I mentioned an interesting story about how the Commerce Department is saying biotech and AI restrictions could follow these US curbs on on semiconductor export sales. So that's something that we'll be looking at a little bit more closely later on. Intel is pledging to cut costs in a big way as it weathers a slump in PC demand. The news comes after Intel reported that revenue for the prior quarter dropped, joining US now as Ian King Bloomberg News, U S
Semiconductor reporters has so much going on here. The market loves cost cutting, so it's one of the reasons why we we see that Intel a company you can't really ignore it as sixty billion dollars in revenue, so you certainly can't ignore that, and the stock is up in the after hours. Tell us what you found compelling about
the earnings from Intel? Yeah, I mean, coming into this, the question was, well, was gasping at the CEOs prediction that the third quarter would be the bottle and was was that going to hold up given all everything else we're hearing And the answer was absolutely not until was able to rescue itself in terms of today's announcement by saying yes, we were wrong. Things are worse than we thought, and this is what we're going to do about it.
As you pointed out, Brian, the market loves cost cuts, loves a sense of reality, and you know that was definitely what was on offer from Intel today. But again it's another semi conductive company just coming out and saying the same thing. Really, ultimately that demand essentially has gone off a cliff. You're absolutely right, particularly with regards to what's going on with the computing industry. Racial I mean,
it's totally the case. I mean, you've got to remember that this is a cast of characters, these CEOs with a few notable exceptions, who were telling us that the industry is on a rocket ship. Things are different this time. Before you know it, we're going to be a one trillion dollar industry. And look where we're headed right now. Clearly not the case. Is this a company that seems
like yesterday's story? And do investors just believe that, you know, they don't want to be this much exposed to personal computers, which is kind of slipping I mean yes and no, I mean that that you're absolutely right with personal computers. As a big debate on the call today with Intel saying, look, you know, some analysts are saying, look, you've given us this rosy view the PC industry. How's that working out
for you? Umh? And are we're going back to pre pandemic levels of this kind of tuned in sixty million units? Um you know, sort of down sort of from where it was a decade ago, more view the world. And Intel was like, well, yeah, yeah, you're kind of right. We're going back down, that's for sure, but not not that low. So there's this ongoing tention about whether the PC is in the rear view mirror as a growth
and you know, or not. But in stories been hey, we're spreading everywhere and that's not really paying off yet. Quick one, yeah, and just very very quickly. Is it though, build up of infantry, which will be all right because you can clear out, But is it more worrying in the sense that it could be a contraction of the economy? Yeah, you nailed him. I mean that's the biggest concern. I mean, inventory build up is two quarter event a recession is
a lot longer than that. Yeah. Still, this company, like you said, has sixty billion dollars in sales. It's a monster anyway, Ian, thanks very much for joining us Ian King Bloomberg new US semiconductor reporter at Bloomberg News