Photo: Justin Sullivan/Getty Images

Intel reported strong quarterly earnings Thursday, but its shares fell in after-hours trading amid concerns around its near-term outlook.

Why it matters: Investors are trying to figure out what to expect from the tech sector as the impact of the coronavirus and related shutdowns works its way through the economy. Some parts of the tech sector would appear to still be seeing strong demand amid the shift to remote work and e-commerce.

Details: Intel’s Q1 revenue and earnings per share were ahead of estimates, and its Q2 revenue forecast was slightly above prior expectations. But its profit outlook for the current quarter was weaker than expected and the chip giant declined to offer a full-year forecast.

Between the lines: Intel has also benefited some from supply chain disruptions.

  • In what was shaping up to be a very tough competitive battle with rival AMD, Intel had been struggling to meet demand for PC processors.
  • PC components and manufacturing slowed in Q1 as the coronavirus swept through China, and that gave Intel a bit more breathing room.
  • Also, with everyone working remotely, corporate customers now have an incentive to maintain or upgrade their largely Intel-based systems rather than pick now to shift toward a rival architecture.

Meanwhile: Intel investors were also digesting a fresh Bloomberg report that Apple has developed multiple in-house chips that could power future Macs, supplanting Intel chips.

Yes, but: Apple's planned shift to use its A-series processors for future Macs has been long reported, with earlier expectations the transition could have begun as early as this year. So, Intel may get more Apple business over the next 12 months than might have been expected.

Go deeper: Intel drops AI products from Nervana

Go deeper

Updated 13 hours ago - Health

World coronavirus updates

Data: The Center for Systems Science and Engineering at Johns Hopkins; Map: Axios Visuals

An uptick in coronavirus cases in Europe is stoking fears that some countries, including France and Germany, could see a second wave, The New York Times reports.

The big picture: Both Germany and France have reported their highest number of new daily COVID-19 cases in months this past week. Some coronavirus mitigation efforts, like social distancing, aren't being enforced as strongly as they previously were.

Trump says Fauci is "wrong" about coronavirus cases surge

President Trump and National Institute of Allergy and Infectious Diseases director Anthony Fauci during an April daily coronavirus task force briefing at the White House. Photo: Drew Angerer/Getty Images

President Trump called out Anthony Fauci Saturday in a comment retweeting a video of the NIAID director explaining why coronavirus cases have been surging in the U.S.

Driving the news: In the video of Friday's testimony, Fauci explained that while European countries shut 95% of their economies, the U.S. "functionally shut down only about 50%." Trump responded, "Wrong! We have more cases because we have tested far more than any other country, 60,000,000.

Updated 12 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Eniola Odetunde/Axios

  1. Global: Total confirmed cases as of 5 a.m. ET: 19,111,123 — Total deaths: 715,163— Total recoveries — 11,578,821Map.
  2. U.S.: Total confirmed cases as of 5 a.m. ET: 4,883,657 — Total deaths: 160,104 — Total recoveries: 1,598,624 — Total tests: 59,652,675Map.
  3. Politics: Pelosi rips GOP over stimulus negotiations: "Perhaps you mistook them for somebody who gives a damn."
  4. Public health: Majority of Americans say states reopened too quicklyStudy finds antibodies prevalent in NYC health care workers.
  5. Business: The health care sector imploded in Q2More farmers are declaring bankruptcyJuly's jobs report could be an inflection point for the recovery.
  6. Sports: Where college football's biggest conferences stand on playing.