RBC Capital Markets reckons that data centres, rather than personal computers, will drive Intel's growth into 2027.
The Canadian investment bank expects shipments of Intel's server processors to rise by more than 30%.
Chips designed for specific data centre tasks are expected to grow even faster.
Intel has said industry-wide shipments of server processors are on course to grow by more than 30% in both 2026 and 2027, and that growth would be faster still if supply allowed.
Revenue from its data centre and AI division rose 78% to $7.3 billion in the third quarter, up 17% on the previous three months.
Demand for some server processors is still outstripping supply.
Supply bottleneck
Intel has blamed shortages of advanced substrates, the bases on which multiple chips are mounted and connected inside a server processor.
Limited capacity for its Intel 3 manufacturing process is also holding back production.
About 40% more substrate capacity is due in the second half of 2027.
That is also when RBC expects new customers for Intel's advanced chip packaging business to start contributing.
PCs remain a drag
The PC business continues to weigh on the company.
Intel expects PC sales to fall by about 12% in 2026, including a drop of more than 20% in the second half, followed by a further 10% fall in 2027.
RBC expects Intel's data centre revenue to grow faster than the number of chips sold.
Newer processors contain more cores, the individual units that handle tasks, and prices per core are likely to hold up or rise while supply is tight.
The bank kept its sector perform rating and $75 price target.
It said Intel's share price already reflected much of this outlook and there were few obvious triggers for further gains in the near term.
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