Both companies are benefiting from good demand; Intel is benefiting from good demand for notebooks.

Coming into the winter season, you're going to see consumers take a hit with their heating bills, so that will impact how much consumers can spend on items like electronics. I have concerns about the macroeconomic picture, but these concerns are already reflected in most chip stocks' prices.

Investors might be disappointed because they might have been expecting better results on the top line.

There's a real battle under way between Intel and AMD. Both companies are stepping up their sponsorships and using them as a platform to demonstrate their technology.

Companies such as Microsoft, Cisco and Intel were just starting at their 10-year anniversary.

The smaller companies are riding the coattails of the larger companies. Historically, if Intel did well, it spoke well for all the semiconductor stocks. This earnings season, there's a very high chance that the coattail effect is going to be broken.