Intel’s data center business just had its strongest growth in 15 years, and the company still told investors it can’t build enough server chips. Its fourth-quarter forecast landed well under analyst estimates, and the stock was down 25% in premarket trading Friday, CNBC data showed .

Intel guided to revenue of $15 billion to $16 billion and adjusted earnings of 25 cents a share for the quarter. Analysts polled by LSEG had expected $17.1 billion and 43 cents, per CNBC . The third quarter itself beat: revenue rose 21% to $16.5 billion and adjusted EPS was 52 cents, the company said in its earnings release Thursday.

Memory prices are squeezing PC buyers

Revenue in the Client Computing and Physical AI Group, Intel’s PC unit, fell 5% from a year earlier to $8.1 billion, while Data Center and AI revenue jumped 78% to $7.3 billion.…