As Intel (INTC - Get Report) shareholders try to digest disappointing fourth quarter guidance largely sparked by weak results in its data center group, investors in Micron Technology (MU - Get Report) , Seagate Technology (STX - Get Report) and Western Digital (WDC - Get Report) may also want to brace themselves.

Intel posted third-quarter results on Tuesday after the markets close, beating revenue and estimates but offering a flat guidance for the fourth quarter.

The chipmaker reported $15.78 billion in revenue with $0.80 of earnings per share, compared to Wall Street's $15.58 billion in revenue and $0.73 in EPS. But Intel offered lower-than-expected guidance for the fourth quarter. It's anticipating $15.7 billion in revenue -- below the consensus estimate of $15.86 billion.

Shares of Intel were down about 5.6% Wednesday afternoon to $35.65.

In particular, Intel's Data Center Group (DCG) is now expected to deliver a high-single digit growth in 2016 vs. its previous forecast of a low-double digit growth. DCG, which makes products for all server, network and storage platforms, is among Intel's main operating segments, along with PC, the Internet of Things, Mobile and Software and Services.

The PC division still makes up the largest percentage of Intel's overall revenue, but DCG is the second biggest and has been seen as a growing engine for the overall business.

The guidance for DCG is largely driven by the weakness of the broader enterprise storage market that will likely persist into the fourth quarter. The weakness in enterprise servers -- as well as the processors that go into these servers -- highlighted in Intel's earnings also offers a modestly negative read-through for stocks with exposure to enterprise storage, including Micron, Seagate and Western Digital, Pacific Crest analysts wrote in a note Tuesday.

Micron was down about 2% Wednesday afternoon, while Seagate fell 3.9% and Western Digital dropped 1.5%.

Enterprise servers are experiencing fragility as organizations continue their transition to the cloud, or switch their model to rent servers instead of building them. 

"We continue to see the need for more and more storage," said Tigress Financial Partners analyst Ivan Feinseth. "The demand for faster processing power grows as the big data movement grows. Big data is trying to find patterns and trends in bigger pools of data, and you're going to see more and more [Artificial Intelligence]. Mining through this will be hard to predict."

Within the semi universe, players with strong exposure to mobility, connectivity and cars have performed well, but Intel simply hasn't been at the forefront of the trend, Feinseth said.

"Intel is falling into lack of innovation. You get the whole innovator's dilemma," he added.

The Santa Clara, Calif., semi also said Tuesday its restructuring and other charges are expected to be $2.3 billion, with majority of the remaining charges to be realized between now and the middle of 2017. Meanwhile, Intel is also getting $3.1 billion from the sale of its security business to private equity firm TPG Capital, which was announced in September.