On May 8th, Intel mentioned the latest situation and performance impact of export licensing in a statement submitted to the US Securities and Exchange Commission.
The document states that on May 7th, the US Department of Commerce notified Intel that it would revoke its export license for certain consumer grade products to a Chinese customer, effective immediately. Therefore, Intel expects its revenue for the second quarter of 2024 to remain between the original $12.5 billion and $13.5 billion, but actual revenue will be lower than the expected median. Meanwhile, Intel expects year-on-year growth in revenue and earnings per share for the full year of 2024.
In the document, Intel did not disclose the names of Chinese customers. However, according to media reports, the Biden administration has recently tightened its export restrictions on Huawei and revoked the licenses for Qualcomm and Intel to sell semiconductors to China.
From a business perspective, Intel is a giant in computer and server chips, while Qualcomm is a leader in mobile phone chips. Previously, Qualcomm could supply 4G chips to Huawei, while Huawei's latest laptops
The MateBook X Pro uses Intel Ultra 9 processors. Currently, high-end chips are limited in the domestic market, and the supply and demand of chips in the consumer market, the evolution of semiconductor patterns, and changes in the Chinese market will all receive industry attention. Currently, neither Intel nor Qualcomm has commented on this.
Intel recently released its Q1 2024 financial report, which showed a total revenue of $12.7 billion, a year-on-year increase of 8.6%, and a net profit loss of $380 million, a significant narrowing of losses compared to last year. On May 8th, Eastern Time, Intel's closing stock price was $30 per share, down 2.22%. Since the beginning of the year, Intel's stock price has fallen by 40%.
On May 8th, a spokesperson for the Chinese Ministry of Commerce stated in an interview with the media that the US has restricted the export of pure civilian consumer chip products to China and implemented supply cuts on specific Chinese enterprises. This is a typical economic coercion practice, which not only violates World Trade Organization rules but also seriously harms the interests of US companies. The actions of the United States have seriously violated its commitment to "not seeking decoupling from China" and "not hindering China's development", and are also contrary to its statement of "accurately defining national security".