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?
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 shares jumped over 8% pre-market on reports the Trump administration may take an equity stake, a move that could de-risk debt and factory investments but raises governance questions.
- Berkshire Hathaway sold 20 million Apple shares in Q2—its first reduction since last year—while remaining Apple’s largest holding and acquiring 5 million UnitedHealth shares, boosting UNH over 10% pre-market.
- Applied Materials shares plunged about 14% pre-market on China market uncertainty and a forecasted 4.9% year-over-year revenue decline; SanDisk fell over 10% despite beating revenue estimates due to weaker margin guidance.
- Flowers Foods missed revenue expectations with $1.24 billion in Q2 sales (vs. $1.27 billion est.) and cut its full-year forecast, sending shares lower.
- Total revenue rose 5.4% to $14.2 million, while net income declined to $1.6 million ($0.06/share) from $1.7 million ($0.07/share), driven by higher depreciation expense.
- Adjusted EBITDA increased 2.1% to $6.9 million in Q2 2025.
- Active service connections grew 3.8% to 65,639, and water consumption increased 8.2% to 1.2 billion gallons year-over-year.
- Completed acquisition of seven water systems from Tucson Water, expected to add $1.5 million in annual revenue.
- Declared monthly dividend of $0.02533/share (annualized $0.30396/share).
- Groq served as a launch partner for OpenAI’s open source model and can run it significantly faster than GPUs.
- Around 33% of AI developers use Groq’s API for open-source models, with Groq emphasizing price performance and deploying its US-made chips globally.
- Groq is unique in fully manufacturing and packaging its chips in North America, leveraging US AI stack incentives to produce domestically.
- Chime achieved 37% YoY revenue growth in Q2 2025 and expanded adjusted EBITDA margin by 18 percentage points over two years, driven by its MyPay on-demand wages product.
- Chime uses AI to automate 70%+ of customer support interactions and launched a generative AI voice bot that doubled member satisfaction scores.
- President Trump publicly urged CEO Lip-Bu Tan to resign over purported conflicts from his China investments, adding uncertainty to Intel’s turnaround efforts.
- Trump announced a 100% tariff on imported semiconductors, with proposed exemptions for companies that build chips in the US, creating supply-chain ambiguity.
- Tariff relief for onshore manufacturing could benefit Intel and peers expanding U.S. capacity, though final impacts await detailed regulations.
- U.S. Senator Tom Cotton questioned Intel’s board on CEO Lip-Bu Tan’s past investments in Chinese firms and ties to Cadence during its guilty plea.
- Cadence Design Systems agreed to pay over $140 million in fines after pleading guilty to illegally exporting technology to China’s National University of Defense Technology.
- Tan invested at least $200 million through Walden International in over 600 Chinese companies, including some linked to the People’s Liberation Army.
- Intel reaffirmed its and CEO Tan’s commitment to U.S. national security and pledged to address the senator’s concerns.
- Ericsson is negotiating an investment of hundreds of millions of dollars for a minority stake in Intel’s newly spun-off Network and Edge Group (NEX).
- Intel spun off NEX to divest non-core assets and focus on core businesses amid rising competition from TSMC and Samsung, while remaining the anchor investor.
- Talks with Ericsson and other potential partners are ongoing to diversify NEX’s ownership and strengthen its financial position, with no guarantee of a finalized deal.
- The move highlights the strategic importance of advanced networking chips in the global 5G and cloud infrastructure rollout.
- Intel shares fell over 9% after CEO Lip-Bu Tan emphasized cost-cutting over innovation, undermining confidence in the turnaround despite a solid earnings print.
- The company will defer its next-generation 14A production technology until it secures external customer commitments, stoking concerns about future competitiveness.
- CFO Dave Zinsner confirmed delays or pullbacks in European expansions and the key Ohio manufacturing project, stating Intel will “not build ahead of demand”.
- AI infrastructure investment remains robust, with Google raising its cloud CapEx from $75 billion to $85 billion and similar spending commitments by Meta, Microsoft, and Amazon.
- Hyperscaler demand is accelerating, driven by capacity constraints at Google and Microsoft, with Amazon reporting a backlog increase to 20% from 14%.
- A wave of M&A is expected as deregulation and expedited permitting lower barriers, prompting consolidation among AI-first vendors.
- Portfolio managers should monitor bookings, revenue growth, and CapEx as the primary indicators of AI investment momentum.
- Intel shares fell 4% after reports it may abandon its 18A node in favor of 14A to better compete for foundry customers.
- The 18A node has faced multiple setbacks, including the Clearwater Forest product delay from H1 2025 to H1 2026 due to packaging issues.
- Intel’s process roadmap has underperformed, with Intel 4 (Meteor Lake) and Intel 3 (Granite Rapids) seeing weak demand and 20A canceled outright.
- Sentiment on the stock is at multi-year lows, with only 6% of analysts holding a buy rating, and a full turnaround now pushed toward 2030.
- Srinivasan Iyengar named Senior Vice President and Fellow to lead a new customer engineering center, reporting directly to CEO Lip-Bu Tan.
- Jean-Didier Allegrucci to oversee AI system-on-chip development and Shailendra Desai to head AI chip architecture, both reporting to CTO/AI Officer Sachin Katti.
- Greg Ernst promoted to Chief Revenue Officer, reporting to Tan and tasked with driving sales and marketing initiatives.
- Board restructured with three members stepping down at the 2025 annual meeting to sharpen focus on the chip industry.