Chipmaker Intel Corp. forecast first-quarter earnings below analysts' expectations on Wednesday, sending the world's largest chipmaker's shares down 3% in late trade.

Intel forecast earnings per share of 80 cents, compared to an expectation of 86 cents, according to IBES data from Refinitiv.

The company expected first-quarter revenue above Wall Street expectations, placing bets on its in-house chip-making capacity to meet strong demand from PC, data center and artificial intelligence markets even through a global semiconductor supply crunch.

The company expects first-quarter revenue of about $18.3 billion, compared to analysts' average estimates of $17.62 billion, according to IBES data from Refinitiv.