The Bottleneck is the Business - Two Quarterly Reports Show Where Real Earnings are Made in the AI Era – and the Answer is not Software Alone!

Anyone looking at the numbers from Santa Clara and Walldorf on the night of July 24, 2026, saw two companies in completely different roles. Intel, long considered the turnaround case of the semiconductor industry, reported its fastest revenue growth in 15 years. SAP had to prove that artificial intelligence does not render its own software obsolete. The connecting keyword was provided by Intel CEO Lip-Bu Tan: scarcity. The industry is experiencing one of the worst supply shortages in its history – in advanced manufacturing technology, wafers,...