Intel (INTC 3.21%) CEO Bob Swan issued a letter to customers, partners, and employees on Thursday. While Swan confirmed the company's commitment to the "safety and well-being" of its workers, he also stated that "Intel factories around the world continue to operate on a relatively normal basis."
He also acknowledged the increased role the technology industry is having on the economy right now as people work from home. "In the coming weeks and months, services will be further digitized as the creativity of a massive work-from-home population gets rolling," Swan said.
Big tech is holding up
Swan highlighted a few of the roles Intel is playing to combat the virus, including Intel's partnership with Lenovo and BGI Genomics "to accelerate the analysis of genomic characteristics of COVID-19."
Also, Intel platform-based robots have been deployed in China's hospitals to help reduce human interactions.
For investors worried about the near-term impact on Intel's business, Swan had encouraging words. He said Intel's teams around the world remain committed to sustaining the company's manufacturing operations. Speaking directly to Intel's customers, Swan said, "They are working hard to make sure you can continue to be successful while sustaining a rate of on-time delivery currently greater than 90%."
During Intel's fourth-quarter earnings call, Swan outlined nine new products releasing this year on 10-nanometer, including Intel's first discrete graphics processor.
Intel's rival, Advanced Micro Devices (AMD 5.64%), is also committed to investing to accelerate growth. In an update during the 2020 Financial Analyst Day on March 5, AMD said it expects only a "modest" hit to its near-term revenue, while it is leaving full-year guidance issued during its first-quarter earnings report unchanged.
Shares of Intel and AMD have held up better than the broader market during the recent sell-off.