Analysts at Deutsche Bank provided their key takeaways from Intel Corporation (NASDAQ:INTC) CFO Dave Zinsner’s, and EVP & GM of Data Center and AI Group Sandra Rivera’s presentation at an investor conference.

The analysts believe management sounded incrementally more cautious on the company’s near-term outlook, citing that the three major headwinds flagged on its most recent earnings call (matched set issues, customers reducing inventory levels, and China closures) will likely have a larger impact on the current quarter than originally anticipated.

These issues appear to be primarily on the client side of the company's business (CCG) in the near term, but management also highlighted the potential for Data Center to be impacted.

On the positive side, management highlighted that it expects its Smart Capital strategy to be doing "very well", hinting that it could talk about a "better number" on its next earnings call compared with its February Analyst Day guidance.