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The PC slump is nearly over, Intel Q4 2023 / FY23 earnings suggest.

Not only did Intel’s consumer chips see 33 percent gains ($8.8B revenue), the CFO said on today’s earning call that “customer inventory levels have normalized” and Intel saw “record performance notebook shipments in the quarter.”

While PCs were down in 2023 overall, they got close to pre-pandemic numbers of 260-270M shipments globally, and Intel’s bullish on AI upgrades.

Intel says it hit its goal of $3B in cost-cutting in 2023, and made $2.66B in profit in Q4 (up from $796M loss this time last year).