olivLaw · US equity research
INTC INTC
Semiconductors & Related Devices · SIC 3674 · Vertical: Semiconductors & Related Devices (SIC 3674)
Intel is a U.S. semiconductor company that designs CPUs and other chips and also manufactures chips for third parties. In the second quarter of 2026, revenue was 16.1 billion dollars, up 25 percent year over year. For the third quarter the company forecast revenue between 15.8 and 16.8 billion dollars.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, INTC (INTC) stock was 58.27 USD (−3.77% on the day), with market capitalisation 309.7 bn USD, dividend yield 0.65%, beta 2.11, 52-week range 33.62–140.94 USD. Latest reported quarter (Q3 2026): revenue of 16.5 bn USD (+20.9% YoY), net income of 3.3 bn USD (−18.3% YoY), diluted EPS 0.60 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 22.8
- oversold (≤ 30)
- Bollinger (20, 2)
- 58.94 – 117.53
- below the lower band · %B -0.01 · band width 66.4%
- SMA 50 / 200
- 99.39 / 87.04
- mixed trend
- MACD (12, 26, 9)
- -10.84 / -7.09
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −49.8% | −1.1% | −48.8 pp | — |
| 3 months | −42.3% | −0.5% | −41.9 pp | — |
| 6 months | −48.4% | +4.4% | −52.8 pp | — |
| Year to date | +57.9% | +12.3% | +45.6 pp | — |
| 1 year | +57.4% | +13.5% | +43.8 pp | +53.1% |
| 3 years | +52.8% | +76.4% | −23.6 pp | +146.6% |
| 5 years | +14.4% | +63.7% | −49.2 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 26 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 14.3 bn | 12.7 bn | 12.9 bn | 13.7 bn | 13.7 bn | 13.6 bn | 16.1 bn | 16.5 bn |
| Cost of revenue | 8.7 bn | 8.0 bn | 9.3 bn | 8.4 bn | 8.7 bn | 8.2 bn | 9.6 bn | 9.4 bn |
| Gross profit | 5.6 bn | 4.7 bn | 3.5 bn | 5.2 bn | 4.9 bn | 5.3 bn | 6.5 bn | 7.1 bn |
| Research & development | 3.9 bn | 3.6 bn | 3.7 bn | 3.2 bn | 3.2 bn | 3.4 bn | 3.4 bn | 3.5 bn |
| SG&A | 1.2 bn | 1.2 bn | 1.1 bn | 1.1 bn | 1.2 bn | 1.0 bn | 1.2 bn | 1.0 bn |
| Operating income | 412.0 m | -301.0 m | -3.2 bn | 683.0 m | 580.0 m | -3.1 bn | 1.8 bn | 2.5 bn |
| Interest expense | 234.0 m | 299.0 m | 227.0 m | 282.0 m | 283.0 m | 264.0 m | 321.0 m | 324.0 m |
| Pre-tax income | 599.0 m | -586.0 m | -2.8 bn | 4.6 bn | 338.0 m | -3.9 bn | -10.8 bn | 4.0 bn |
| Income tax | 752.0 m | 301.0 m | 255.0 m | 304.0 m | 671.0 m | 335.0 m | 29.0 m | 462.0 m |
| Net income | -126.0 m | -821.0 m | -2.9 bn | 4.1 bn | -591.0 m | -3.7 bn | -11.0 bn | 3.3 bn |
| Diluted EPS | -0.03 ≈ | -0.19 | -0.67 | 0.90 | -0.12 ≈ | -0.73 | -2.16 | 0.60 |
| Operating cash flow | 3.2 bn | 813.0 m | 2.1 bn ≈ | 2.5 bn ≈ | 4.3 bn | 1.1 bn | 7.0 bn ≈ | 5.1 bn ≈ |
| Capex | 5.8 bn | 5.2 bn | 3.6 bn ≈ | 2.4 bn ≈ | 3.5 bn | 3.6 bn | 2.6 bn ≈ | 4.0 bn ≈ |
| Dividends paid | 0 | 0 | 0 ≈ | 0 ≈ | 0 | — | — | — |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 70.8 bn | 72.0 bn | 77.9 bn | 79.0 bn | 63.1 bn | 54.2 bn | 53.1 bn | 52.9 bn |
| Revenue YoY | +12.9% | +1.6% | +8.2% | +1.5% | −20.2% | −14.0% | −2.1% | −0.5% |
| Net income | 21.1 bn | 21.0 bn | 20.9 bn | 19.9 bn | 8.0 bn | 1.7 bn | -18.8 bn | -267.0 m |
| Net income YoY | +119.3% | −0.0% | −0.7% | −4.9% | −59.7% | −78.9% | −1,210.5% | unavailable |
| Diluted EPS | 4.48 | 4.71 | 4.94 | 4.86 | 1.94 | 0.40 | -4.38 | -0.06 |
| Diluted EPS YoY | +125.1% | +5.1% | +4.9% | −1.6% | −60.1% | −79.4% | −1,195.0% | unavailable |
| net % | 29.7% | 29.2% | 26.8% | 25.1% | 12.7% | 3.1% | -35.3% | -0.5% |
| Free cash flow | 14.3 bn | 16.9 bn | 21.6 bn | 10.7 bn | -9.4 bn | -14.3 bn | -15.7 bn | -4.9 bn |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 27 Dec 2025
- Cash
- 14.3 bn USD
- Financial debt
- 46.6 bn USD
- Net debt
- 32.3 bn USD
- Equity
- 126.4 bn USD
- Total assets
- 211.4 bn USD
- Debt / equity
- 0.37x
- Current ratio
- 2.02x
- ROE
- -0.2%
- ROA
- -0.1%
- FCF margin
- -9.4%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 77.9 bn | 79.0 bn | 63.1 bn | 54.2 bn | 53.1 bn | 52.9 bn | SEC (XBRL)· 23 Jan 2026verified |
| Cost of revenue | 34.3 bn | 35.2 bn | 36.2 bn | 32.5 bn | 35.8 bn | 34.5 bn | SEC (XBRL)· 23 Jan 2026verified |
| Gross profit | 43.6 bn | 43.8 bn | 26.9 bn | 21.7 bn | 17.3 bn | 18.4 bn | SEC (XBRL)· 23 Jan 2026verified |
| Research & development | 13.6 bn | 15.2 bn | 17.5 bn | 16.0 bn | 16.5 bn | 13.8 bn | SEC (XBRL)· 23 Jan 2026verified |
| SG&A | 6.2 bn | 6.5 bn | 7.0 bn | 5.6 bn | 5.5 bn | 4.6 bn | SEC (XBRL)· 23 Jan 2026verified |
| Operating income | 23.7 bn | 19.5 bn | 2.3 bn | 93.0 m | -11.7 bn | -2.2 bn | SEC (XBRL)· 23 Jan 2026verified |
| Interest expense | 629.0 m | 597.0 m | 496.0 m | 878.0 m | 1.0 bn | 1.1 bn | SEC (XBRL)· 23 Jan 2026verified |
| Pre-tax income | 25.1 bn | 21.7 bn | 7.8 bn | 762.0 m | -11.2 bn | 1.6 bn | SEC (XBRL)· 23 Jan 2026verified |
| Income tax | 4.2 bn | 1.8 bn | -249.0 m | -913.0 m | 8.0 bn | 1.5 bn | SEC (XBRL)· 23 Jan 2026verified |
| Net income | 20.9 bn | 19.9 bn | 8.0 bn | 1.7 bn | -18.8 bn | -267.0 m | SEC (XBRL)· 23 Jan 2026verified |
| Diluted EPS | 4.94 | 4.86 | 1.94 | 0.40 | -4.38 | -0.06 | SEC (XBRL)· 23 Jan 2026verified |
| Weighted average diluted shares | 4.2 bn | 4.1 bn | 4.1 bn | 4.2 bn | 4.3 bn | 4.5 bn | SEC (XBRL)· 23 Jan 2026verified |
| Dividend per share | — | — | 1.46 | 0.74 | 0.38 | — | SEC (XBRL)· 31 Jan 2025verified |
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 5.9 bn | 4.8 bn | 11.1 bn | 7.1 bn | 8.2 bn | 14.3 bn | SEC (XBRL)· 23 Jan 2026verified |
| Receivables | 6.8 bn | 9.5 bn | 4.1 bn | 3.4 bn | 3.5 bn | 3.8 bn | SEC (XBRL)· 23 Jan 2026verified |
| Inventories | 8.4 bn | 10.8 bn | 13.2 bn | 11.1 bn | 12.2 bn | 11.6 bn | SEC (XBRL)· 23 Jan 2026verified |
| Current assets | 47.2 bn | 58.6 bn | 50.4 bn | 43.3 bn | 47.3 bn | 63.7 bn | SEC (XBRL)· 23 Jan 2026verified |
| Property, plant & equipment, net | 56.6 bn | 63.2 bn | 80.9 bn | — | — | — | SEC (XBRL)· 27 Jan 2023verified |
| Goodwill | 27.0 bn | 27.0 bn | 27.6 bn | 27.6 bn | 24.7 bn | 23.9 bn | SEC (XBRL)· 23 Jan 2026verified |
| Intangibles (excl. goodwill) | 9.0 bn | 7.3 bn | 6.0 bn | 4.6 bn | 3.7 bn | 2.8 bn | SEC (XBRL)· 23 Jan 2026verified |
| Total assets | 153.1 bn | 168.4 bn | 182.1 bn | 191.6 bn | 196.5 bn | 211.4 bn | SEC (XBRL)· 23 Jan 2026verified |
| Accounts payable | 5.6 bn | 5.7 bn | 9.6 bn | 8.6 bn | 12.6 bn | 9.9 bn | SEC (XBRL)· 23 Jan 2026verified |
| Short-term debt | 2.5 bn | 4.6 bn | 4.4 bn | 2.3 bn | 3.7 bn | 2.5 bn | SEC (XBRL)· 23 Jan 2026verified |
| Long-term debt | 33.9 bn | 33.5 bn | 37.7 bn | 47.0 bn | 46.3 bn | 44.1 bn | SEC (XBRL)· 23 Jan 2026verified |
| Current liabilities | 24.8 bn | 27.5 bn | 32.2 bn | 28.1 bn | 35.7 bn | 31.6 bn | SEC (XBRL)· 23 Jan 2026verified |
| Equity | 81.0 bn | 95.4 bn | 103.3 bn | 110.0 bn | 105.0 bn | 126.4 bn | SEC (XBRL)· 23 Jan 2026verified |
| Shares outstanding at year end | 4.1 bn | — | 4.1 bn | 4.2 bn | — | 5.0 bn | SEC (XBRL)· 06 Nov 2025verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 35.9 bn | 29.5 bn | 15.4 bn | 11.5 bn | 8.3 bn | 9.7 bn | SEC (XBRL)· 23 Jan 2026verified |
| Capex | 14.3 bn | 18.7 bn | 24.8 bn | 25.8 bn | 23.9 bn | 14.6 bn | SEC (XBRL)· 23 Jan 2026verified |
| Free cash flow | 21.6 bn ≈ | 10.7 bn ≈ | -9.4 bn ≈ | -14.3 bn ≈ | -15.7 bn ≈ | -4.9 bn ≈ | SEC (XBRL)· 23 Jan 2026derived |
| Investing cash flow | -21.5 bn | -24.3 bn | -10.2 bn | -24.0 bn | -18.3 bn | -14.8 bn | SEC (XBRL)· 23 Jan 2026verified |
| Financing cash flow | -12.7 bn | -6.2 bn | 1.1 bn | 8.5 bn | 11.1 bn | 11.6 bn | SEC (XBRL)· 23 Jan 2026verified |
| Dividends paid | 5.6 bn | 5.6 bn | 6.0 bn | 3.1 bn | 1.6 bn | 0 | SEC (XBRL)· 23 Jan 2026verified |
| Share repurchases | 14.2 bn | 2.4 bn | 0 | 0 | — | — | SEC (XBRL)· 26 Jan 2024verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
4 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 30 / 100
A scoring methodology on indicators and valuation, not investment advice.
score < 40
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 309.7 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation60
- Returns33
- Quality8
- Balance sheet83
- Growth4
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 4.86 – 170.60 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)4.86 – 10.72 (Mid 7.09)WACC 8.7% · starting FCFF 4.8 bn USD · terminal value share of EV 74%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: no growth between −30% and +40% justifies the price
- Peers: EV/Sales93.18 – 170.60 (Mid 156.75)8 companies used · median multiple 14.4x · quartiles 8.7x – 15.6xADI, AMAT, AMD, AVGO, MRVL, MU, NXPI, TXN
- Peers: EV/EBITDAunavailable · input data missing
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Unattractive profile · Score 30/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| Gross margin · Quality | 39.9% | 0 (on a fixed band) | 11% |
| EBIT margin · Quality | 2.9% | 0 (vs peers) | 9% |
| FCF margin · Quality | 6.3% | 25 (on a fixed band) | 9% |
| Revenue CAGR 3Y · Growth | -5.7% | 0 (on a fixed band) | 18% |
| Revenue growth (YoY) · Growth | -0.5% | 11 (vs peers) | 9% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 2.2x | 83 (on a fixed band) | 7% |
| EV/Sales · Valuation | 5.6x | 88 (vs peers) | 18% |
| FCF yield · Valuation | 1.2% | 24 (on a fixed band) | 14% |
| Shareholder yield (distributions) · Returns | 0.0% | 33 (on a fixed band) | 5% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial83/100 · 1/2 factors with a value
- Growth4/100 · 2/2 factors with a value
- Quality8/100 · 3/3 factors with a value
- Returns33/100 · 1/1 factors with a value
- Valuation60/100 · 2/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Intel Corporation (INTC). Latest full fiscal year: 2025; data up to 2026-09-26.
Figures computed from the financial statements: revenue 52.9 bn USD in 2025; YoY growth -0.5%; net margin -20.1%; ROE -10.9%.
The estimated value range is 49.02–90.66 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 81.92 USD, the price of 58.27 USD leaves a potential of 40.6% (value / price − 1) and a margin of safety of 28.9% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 30/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: balance. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 2.2x
- EV/Sales: 5.6x
What contradicts it
- Gross margin: 39.9%
- EBIT margin: 2.9%
- FCF margin: 6.3%
- Revenue CAGR 3Y: -5.7%
- Revenue growth (YoY): -0.5%
- FCF yield: 1.2%
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Net debt / EBITDA.
Versus the vertical median
Semiconductors & Related Devices (SIC 3674) · same industry (4-digit SIC) · compared with 9 companies
Only companies with a capitalisation between 53.9 bn and 3,449.7 bn (within 8× of the company's); 87 of the vertical were left out.
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AVGOBroadcom Inc. | 1,553.7 bn | 41.6 | 44.2% | 42.9% | +23.9% | −19% / +252% |
| MUMicron Technology, Inc. | 899.7 bn | 10.7 | 88.3% | 63.8% | +256.3% | +236% / +945% |
| AMDAdvanced Micro Devices, Inc | 801.6 bn | 106.3 | 11.8% | 16.8% | +34.3% | +125% / +303% |
| INTCIntel Corporation | 309.7 bn | — | -10.9% | -20.1% | −0.5% | +57% / +53% |
| AMATApplied Materials Inc | 293.2 bn | 31.9 | 41.1% | 30.1% | +4.4% | +46% / +147% |
| TXNTexas Instruments Inc | 284.6 bn | 40.4 | 39.7% | 34.3% | +13.0% | +85% / +104% |
| ADIAnalog Devices Inc | 196.8 bn | 48.2 | 12.2% | 29.8% | +16.9% | +53% / +122% |
| MRVLMarvell Technology, Inc | 140.1 bn | 52.8 | 16.5% | 27.9% | +42.1% | +79% / +187% |
| NXPINXP Semiconductors N.V. | 66.8 bn | 20.8 | 29.2% | 23.4% | −2.7% | +36% / +30% |
| MPWRMonolithic Power Systems, Inc. | 61.5 bn | 69.5 | 25.1% | 23.9% | +26.4% | +36% / +130% |
1- and 3-year price returns: for INTC from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 23 Jul 2026; since then the company filed 10-Q (30 Oct 2026), 8-K (29 Oct 2026 · results), 10-Q (24 Jul 2026).
In brief
Intel is a U.S. semiconductor company that designs CPUs and other chips and also manufactures chips for third parties. In the second quarter of 2026, revenue was 16.1 billion dollars, up 25 percent year over year 2. For the third quarter the company forecast revenue between 15.8 and 16.8 billion dollars 2.
SWOT
Strengths
- The company is the only U.S. producer conducting both leading-edge logic research and high-volume manufacturing 1. The x86 architecture has a broad software and ecosystem base 1.
- Rapid revenue recovery in recent quarters and improving factory yields point to progress in execution 2.
- Combining design with in-house manufacturing gives control over time to market and product performance 1.
Weaknesses
- Development and construction costs for leading-edge processes and fabs are very high and require volumes beyond demand for the company's own products 1.
- The company had few external foundry customers, and the success of that business depends on attracting them 1.
- Large GAAP losses per share in some periods show that reported results can be volatile 2.
Opportunities
- Demand for AI infrastructure, inference and agentic AI could open new markets for x86 processors 1.
- If the foundry attracts important external customers, it could reduce dependence on internal production 1.
- Partnerships on industry-specific AI solutions could extend revenue beyond PCs and data centers 2.
Threats
Risks
- Very large capital investmentshigh
Developing leading-edge processes and building fabs requires sustained investment that may not earn the expected return 1.
- Dependence on external foundry customershigh
The foundry strategy depends on winning important external customers for Intel 14A, and their absence could lead to halting this program 1.
- Competition in data center CPUsmedium
Competition is intensifying from GPU suppliers and the in-house chips of large cloud companies, which could reduce CPU investment 1.
- Trade tensions and export controlsmedium
Trade policies and geopolitical tensions can affect the supply chain, particularly the part that involves external foundries 1.
- Volatility of GAAP resultslow
Large accounting losses in some quarters, linked to adjustments and restructuring, show that reported results can fluctuate significantly 2.
Investment thesis
What would need to be true (bull case)
- If demand for AI compute persists, rapid growth in DCAI and foundry could continue and could support better margins.
- Its unique position as the U.S. producer of leading-edge logic could attract government and industry customers seeking diversified sources.
- Improving factory yields and cycle times could lower costs and could support margin expansion.
What would break the thesis
- Very large investments in fabs and new processes may not produce returns if external volumes do not materialize.
- Competition from GPU suppliers and in-house chips of large cloud companies could reduce data center market share.
- If the foundry does not win important external customers, the company could be forced to move production to third parties such as TSMC.
What to watch
- Winning an important external customer for Intel 14A2027
- Non-GAAP gross margin versus third-quarter guidanceQ3 2026
- Effect of investments in equipment and clean room space on capital expenditure2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 23 Jul 2026; since then the company filed 10-Q (30 Oct 2026), 8-K (29 Oct 2026 · results), 10-Q (24 Jul 2026).
The business
Intel is an integrated design manufacturer in the U.S. that designs and mostly manufactures its products in its own factories, many of them located in the U.S. 1. Its business is reported in three reportable segments: Client Computing Group, Data Center and AI, and Intel Foundry, plus an 'all other' category 1. The company aims to become a leading external foundry alongside its own products 1.
The multi-year strategy rests on four priorities: transforming the culture, revitalizing the x86 ecosystem, growing the external foundry business, and expanding market opportunities with ASICs and GPUs for AI workloads 1. In the second quarter of 2026 the company reported a non-GAAP gross margin of 41.8 percent 2.
The 18A process entered high-volume production in 2025, and Intel 14A is designed from inception as an offering to external customers 1. The company has said that if it cannot secure a significant external customer for Intel 14A, it may pause or discontinue pursuing that node 1.
Segments
Market context
Compute demand has risen sharply with generative AI workloads, and the company describes AI as a generational shift in computing requiring GPUs, ASICs, CPUs and xPUs 1. Leading-edge semiconductor manufacturing is capital intensive, which limits competition to a few manufacturers 1. Intel says it is deliberately increasing investment in equipment, clean room space and substrates to support expected growth 2.
Trends
- Compute demand for AItailwind
Rapid growth in AI workloads is generating demand for CPUs and accelerators, and the company reported its strongest revenue growth in more than fifteen years 1 2. If this demand persists it could support revenue from CPUs and foundry.
- Geopolitical tensions and tradeheadwind
Tariffs, export controls and U.S.-China tensions can affect supply chains and sales 1. Geographic diversification of production may reduce risk but adds cost.
- Demand for U.S.-based manufacturingtailwind
Rising demand for U.S. foundry capacity and more secure supply chains may favor the company's position as the only U.S. producer of leading-edge logic 1. The effect depends on attracting external customers.
Competitive position
In PC processors AMD is the main rival on the x86 architecture, while Apple, Qualcomm and MediaTek compete with ARM-based processors 1. In data centers competition comes from AMD, NVIDIA, cloud providers' custom silicon and Broadcom in custom ASICs 1.
In leading-edge manufacturing the main competitors are TSMC and Samsung, while GlobalFoundries, UMC and SMIC focus on mature technologies 1. The company positions itself as one of three firms investing in 2nm lithography 1.
- AMDAMD
Main competitor in x86 processors for both PCs and data centers 1.
- NVIDIANVDA
Supplier of GPU systems that have seen the highest market demand for AI workloads 1.
- TSMC
Main competitor in leading-edge manufacturing, with a leading position at scale for the most advanced nodes 1.
- BroadcomAVGO
Competitor in the development of custom ASICs for data centers 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Want to Rent an Internet Address at the White House?Krebs on Security · 05 Nov 2026 · EN
- Why we're kicking CVS out of our Bullpen watchlist. Plus, Intel's CEO makes a standCNBC — Top News · 04 Nov 2026 · EN
- Intel One Mono Font Family Updated With Various EnhancementsPhoronix · 04 Nov 2026 · EN
- Fedora 45 is finally finished and fitThe Register · 04 Nov 2026 · EN
- AMD expects to outsell Intel in Q4 for the first time in historyHacker News · 04 Nov 2026 · EN
- Turkish intel chief discusses regional security in UAEHürriyet Daily News — Türkiye (TR, EN) · 04 Nov 2026 · EN
- Experimental Project Gets Intel XeSS On XMX Working With Valve's Steam Play (Proton)Phoronix · 04 Nov 2026 · EN
- AMD Releases ZenDNN 6.1 With New Kernels & OptimizationsPhoronix · 04 Nov 2026 · EN
- Logica din spatele „decapitării” conducerilor militare din China și SUA. Evoluții și consecințe în perspectiva unui posibil conflict militar directContributors.ro · 04 Nov 2026 · RO
- AMD on track to overtake Intel as biggest x86 outfitThe Register · 04 Nov 2026 · EN
- Israel attorney general asks intel services to provide proof of poll fraudThe Hindu — International · 03 Nov 2026 · EN
- North Korean fake job interview led to $6.3B Binance heistThe Register · 03 Nov 2026 · EN
- eMAG a dezvăluit primele prețuri de Black Friday 2026. Bilete la Beach, Please! cu 1 leu și televizoare de la 249 de leiMediafax · 03 Nov 2026 · RO
- GhostBSD 26.2 takes the fright out of FreeBSD with a friendlier installerThe Register · 03 Nov 2026 · EN
- Exhumation of ex-Turkish intel officer reveals toxic substance in remainsTurkish Minute (TR, EN, exil) · 03 Nov 2026 · EN
- Security updates for TuesdayLWN.net · 03 Nov 2026 · EN
- Russian Foreign Ministry on intel contacts with US, West’s struggle to accept new realityTASS (RU, EN) · 03 Nov 2026 · EN
- AMD Needs a Huge Outlook to Avoid Intel’s Fate as AI Fears RiseBloomberg Markets · 03 Nov 2026 · EN
- Toxic substances found in exhumed body of former intel officerHürriyet Daily News — Türkiye (TR, EN) · 03 Nov 2026 · EN
- Catalogul eMAG de Black Friday 2026. eMAG a anunțat primele reduceri: bilete la Nibiru și Beach, Please! de la 1 leuLibertatea.ro · 03 Nov 2026 · RO
SEC filings
- Quarterly report30 Oct 2026
- Current report29 Oct 2026Results of operations · Financial statements and exhibits
- Current report12 Aug 2026Regulation FD disclosure · Other events · Financial statements and exhibits
- Quarterly report24 Jul 2026
- Current report23 Jul 2026Results of operations · Financial statements and exhibits
- Current report15 May 2026Shareholder vote
- Current report30 Apr 2026Other events · Financial statements and exhibits
- Current report24 Apr 2026Departure or appointment of officers · Financial statements and exhibits
- Quarterly report24 Apr 2026
- Current report23 Apr 2026Results of operations · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-27 · SEC / INTC · 23 Jan 2026
- [2] Form 8-K, results release (exhibit 99.1) · SEC / INTC · 23 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.