Intel Corporation is a global integrated device manufacturer (IDM) specializing in the design, development, manufacturing, marketing, and sale of CPUs and related solutions. Their products are utilized globally by consumers, enterprises, governments, and educational organizations, and are primarily sold to OEMs, ODMs, cloud service providers, and other manufacturers through various channels . Intel's product offerings provide end-to-end solutions, scaling from data centers to networks, PCs, edge computing, and emerging fields like AI and autonomous driving . The company's primary CPU products include Intel Core processors for notebooks and desktops, Intel Xeon processors for data centers and AI, and Intel Atom processors for entry-level platforms .
- Client Computing Group (CCG) - Focuses on end-user form factors, providing Intel Core processors for notebooks and desktops.
- Data Center and AI (DCAI) - Delivers data center and AI solutions, including Intel Xeon processors.
- Network and Edge (NEX) - Offers networking and edge solutions to enhance connectivity and processing at the network's edge.
- Mobileye - Develops advanced driver-assistance systems and autonomous driving technologies.
- Intel Foundry Services (IFS) - Provides foundry services to other manufacturers, supporting their semiconductor manufacturing needs.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
David Zinsner Executive | Interim Co-CEO and CFO | None | Joined Intel in January 2022 as CFO; previously held senior roles at Micron Technology and Analog Devices. Appointed Interim Co-CEO in December 2024. | View Report → |
Michelle Johnston Holthaus Executive | Interim Co-CEO and CEO of Intel Products | None | Joined Intel in 1996; held various leadership roles, including EVP of Client Computing Group and Chief Sales Officer. Appointed Interim Co-CEO in December 2024. | View Report → |
Barbara G. Novick Board | Director | BlackRock (Senior Advisor), New York Life Insurance (Board Member), Peterson Institute (Board Member) | Co-founder of BlackRock; joined Intel's Board in 2022. Expertise in investment, finance, and public policy. | |
Dion J. Weisler Board | Director | Thermo Fisher Scientific (Board Member), BHP Group (Board Member) | Joined Intel's Board in 2020; former CEO of HP Inc. with expertise in manufacturing, emerging technologies, and business development. | |
Eric Meurice Board | Director | Global Blue Group (Board Member), IPG Photonics (Board Member) | Joined Intel's Board in December 2024; former CEO of ASML Holding, where he led significant growth and strategic initiatives, including EUV lithography development. | |
Frank D. Yeary Board | Interim Executive Chair of the Board | PayPal Holdings (Board Member), Mobileye Global (Board Member), Darwin Capital Advisors (Principal) | Joined Intel's Board in 2009; became Chair in January 2023 and Interim Executive Chair in December 2024. Former Vice Chancellor at UC Berkeley and investment banker at Citigroup. | |
James J. Goetz Board | Director | Sequoia Capital (Partner), Palo Alto Networks (Board Member) | Partner at Sequoia Capital since 2004; joined Intel's Board in 2019. Focuses on cloud, mobile, and enterprise technology investments. | |
Risa Lavizzo-Mourey Board | Director | GE Healthcare Technologies (Lead Director), Merck & Co. (Board Member), Better Therapeutics (Board Member) | Joined Intel's Board in 2018; former President and CEO of the Robert Wood Johnson Foundation. Expertise in healthcare, governance, and public policy. | |
Steve Sanghi Board | Director | Microchip Technology (Chairman and Interim CEO), Impinj (Board Member) | Joined Intel's Board in December 2024; former CEO of Microchip Technology, where he achieved 121 consecutive quarters of profitability and significant market value growth. | |
Tsu-Jae King Liu Board | Director | UC Berkeley (Dean of Engineering), MaxLinear (Board Member) | Joined Intel's Board in 2016; renowned semiconductor researcher and co-inventor of FinFET technology. |
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What impact do the restructuring actions have on your R&D roadmap, long-term external Foundry opportunity, and any chipset funding, especially considering your previous projection of $15 billion in long-term value from external Foundry? Is there any impact on those growth targets due to the restructuring?
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How do you plan to execute your Foundry strategy given the CapEx cuts, particularly when considering the goal of bringing wafers back in-house to improve gross margins by 2026, while also increasing outsourcing to TSMC? Are the CapEx cuts reflecting that some of your Foundry customers are less committed?
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Given that your CPU competitor appears to be performing better in the same environment, have the core challenges facing Intel been accurately diagnosed? What is your contingency plan if cost-cutting measures alone do not address these issues?
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Are there any structural changes to your competitiveness, company structure, or long-term financial targets that necessitated the recent spending adjustments? Can you describe these structural changes and their potential impact on your financial goals?
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Regarding your customers engaged with on the 18A and 14A nodes, have you observed any changes in their commitment or project timelines? Are they still planning to ramp their programs, or have there been hesitations or delays?
Research analysts who have asked questions during INTEL earnings calls.
Aaron Rakers
Wells Fargo
5 questions for INTC
Joseph Moore
Morgan Stanley
5 questions for INTC
Ross Seymore
Deutsche Bank
5 questions for INTC
Timothy Arcuri
UBS
5 questions for INTC
Vivek Arya
Bank of America Corporation
5 questions for INTC
Stacy Rasgon
Bernstein Research
4 questions for INTC
Christopher Muse
Cantor Fitzgerald
3 questions for INTC
Srinivas Pajjuri
Raymond James & Associates, Inc.
3 questions for INTC
Ben Reitzes
Melius Research LLC
2 questions for INTC
William Stein
Truist Securities
2 questions for INTC
Benjamin Reitzes
Melius Research
1 question for INTC
Christopher Caso
Wolfe Research
1 question for INTC
Thomas O’Malley
Barclays Capital
1 question for INTC
Vijay Rakesh
Mizuho
1 question for INTC
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
Competes in the advanced process technology marketplace and is a primary competitor in the semiconductor foundry space, focusing on delivering wafers and packaging technologies from fabrication plants primarily in Asia. | |
Samsung | Competes in the advanced process technology marketplace and is a primary competitor in the semiconductor foundry space, focusing on delivering wafers and packaging technologies from fabrication plants primarily in Asia. |
Competes in the semiconductor foundry space, focusing on delivering wafers and packaging technologies from fabrication plants primarily in Asia. | |
Competes in the semiconductor foundry space, focusing on delivering wafers and packaging technologies from fabrication plants primarily in Asia. | |
Semiconductor Manufacturing International Corporation (SMIC) | Competes in the semiconductor foundry space, focusing on delivering wafers and packaging technologies from fabrication plants primarily in Asia. |
Competes across the full spectrum of CPUs, GPUs, accelerators, and other products, and is a key competitor in the processor market. | |
Designs application processors based on ARM architecture and competes in the processor market. | |
Introduced PC products utilizing internally developed ARM-based semiconductor designs, replacing client CPUs and increasing competition with its M series products and ecosystem. | |
Provides GPU systems and competes in the accelerator products market, including GPUs for AI and other workloads. |
| Customer | Relationship | Segment | Details |
|---|---|---|---|
Customer A | Major OEM/ODM or Cloud Service Provider | Intel Products operating segments | 19% of net revenue in 2024 , 19% in 2023 , and 19% in 2022. |
Customer B | Major OEM/ODM or Cloud Service Provider | Intel Products operating segments | 14% of net revenue in 2024 , 11% in 2023 , and 12% in 2022. |
Customer C | Major OEM/ODM or Cloud Service Provider | Intel Products operating segments | 12% of net revenue in 2024 , 10% in 2023 , and 11% in 2022. Part of top three customers collectively having 47% of total trade receivables in 2024. |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Granulate Cloud Solutions Ltd. | 2022 | Intel acquired Granulate to integrate its real‑time AI-driven continuous optimization software that enhances compute workload performance (up to 30% improvement) and lowers cloud infrastructure costs, supporting Intel’s goal to grow its software and services revenue to $1 billion annually. |
Tower Semiconductor | 2022 | Intel’s acquisition of Tower Semiconductor was executed as a cash-for-stock deal at $53 per share (approx. $5.4 billion EV), aimed at advancing its IDM 2.0 strategy by expanding its foundry services with specialized analog semiconductor capabilities, with the deal expected to be immediately EPS accretive and subject to regulatory approvals and customary conditions. |
Recent press releases and 8-K filings for INTC.
- Intel is in early-stage negotiations with AMD to become a foundry customer, a strategic shift under CEO Pat Gelsinger to expand Intel Foundry Services.
- AMD currently relies on TSMC for chip production, and Intel lacks the technology to manufacture AMD’s most advanced chips, making the scope of any potential deal unclear.
- Intel’s stock surged over 7% on October 1, 2025, reaching its highest level since April 2024, despite broader market declines, reflecting investor optimism about the partnership talks.
- The discussions align with U.S. efforts to bolster domestic chip manufacturing and have support from the White House, Nvidia, and SoftBank, though no agreement is guaranteed and investment details remain unknown.
- ASM International now expects 5–10% revenue decline in H2 2025 versus H1 and sees full-year growth at the lower end of its previous 10–20% range.
- The company reported 12% revenue growth in 2024, reaching €2.93 billion.
- Soft demand is linked to uneven client ordering amid trade uncertainties and weaker orders from major customers like Intel and Samsung.
- Bookings are forecast to fall below billings in H2 2025, which is expected to weigh on 2026 growth.
- Intel and Nvidia will co-develop x86 PC SoCs integrating Nvidia RTX GPU chiplets via NVLink, targeting AI servers and consumer devices.
- Nvidia commits $5 billion investment in Intel, underpinning collaboration that could enable new handheld gaming PCs with advanced DLSS support.
- No products are expected imminently; industry sources suggest the first “GB10” SoC may arrive in over two years, while Intel continues separate development of its ARC GPU line.
- The partnership includes a sustainability element, with Nvidia leveraging Intel’s manufacturing expertise to reduce chip production emissions.
- Citi downgraded Intel from Neutral to Sell and raised its price target to $29, citing skepticism about Intel’s foundry turnaround despite the $5 billion Nvidia partnership.
- Intel’s stock has rallied ~50% since early August, marking its largest one-day gain since 1987, but Citi warns this optimism may be overvalued.
- The total addressable market for the Intel–Nvidia AI collaboration is estimated at $1–2 billion, which Citi views as unlikely to generate significant returns or materially enhance competitiveness.
- Despite the downgrade, 39 of 47 analysts maintain a Hold rating on Intel shares, and GuruFocus’s fair value of $23.36 implies a ~23.6% downside from current levels.
- US stock markets closed at historic highs with the S&P 500 surpassing 6,600, the Nasdaq 100 up 0.7%, and the Dow rising above 46,300
- Intel shares jumped 22.8%, its largest one-day gain since 1987, after Nvidia announced a $5 billion investment and partnership to co-develop data center and PC products
- Rally was fueled by upbeat corporate earnings, the Federal Reserve’s first rate cut of 2025, and progress in US–China relations
- Tech stocks led gains while consumer staples lagged, though investors remain cautious about potential economic slowdowns and tariff impacts
- Intel will design custom data center and PC x86 CPUs integrating NVIDIA NVLink, combining NVIDIA’s AI stack with Intel’s CPU and packaging capabilities.
- NVIDIA will invest $5.0 billion in Intel common stock by purchasing 214,776,632 shares at $23.28 per share in a private placement.
- The transaction, structured under Section 4(a)(2) of the Securities Act, is subject to customary closing conditions, including HSR antitrust approval.
- Intel and NVIDIA unveiled a historic partnership to jointly develop custom x86 CPUs for data centers and integrate NVIDIA GPU chiplets into PC SoCs via NVLink.
- The collaboration targets two product lines: rack-scale AI supercomputers using custom “Vera” x86 CPUs with NVLink 72 and new Intel x86 SoCs fusing NVIDIA RTX GPUs for the 150 million laptops market.
- Under the agreement, NVIDIA will become a major customer of Intel server CPUs and supply GPU chiplets to Intel’s SoCs; NVIDIA also took an equity stake in Intel, highlighting a strategic investment in an estimated $50 billion annual opportunity.
- Engineering teams have collaborated for about a year on the architecture, leveraging Intel’s advanced packaging (Foveros and EMIB) while maintaining NVIDIA’s TSMC foundry relationships.
- The US government will require Intel, Samsung, and SK Hynix to obtain licenses before purchasing American semiconductor equipment in China, revoking prior exceptions and taking effect in 120 days.
- Shares of US equipment suppliers fell after the announcement: Lam Research down 3.7%, Applied Materials down 1.9%, and KLA down 2%.
- Intel disclosed receiving $5.7 billion from the US government, including a 10% stake purchase by the Trump administration, and is exploring outside investors for its foundry business.
- The move aligns with a US-China tariff truce maintaining 30% levies on Chinese imports and 10% on US goods until November amid trade tensions.
- Intel reports the 3D stacking market was valued at USD 1.67 Billion in 2024 and is forecast to grow to USD 7.51 Billion by 2032 at a 20.68% CAGR from 2025–2032.
- The U.S. segment is set to expand from USD 0.30 Billion in 2024 to USD 1.41 Billion by 2032, achieving a 21.39% CAGR, fueled by R&D investments and government incentives.
- Growth is driven by demand for compact, high-performance, energy-efficient semiconductor solutions using through-silicon vias, hybrid bonding, and advanced chiplet integration for AI accelerators, HPC, and mobile SoCs.
- Intel is advancing its process technology, with the 18A-PT node using Foveros Direct 3D and hybrid bonding in risk production and 14A test chip tape-outs underway to strengthen its 3D stacking capabilities.
- Intel received $8.9 billion from the U.S. government via 433 million share issuance and warrants, plus a $2 billion SoftBank stake, complementing $1 billion Mobileye and $3.5 billion Altera divestitures, boosting liquidity and avoiding near-term capital markets access.
- The government’s 5-year warrants are structured to remain unexercised while Intel holds >50% of its foundry unit, providing endorsement as yields on 18A ramp improve and informing execution of the 14A node, with customer commitments targeted by 2026-2027 for volume ramp in 2028-2029.
- Product roadmap: Lunar Lake is gaining notebook share, NovaLake is expected to restore high-end desktop competitiveness, and data-center performance will be bolstered by Coral Rapids following Diamond Rapids, emphasizing multi-threaded gains.
- Capital expenditures are forecast at about $18 billion annually through the next few years, aided by equipment reuse and shortened build-to-production cycles, with potential increases to support 14A foundry demand.
- Management aims to exceed a 40% gross margin trough by 2026 through foundry margin tailwinds, product ASP enhancements, and cost-disciplined initiatives.