[Intel Q3 Earnings Preview: AI Server CPU Demand in Focus, Analysts Focus on Q4 Guidance and Capacity Expansion Investment] BlockBeats reports that Intel will release its Q3 2026 earnings report after the US stock market closes on Thursday, October 29th, and will hold an earnings call at 5:00 AM Beijing time on October 30th. Analyst expectations compiled by Bloomberg show that the company's quarterly revenue is approximately $16.5 billion, a year-over-year increase of approximately 21%; adjusted earnings per share are approximately $0.40, higher than $0.23 in the same period last year. The company previously gave revenue guidance of $15.8 billion to $16.8 billion, adjusted earnings per share of $0.38, and adjusted gross margin of 42%. Server CPU demand is a key focus of this earnings report. The market expects Intel's data center business to generate approximately $6.6 billion in quarterly revenue, and its PC chip business to generate approximately $8.8 billion in revenue. AI demand is driving data center CPU sales, but the PC market faces another pressure: rising memory and storage prices are pushing up overall system prices, reducing sales volume, and simultaneously increasing average selling prices. Bullish institutions are primarily betting on continued tight CPU supply. New Street Research analyst Pierre Ferragu upgraded Intel's rating from "neutral" to "buy" with a target price of $125, believing that the structural shortage of server CPUs caused by the rapid development of AI agents may continue for several years, supporting the company's data center business and transformation. KeyBanc maintained its "overweight" rating and $155 target price, expecting third-quarter revenue of $16.9 billion and earnings per share of $0.46, both exceeding market consensus expectations. JPMorgan analyst Harlan Sur is relatively cautious. He recently upgraded his rating from "underweight" to "neutral" but maintained his $85 target price. Following Steve Jobs' approval of Chen Liwu as CEO, the company has seen improvements in product execution, manufacturing yield, and advanced packaging. Jobs also believes that demand for AI agents may drive further upward revisions to profit expectations. However, he anticipates that Intel may still experience several quarters of market share loss, particularly in the server CPU sector. Capacity expansion is also key to future guidance. In a July interview with Reuters, CFO David Zinsner stated that increased demand prompted the company to raise its 2026 capital expenditure forecast from $18 billion to $20 billion, with significant increases expected in 2027. He also noted that the company has signed some CPU and application-specific chip supply agreements with terms of three to five years, but these agreements may be renegotiated if market conditions change.