Despite warning that third-quarter revenue will be below expectations, shares of Intel (Nasdaq: INTC), the No. 1 chipmaker, rose more than 3 percent in Wednesday trading.

By late morning, Intel was at $26.14, up 76 cents, or 3 percent, after touching $26.22 earlier. The Santa Clara, Calif., semiconductor giant forecast third-quarter revenue around $14.3 billion, adding it could be as much as $500 million lower.

While Intel said demand for chips for PCs rose a meager 3 percent, demand for units designed into servers rose 15 percent.

Analysts, such as Uche Orji of UBS said that was bullish, repeating a buy rating for the shares because of continued growth as well as greater acceptance of the new Ultrabook line of chips for PCs that vie with the iPad from Apple (Nasdaq: AAPL), the world's most valuable technology company.

Analyst Shaw Wu of Sterne Agee, who kept his neutral rating, noting CEO Paul Otellini said he expected Intel to benefit once Microsoft (Nasdaq: MSFT) starts shipping Windows 8, whose OS will be compatible with all Intel designs.