The Key Earnings Result for Chip Companies: AMD, QCOM, INTC, TSM and More

· $Advanced Micro Devices(AMD.US)$ Chief Executive Lisa Su said the company was still dealing with issues with its data center business, which Su described as being in a "mixed environment" as larger customers work through inventories. Su went on to say that AMD expects growth to get back on track in the second half of the year, and that it is looking for AI to be one of the keys to its future market expansion.

· Chief Executive Officer Cristiano Amon of $Qualcomm(QCOM.US)$ promised investors on the earnings call that once phone makers have worked through their inventory, the orders will bounce back. But that's taking longer than feared. The company now expects the total market for phones to shrink by a percentage range in the high single digits in 2023. Inventory reductions by customers will likely continue for two more quarters, Qualcomm projected. Demand in China hasn't returned to the levels that Qualcomm and others had expected, Amon said.

· In a phone interview with Barron's, $Intel(INTC.US)$ Chief Financial Officer David Zinsner said the company was still facing a tough macro environment, but the general PC demand outlook was roughly in-line with their expectations during the quarter. The executive reaffirmed Intel's prior 2023 PC industry forecast for the low end of a 270 million to 295 million unit range. On the positive side, he said Intel saw some stability in PC demand and “green shoots” of positive economic momentum in China.

· $Taiwan Semiconductor(TSM.US)$'s chief financial officer, Wendell Huang said that "our first-quarter business was impacted by weakening macroeconomic conditions and softening end-market demand, which led customers to adjust their demand accordingly. Moving into second quarter 2023, we expect our business to continue to be impacted by customers' further inventory adjustment.”