Palo Alto Networks Tempers 2024 Guidance Due to Customer Uncertainty
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Intel stock has surged 69% in 2023 due to strong demand and growth potential for its AI chips. The company is launching new faster chips in 2024 to meet increasing customer demand.
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Intel's data center and AI business exceeded expectations last quarter. Over a third of its chip shipments are now related to AI applications.
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Analysts expect Intel's revenue to jump 13% in 2024 to $56B as its bottom line nearly doubles on the back of AI and recovering PC sales.
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Palo Alto Networks lowered 2024 guidance as only 65% of customers paid upfront amid shorter deal lengths, reducing revenue visibility.
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Palo Alto competitors with AI solutions like SentinelOne and CrowdStrike are growing faster, so there are better ways to tap the cybersecurity AI opportunity.