Intel Beats Earnings: What It Means for ASX Data Centre Stocks

Intel’s surprise profit and strong results show that demand for data centre infrastructure is booming, which is great news for Australian operators like NextDC (ASX: NXT) and Macquarie Technology (ASX: MAQ) who are betting big on this growth.

What are the Best ASX stocks to invest in right now?

Check our buy/sell tips

Intel’s Comeback Quarter

Intel reported quarterly revenue of $13.7 billion, beating analyst expectations, and posted a net income of $2.99 billion after several challenging quarters. The stock jumped 6% in after-hours trading.
More importantly for data centre investors: Intel noted that chip demand is outpacing supply, a trend expected to continue through 2026. When server processors are in short supply, it signals that hyperscalers can’t slow their infrastructure buildouts even if they wanted to.
Intel’s Data Centre and AI Group revenue came in at $3.8 billion, down 10% year-over-year, while its PC and laptop business delivered $8.5 billion. The PC market has stabilised, but the real story is that supply constraints are preventing faster data centre growth, not lack of demand.

Why Australian Investors Should Care

Intel’s earnings, combined with AMD’s recent strong data centre results, validate the massive capital investments ASX-listed operators are making. If U.S. chip companies can’t meet demand for server processors and AI accelerators, that points to sustained spending on the physical infrastructure to house those chips.
Here’s how this flows through to Australian stocks.

NextDC (ASX: NXT): Direct AI Infrastructure Play

NextDC (ASX: NXT) received NVIDIA certification for AI data centres in early 2025, which qualifies them to support high-intensity AI workloads using NVIDIA’s latest systems. This certification requires meeting tough standards for power supply, cooling systems, and reliability.
The company signed a major 50 MW AI deal with a hyperscale customer in mid-2025 and is building the M4 Melbourne facility with 150 MW capacity, specifically designed for AI with extremely high power requirements per server rack.

The connection: NVIDIA’s AI systems don’t run on GPUs alone; they require high-performance Intel or AMD CPUs to function. When Intel reports chip shortages, it means complete server systems are in high demand, driving utilisation at facilities like NextDC’s.
NextDC shares have jumped 40% since April, pushing the company’s value above $9 billion. Major broker Macquarie keeps a buy rating on the stock with a price target suggesting significant further upside.

Investment case: Pure-play exposure to AI infrastructure growth with NVIDIA certification and hyperscale customer wins. The company offers the most direct ASX bet on the AI data centre boom.

The risks: The valuation has become expensive. NextDC trades at a price roughly three times higher than diversified competitor Macquarie Technology when comparing earnings. Much of the expected near-term growth is already baked into the share price. Any slowdown in tech spending would trigger a sharp drop in the stock.

Macquarie Technology (ASX: MAQ): Dell Partnership Provides Chip Exposure

Macquarie Technology (ASX: MAQ) partnered with Dell Technologies in August 2025 to host “Dell AI Factory with NVIDIA” infrastructure at its IC3 Super West facility, a 47 MW data centre opening in mid-2026. Dell’s AI systems combine NVIDIA graphics processors with Intel server chips.
IC3 Super West will handle high-density AI and cloud workloads with advanced cooling technology, bringing its Macquarie Park campus to 65 MW total capacity at a construction cost of approximately $350 million.
Macquarie’s 15-year Dell partnership gives them early access to new server configurations. When Intel reports strong enterprise processor sales, it indicates continued demand for Dell, HP, and Lenovo servers, which all need data centre space.

Investment case: Macquarie trades at roughly one-third of NextDC’s valuation when comparing earnings, with similar data centre exposure at a much cheaper price. The diversified business model across data centres plus telecom, cloud services, and government contracts provides downside protection if one area weakens. The company has delivered 20 consecutive half-years of earnings growth.

The risks: Less pure exposure to the data centre boom compared to NextDC. The telecommunications business faces competition, and overall growth will be steadier rather than explosive.

What Investors Should Watch

Intel’s Q4 guidance matters more than Q3 results. The company forecast $13.3 billion in revenue versus expectations of $13.37 billion, a slight miss but not concerning. The key point was that management emphasised supply constraints rather than weak demand.
If Intel and AMD continue reporting chip shortages and strong data centre demand in the coming quarters, it strengthens the investment case for Australian operators. If their outlook weakens or supply catches up with demand, expect data centre stocks to fall sharply; they’ve priced in several years of strong growth already.

The Bottom Line

Intel’s earnings beat validates the AI infrastructure thesis driving NextDC and Macquarie Technology’s expansion plans. Chip demand exceeding supply means tech giants must continue aggressive spending, which directly benefits Australian operators with the right certifications and power capacity.
For growth investors with high risk tolerance: NextDC offers pure-play AI data centre exposure but comes with a premium valuation that leaves zero room for disappointment. Consider buying gradually over time rather than investing a lump sum at current levels.
For conservative investors seeking data centre exposure: Macquarie Technology provides similar infrastructure positioning at one-third the valuation, with diversified revenue streams reducing downside risk. The Dell partnership and government certifications create a sustainable competitive edge.

Either way, the latest American chip earnings suggest the AI infrastructure build-out is real and continuing. Australian data centre operators are positioned right at the centre of that story, though current share prices have gotten ahead of the fundamentals and warrant being careful about when you buy.