As reported previously, the tech bellwethers all missed their topline revenue estimates, a trend that has so far marked the Q2 earnings season in a carbon-copy replica of what happened in Q1. This continued this morning with more misses by the likes of Verizon, Union Pacific, Baxter and Sherwin Williams: a core representative of virtually every key industry. But nothing shows the ongoing deterioration in top-line corporate generation as the following chart showing the annual change in revenues at the tech and industrial giant Intel. And while the consumer's distaste for desktop chips has been long known and duly noted, one would think that the Fed's central planning brains, Ferbus, Edo and Sigma, would need more i7-based processing power than ever to tell Bernanke with 3 significant digit accuracy just what will happen in 2022, offsetting the decline in normal end demand (as is the case with everything else surrounding central planning).
And a longer-term chart. The last time Intel had 4 quarters of consecutive declines the US was in a recession:
Then again, there is always the possibility that Intel was merely subject to "the weather" for the past 12 months, all three "too hot", "too cold", and "just right" versions of it.