"With the semiconductor industry facing a number of headwinds, a including a slowing Chinese economy, soft smartphone sales, softening auto demand, slowing hyperscale demand, a lingering government shutdown, and ongoing trade war certainty, Intel has remained in a strong position relative to peers, with its own supply shortages likely insulating it from headwinds," Twigg wrote. "However, we expect headwinds to mount in 1Q as data center demand likely continues to slow and Intel's new Apple modem business likely declines amid soft demand."