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 Oct 7, 2020 - Health

World coronavirus updates

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

New Zealand now has active no coronavirus cases in the community after the final six people linked to the Auckland cluster recovered, the country's Health Ministry confirmed in an email Wednesday.

The big picture: The country's second outbreak won't officially be declared closed until there have been "no new cases for two incubation periods," the ministry said. Auckland will join the rest of NZ in enjoying no domestic restrictions from late Wednesday, Prime Minister Jacinda Ardern said, declaring that NZ had "beat the virus again."

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 3 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Politics: Chris Christie: Wear a mask "or you may regret it — as I did" — Senate Democrats block vote on McConnell's targeted relief bill.
  2. Business: New state unemployment filings fall.
  3. Economy: Why the stimulus delay isn't a crisis (yet).
  4. Health: Many U.S. deaths were avoidable — The pandemic is getting worse again.
  5. Education: Boston and Chicago send students back home for online learning.
  6. World: Spain and France exceed 1 million cases.