1227 ET - Intel's commentary around server supply growth doesn't provide a fully satisfying answer as to why the company continues to forecast meaningful relief in the second half of 2027, StoneX analyst Cody Acree writes in a note. "If server demand has been visible and expanding, and increasing server supply has been a management priority, the fact that the larger revenue step still waits until 2H27 suggests the constraint cannot be explained by a single late-arriving component," Acree writes. "The relevant question is not whether wafer, substrate and assembly lead times are real - they are - but why the combined system was not positioned earlier to respond to demand that management describes as unusually strong." There's more execution risk around capacity that Intel's confidence suggests, he adds. Shares fall 30% to $64.69.