Intel (INTC)
Market Price (5/5/2026): $95.82 | Market Cap: $487.1 BilSector: Information Technology | Industry: Semiconductors
Intel (INTC)
Market Price (5/5/2026): $95.82Market Cap: $487.1 BilSector: Information TechnologyIndustry: Semiconductors
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 19%, CFO LTM is 10.0 Bil Megatrend and thematic driversMegatrends include Artificial Intelligence, Cloud Computing, Electric Vehicles & Autonomous Driving, and 5G & Advanced Connectivity. Show more. | Trading close to highsDist 52W High is -3.9%, Dist 3Y High is -3.9% | Stock price has recently run up significantly6M Rtn6 month market price return is 142%, 12M Rtn12 month market price return is 365% Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -1.6% Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -5.8% Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 168% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -4.9% Key risksINTC key risks include [1] significant manufacturing execution challenges, Show more. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 19%, CFO LTM is 10.0 Bil |
| Megatrend and thematic driversMegatrends include Artificial Intelligence, Cloud Computing, Electric Vehicles & Autonomous Driving, and 5G & Advanced Connectivity. Show more. |
| Trading close to highsDist 52W High is -3.9%, Dist 3Y High is -3.9% |
| Stock price has recently run up significantly6M Rtn6 month market price return is 142%, 12M Rtn12 month market price return is 365% |
| Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -1.6% |
| Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -5.8% |
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 168% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -4.9% |
| Key risksINTC key risks include [1] significant manufacturing execution challenges, Show more. |
Qualitative Assessment
AI Analysis | Feedback
1. Intel reported a significant beat in its First Quarter 2026 earnings, far surpassing analyst expectations and issuing strong guidance. The company announced Q1 2026 earnings per share (EPS) of $0.29 on April 23, 2026, substantially exceeding the consensus estimate of $0.01 by $0.28. Revenue for the quarter reached $13.58 billion, a 7.4% increase year-over-year, beating the anticipated $12.32 billion. Furthermore, Intel set robust Q2 2026 guidance, projecting an EPS of $0.20 and revenue between $13.8 billion and $14.8 billion, both above Street estimates. This strong financial performance led to a 23.6% surge in the stock the day after the earnings announcement.
2. The company experienced a substantial increase in AI-driven demand, particularly within its Data Center and AI (DCAI) and Intel Foundry segments. Macro AI tailwinds fueled a significant portion of Intel's stock gain in April, validating its AI growth strategy. Intel's AI-driven businesses now account for approximately 60% of its total revenue, marking a roughly 40% year-over-year increase. The Data Center and AI (DCAI) segment's revenue grew 22% year-over-year to $5.1 billion in Q1 2026, driven by strong demand for AI data center CPUs as AI infrastructure demand shifted towards more server CPUs. Additionally, Intel Foundry revenue increased 20.3% in Q1 2026, with yields on the advanced 18A process node tracking ahead of schedule.
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Stock Movement Drivers
Fundamental Drivers
The 106.1% change in INTC stock from 1/31/2026 to 5/4/2026 was primarily driven by a 112.4% change in the company's P/S Multiple.| (LTM values as of) | 1312026 | 5042026 | Change |
|---|---|---|---|
| Stock Price ($) | 46.47 | 95.78 | 106.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 52,853 | 53,763 | 1.7% |
| P/S Multiple | 4.3 | 9.1 | 112.4% |
| Shares Outstanding (Mil) | 4,848 | 5,083 | -4.6% |
| Cumulative Contribution | 106.1% |
Market Drivers
1/31/2026 to 5/4/2026| Return | Correlation | |
|---|---|---|
| INTC | 106.1% | |
| Market (SPY) | 3.6% | 55.4% |
| Sector (XLK) | 12.8% | 61.4% |
Fundamental Drivers
The 139.5% change in INTC stock from 10/31/2025 to 5/4/2026 was primarily driven by a 175.1% change in the company's P/S Multiple.| (LTM values as of) | 10312025 | 5042026 | Change |
|---|---|---|---|
| Stock Price ($) | 39.99 | 95.78 | 139.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 53,070 | 53,763 | 1.3% |
| P/S Multiple | 3.3 | 9.1 | 175.1% |
| Shares Outstanding (Mil) | 4,369 | 5,083 | -14.0% |
| Cumulative Contribution | 139.5% |
Market Drivers
10/31/2025 to 5/4/2026| Return | Correlation | |
|---|---|---|
| INTC | 139.5% | |
| Market (SPY) | 5.5% | 45.6% |
| Sector (XLK) | 8.1% | 53.1% |
Fundamental Drivers
The 376.5% change in INTC stock from 4/30/2025 to 5/4/2026 was primarily driven by a 450.3% change in the company's P/S Multiple.| (LTM values as of) | 4302025 | 5042026 | Change |
|---|---|---|---|
| Stock Price ($) | 20.10 | 95.78 | 376.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 53,044 | 53,763 | 1.4% |
| P/S Multiple | 1.6 | 9.1 | 450.3% |
| Shares Outstanding (Mil) | 4,343 | 5,083 | -14.6% |
| Cumulative Contribution | 376.5% |
Market Drivers
4/30/2025 to 5/4/2026| Return | Correlation | |
|---|---|---|
| INTC | 376.5% | |
| Market (SPY) | 30.4% | 39.3% |
| Sector (XLK) | 55.2% | 45.4% |
Fundamental Drivers
The 215.9% change in INTC stock from 4/30/2023 to 5/4/2026 was primarily driven by a 305.7% change in the company's P/S Multiple.| (LTM values as of) | 4302023 | 5042026 | Change |
|---|---|---|---|
| Stock Price ($) | 30.32 | 95.78 | 215.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 56,416 | 53,763 | -4.7% |
| P/S Multiple | 2.2 | 9.1 | 305.7% |
| Shares Outstanding (Mil) | 4,154 | 5,083 | -18.3% |
| Cumulative Contribution | 215.9% |
Market Drivers
4/30/2023 to 5/4/2026| Return | Correlation | |
|---|---|---|
| INTC | 215.9% | |
| Market (SPY) | 78.7% | 45.6% |
| Sector (XLK) | 119.4% | 48.5% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| INTC Return | 6% | -47% | 95% | -60% | 84% | 170% | 121% |
| Peers Return | 57% | -41% | 116% | 54% | 84% | 38% | 689% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 6% | 92% |
Monthly Win Rates [3] | |||||||
| INTC Win Rate | 50% | 33% | 75% | 50% | 50% | 60% | |
| Peers Win Rate | 57% | 42% | 65% | 55% | 60% | 48% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 60% | |
Max Drawdowns [4] | |||||||
| INTC Max Drawdown | -2% | -50% | -5% | -62% | -10% | 0% | |
| Peers Max Drawdown | -13% | -49% | -3% | -8% | -29% | -13% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -7% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: AMD, NVDA, QCOM, AVGO, MU.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 5/4/2026 (YTD)
How Low Can It Go
| Event | INTC | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -29.5% | -18.8% |
| % Gain to Breakeven | 41.9% | 23.1% |
| Time to Breakeven | 163 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -45.2% | -7.8% |
| % Gain to Breakeven | 82.5% | 8.5% |
| Time to Breakeven | 415 days | 18 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -12.8% | -6.7% |
| % Gain to Breakeven | 14.7% | 7.1% |
| Time to Breakeven | 17 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -51.7% | -24.5% |
| % Gain to Breakeven | 107.1% | 32.4% |
| Time to Breakeven | 441 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -33.5% | -33.7% |
| % Gain to Breakeven | 50.4% | 50.9% |
| Time to Breakeven | 366 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -13.0% | -19.2% |
| % Gain to Breakeven | 14.9% | 23.7% |
| Time to Breakeven | 14 days | 105 days |
In The Past
Intel's stock fell -29.5% during the 2025 US Tariff Shock. Such a loss loss requires a 41.9% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
| Event | INTC | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -29.5% | -18.8% |
| % Gain to Breakeven | 41.9% | 23.1% |
| Time to Breakeven | 163 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -45.2% | -7.8% |
| % Gain to Breakeven | 82.5% | 8.5% |
| Time to Breakeven | 415 days | 18 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -51.7% | -24.5% |
| % Gain to Breakeven | 107.1% | 32.4% |
| Time to Breakeven | 441 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -33.5% | -33.7% |
| % Gain to Breakeven | 50.4% | 50.9% |
| Time to Breakeven | 366 days | 140 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -23.7% | -6.8% |
| % Gain to Breakeven | 31.1% | 7.3% |
| Time to Breakeven | 58 days | 15 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -54.3% | -53.4% |
| % Gain to Breakeven | 119.0% | 114.4% |
| Time to Breakeven | 973 days | 1085 days |
In The Past
Intel's stock fell -29.5% during the 2025 US Tariff Shock. Such a loss loss requires a 41.9% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Intel (INTC)
AI Analysis | Feedback
Here are 1-2 brief analogies for Intel:
- Intel is like Microsoft for computer processors.
- Intel is like General Electric for microchips.
AI Analysis | Feedback
- Central Processing Units (CPUs) & Chipsets: Core components that power computers and manage data flow.
- System-on-Chip (SoC) & Multichip Packages: Integrated solutions that combine various components onto a single package for efficiency and specialized applications.
- Accelerators & Graphics Products: Hardware designed to enhance performance for specific computing tasks and render visual content.
- Memory & Storage Products: Components for data retention and retrieval within computing systems.
- Connectivity Products: Hardware enabling network communication, such as Wi-Fi, Ethernet, and Thunderbolt.
- High-Performance Compute & Embedded Solutions: Specialized computing platforms for demanding applications in sectors like retail, industrial, and healthcare.
- Autonomous Driving Solutions (Mobileye): Comprehensive systems for self-driving vehicles, including compute platforms, sensors, and AI software.
- Workload-Optimized Platforms: Tailored computing platforms and related products for cloud, enterprise, government, and communication service providers.
AI Analysis | Feedback
Intel's major customers are primarily other companies, as it sells its products to original equipment manufacturers (OEMs), original design manufacturers (ODMs), and cloud service providers (CSPs). Major customers known to operate in these categories include:
- Dell Technologies (DELL)
- HP Inc. (HPQ)
- Lenovo Group Limited (0992.HK) - Note: Primary listing is in Hong Kong
- Amazon.com, Inc. (AMZN) - for its Amazon Web Services (AWS)
- Microsoft Corporation (MSFT) - for its Azure cloud platform
- Alphabet Inc. (GOOGL) - for its Google Cloud Platform (GCP)
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- ASML Holding N.V. (ASML)
- Applied Materials, Inc. (AMAT)
- Lam Research Corporation (LRCX)
- KLA Corporation (KLAC)
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Lip-Bu Tan Chief Executive Officer
Lip-Bu Tan was appointed Chief Executive Officer of Intel Corporation in March 2025. He previously served as CEO of Cadence Design Systems from 2009 to 2021, a period during which he doubled the company's revenue. Tan also founded Walden International in 1987, a global venture capital firm that has supported numerous successful technology startups. He holds a Bachelor of Science in physics, a Master of Science in nuclear engineering from the Massachusetts Institute of Technology, and an MBA from the University of San Francisco.
David Zinsner Executive Vice President & Chief Financial Officer
David Zinsner has been the Executive Vice President and Chief Financial Officer at Intel Corporation since January 2022. Prior to joining Intel, he was the Executive Vice President and CFO at Micron Technology Inc. for nearly four years. His career also includes serving as President and Chief Operating Officer at Affirmed Networks, and as Senior Vice President of Finance and CFO at Analog Devices and Intersil Corp. At Intersil, Zinsner joined as treasurer when a private equity firm acquired the business from Harris Corporation, and he played a role in taking Intersil public.
April Miller Boise Executive Vice President, Chief Legal Officer & Corporate Secretary
April Miller Boise is the Executive Vice President and Chief Legal Officer at Intel Corporation, a role she assumed in July 2022. Before her tenure at Intel, she served as Executive Vice President and Chief Legal Officer at Eaton Corp., starting in 2020. Preceding Eaton, she held the position of Senior Vice President, Chief Legal Officer, and Corporate Secretary for Meritor Inc.
Naga Chandrasekaran Executive Vice President, Chief Technology and Operations Officer of Intel Foundry, including Intel Foundry Services
Naga Chandrasekaran serves as the Executive Vice President, Chief Technology and Operations Officer of Intel Foundry, with an expanded role that now includes Intel Foundry Services. He joined Intel in 2024 from Micron, where he was the Senior Vice President for technology development, bringing decades of experience in semiconductor manufacturing and research and development.
Sachin Katti Chief Technology and AI Officer
Sachin Katti holds the title of Chief Technology and AI Officer at Intel. He was appointed to this additional role in mid-April 2025, where he leads Intel's overall AI strategy, AI product roadmap, Intel Labs, and engagements with the startup and developer ecosystems. Prior to this expanded responsibility, Katti led Intel's networking business.
AI Analysis | Feedback
Key Risks to Intel's Business
- Intense Competition and Market Share Erosion: Intel faces significant competitive pressures, particularly from Advanced Micro Devices (AMD) in the core CPU market, where Intel has experienced a substantial decline in market share. The company also lags behind NVIDIA in the rapidly growing artificial intelligence (AI) chip and GPU markets, missing out on crucial growth opportunities. The emergence of ARM-based processors further challenges Intel's traditional dominance in the x86 architecture.
- Manufacturing Delays, Execution Risks, and Losses in Foundry Business: Intel's manufacturing execution has faltered, with prolonged delays and setbacks in advancing its process technology nodes (e.g., 10nm to 7nm, and challenges with the 18A node). This has allowed competitors leveraging third-party foundries like TSMC to gain a technological edge. Furthermore, Intel's significant investments in its foundry business (Intel Foundry Services) have resulted in multi-billion dollar operating losses, with management not expecting break-even until at least 2027, highlighting substantial execution risk around capacity, yields, and capital returns.
- Financial Strain and High Capital Expenditure: Intel's financial health has deteriorated, marked by a significant revenue decline of over 30% between 2021 and 2024, plummeting gross margins, and negative free cash flow. The company's turnaround strategy (IDM 2.0) requires immense capital expenditure for foundry construction and technology development (targeting approximately $18 billion in gross capital expenditures for 2025), which places significant strain on its balance sheet and poses considerable financial risk.
AI Analysis | Feedback
The growing adoption of ARM-based processors across key computing segments represents a clear emerging threat. Specifically, Apple's successful transition to its own ARM-based Apple Silicon for its Mac computers has eliminated a significant chunk of Intel's traditional PC business. Concurrently, major cloud service providers are increasingly developing and deploying their own custom ARM-based chips (such as AWS Graviton) to power their data centers, directly challenging Intel's dominance in the server CPU market.
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Here are the addressable market sizes for Intel's main products and services:
-
Client Computing Group (CCG) - PC Market:
- The worldwide PC market shipped 245.4 million units in 2024.
- The global gaming PC market was estimated at USD 61.84 billion in 2024 and is projected to reach USD 129.93 billion by 2030.
- The global industrial personal computer (PC) market size was estimated at USD 6.48 billion in 2024.
-
Data Center and AI Group (DCAI) - Server CPUs and AI Chips:
- The worldwide server market value is projected to reach USD 366 billion in 2025.
- The global data center CPU market size was calculated at USD 13.16 billion in 2024 and is predicted to increase to approximately USD 28.04 billion by 2034.
- The global AI data centers market size is valued at USD 17.43 billion in 2025 and is predicted to increase to approximately USD 197.57 billion by 2035.
- Intel's custom AI processor business addresses a USD 100 billion total addressable market.
-
Mobileye - Autonomous Driving Solutions:
- The global autonomous vehicles market size was projected to grow from USD 224.67 billion in 2024 to USD 7197.33 billion by 2035.
- The global autonomous vehicle sensors market size was estimated at USD 9.95 billion in 2024 and is projected to surpass USD 32.29 billion by 2034.
-
Internet of Things Group (IOTG) - IoT Market:
- The global Internet of Things (IoT) market size was valued at USD 1.18 trillion in 2023 and is projected to reach USD 2.65 trillion by 2030.
- The global IoT devices market size was estimated at USD 70.3 billion in 2024 and is projected to reach USD 181.17 billion by 2030.
- The global IoT Edge Computing market size in 2024 stands at USD 7.8 billion and is expected to reach USD 28.7 billion by the end of 2033.
-
Programmable Solutions Group (PSG) - FPGA Market:
- The global field programmable gate array market size was valued at USD 12.72 billion in 2024 and is projected to grow from USD 13.92 billion in 2025 to USD 27.51 billion by 2032.
-
NAND Solutions Group (NSG) - NAND Flash Memory:
- The NAND Flash Memory Market size was valued at USD 71.53 billion in 2025 and is expected to reach USD 161.88 billion by 2035.
AI Analysis | Feedback
Intel (NASDAQ: INTC) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:
-
Growth in Data Center and AI (DCAI) Segment: Intel anticipates significant revenue growth from its Data Center and AI (DCAI) segment, particularly driven by increasing demand for AI accelerators and custom Application-Specific Integrated Circuits (ASICs). The company reported that its custom AI processor revenue surpassed a $1 billion annual run rate in the fourth quarter of 2025, indicating a strong growth opportunity in this area. Management also highlighted the expanding role of CPUs within hyperscale and enterprise AI data centers as inference-driven AI workloads grow. Intel's Gaudi AI accelerators are a key part of this strategy, with the company seeing strong demand for these products.
-
Expansion of Intel Foundry Services (IFS) with Advanced Process Nodes: Intel is making substantial investments in its foundry business, aiming to become a leading external foundry. The success and ramp-up of advanced process technologies, such as Intel 18A, are critical to attracting external customers and boosting revenue. Intel expects its 18A node to reach commercially competitive yields in the first half of 2026, and its 14A node is projected to be market-ready by the end of 2027. Government support, including the CHIPS Act, further reinforces Intel's position as a "national champion" in semiconductor manufacturing.
-
Rebound in the Client Computing Group (CCG) Driven by AI PCs: While the Client Computing Group has faced challenges, Intel expects a rebound in this segment, primarily fueled by the growing adoption of "AI PCs." The company aims to ship over 100 million AI PCs by 2025. New product launches, including Lunar Lake, Arrow Lake, and Panther Lake CPUs, are also anticipated to contribute to revenue growth within the CCG as the broader PC market stabilizes and upgrades occur.
AI Analysis | Feedback
Share Repurchases
- Intel's CEO stated in 2021 that the company would not be as focused on buybacks as in the past.
- As of December 27, 2025, Intel had an ongoing authorization to repurchase up to $110.0 billion in shares, with $7.24 billion remaining available.
Share Issuance
- Intel's net common equity issued/repurchased for 2025 was $19.506 billion, a 42.37% increase from 2024.
- In 2024, net common equity issued/repurchased amounted to $13.701 billion, which was a 148.57% increase from 2023.
- Shares outstanding for Intel in 2025 increased by 5.84% from 2024, reaching 4.53 billion.
Inbound Investments
- In Q3 2025, Intel received a $15 billion capital infusion from significant investors including the U.S. government, Nvidia, and SoftBank.
- The U.S. government acquired a 9.9% equity stake in Intel, valued at approximately $8.9 billion, through the conversion of CHIPS Act and defense grants.
- Nvidia invested $5 billion in Intel common stock and entered a collaboration to jointly develop data center and PC products.
- SoftBank Group also made a $2 billion investment in Intel common stock.
Outbound Investments
- In the third quarter of 2025, Intel sold a majority ownership interest in Altera, a chip subsidiary, for $5.2 billion.
- Intel also divested a stake in Mobileye, resulting in billions of dollars in proceeds.
Capital Expenditures
- Intel's capital expenditures in 2024 totaled $23.94 billion, primarily directed towards expanding manufacturing capabilities, particularly in advanced process technologies.
- For the full fiscal year 2025, Intel is targeting a gross capital expenditure of $18 billion, a reduction from its previous target of $20 billion, with a focus on building out manufacturing capabilities and scaling its 18A process capacity.
- As of December 27, 2025, Intel had committed $9.1 billion for capital expenditures in 2026, with plans to increase spending on tools to address supply shortfalls for Intel 7, Intel 3, and 18A nodes.
Latest Trefis Analyses
Trade Ideas
Select ideas related to INTC.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 04302026 | PLTR | Palantir Technologies | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 0.0% | 0.0% | 0.0% |
| 04102026 | ADSK | Autodesk | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 8.5% | 8.5% | 0.0% |
| 04102026 | BSY | Bentley Systems | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 4.2% | 4.2% | 0.0% |
| 04102026 | ENPH | Enphase Energy | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 5.7% | 5.7% | 0.0% |
| 04102026 | BL | BlackLine | Dip Buy | DB | CFO/Rev | Low D/EDip Buy with High Cash Flow MarginsBuying dips for companies with significant cash flows from operations and reasonable debt / market cap | 3.2% | 3.2% | -3.0% |
| 08312024 | INTC | Intel | Dip Buy | DB | CFO/Rev | Low D/EDip Buy with High Cash Flow MarginsBuying dips for companies with significant cash flows from operations and reasonable debt / market cap | 7.7% | 10.5% | -17.7% |
| 04302022 | INTC | Intel | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | -32.1% | -25.6% | -41.5% |
| 10312020 | INTC | Intel | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 31.7% | 13.6% | 0.0% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 270.01 |
| Mkt Cap | 602.4 |
| Rev LTM | 55,941 |
| Op Inc LTM | 19,764 |
| FCF LTM | 11,392 |
| FCF 3Y Avg | 7,787 |
| CFO LTM | 21,984 |
| CFO 3Y Avg | 14,499 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 29.8% |
| Rev Chg 3Y Avg | 20.4% |
| Rev Chg Q | 31.8% |
| QoQ Delta Rev Chg LTM | 7.5% |
| Op Inc Chg LTM | 68.6% |
| Op Inc Chg 3Y Avg | 66.5% |
| Op Mgn LTM | 33.5% |
| Op Mgn 3Y Avg | 20.8% |
| QoQ Delta Op Mgn LTM | 1.4% |
| CFO/Rev LTM | 37.8% |
| CFO/Rev 3Y Avg | 34.9% |
| FCF/Rev LTM | 23.8% |
| FCF/Rev 3Y Avg | 20.5% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 602.4 |
| P/S | 13.6 |
| P/Op Inc | 53.4 |
| P/EBIT | 28.5 |
| P/E | 33.5 |
| P/CFO | 47.9 |
| Total Yield | 1.9% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 1.6% |
| D/E | 0.0 |
| Net D/E | 0.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 44.9% |
| 3M Rtn | 28.9% |
| 6M Rtn | 23.4% |
| 12M Rtn | 175.9% |
| 3Y Rtn | 434.0% |
| 1M Excs Rtn | 35.5% |
| 3M Excs Rtn | 25.7% |
| 6M Excs Rtn | 17.0% |
| 12M Excs Rtn | 154.6% |
| 3Y Excs Rtn | 371.6% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Client Computing Group (CCG) | 33,346 | 29,258 | 31,773 | 41,067 | 40,057 |
| Intel Foundry | 17,317 | 18,910 | 469 | 786 | |
| Data Center and Artificial Intelligence (DCAI) | 16,125 | 12,635 | 19,445 | 22,691 | |
| All Other | 3,601 | 5,608 | 1,089 | 5,019 | 522 |
| Corporate unallocated | 0 | 0 | |||
| Intersegment eliminations | -17,288 | -17,957 | |||
| Network and Edge (NEX) | 5,774 | 8,409 | 7,976 | ||
| Mobileye | 1,869 | 1,386 | |||
| Accelerated Computing Systems and Graphics | 774 | ||||
| Accelerated Computing Systems and Graphics intersegment revenue | -675 | ||||
| Data Center Group | 26,103 | ||||
| Internet of Things Group | 3,974 | ||||
| Non-Volatile Memory Solutions Group | 5,358 | ||||
| Programmable Solutions Group | 1,853 | ||||
| Total | 53,101 | 54,228 | 63,054 | 79,024 | 77,867 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Client Computing Group (CCG) | 11,594 | 9,513 | 5,569 | 15,704 | 15,129 |
| Data Center and Artificial Intelligence (DCAI) | 1,414 | 1,620 | 1,300 | 8,439 | |
| All Other | -57 | 1,079 | -5,977 | -5,722 | -3,381 |
| Intersegment eliminations | -161 | -203 | |||
| Corporate unallocated | -11,177 | -5,165 | |||
| Intel Foundry | -13,291 | -6,955 | -281 | -23 | |
| Network and Edge (NEX) | 204 | 1,033 | 1,711 | ||
| Mobileye | 690 | 554 | |||
| Accelerated Computing Systems and Graphics | -1,207 | ||||
| Data Center Group | 10,571 | ||||
| Internet of Things Group | 738 | ||||
| Non-Volatile Memory Solutions Group | 361 | ||||
| Programmable Solutions Group | 260 | ||||
| Total | -11,678 | 93 | 2,334 | 19,456 | 23,678 |
Price Behavior
| Market Price | $95.78 | |
| Market Cap ($ Bil) | 486.8 | |
| First Trading Date | 03/17/1980 | |
| Distance from 52W High | -3.9% | |
| 50 Days | 200 Days | |
| DMA Price | $56.64 | $40.52 |
| DMA Trend | up | up |
| Distance from DMA | 69.1% | 136.4% |
| 3M | 1YR | |
| Volatility | 79.3% | 68.5% |
| Downside Capture | 0.80 | 0.57 |
| Upside Capture | 402.56 | 261.16 |
| Correlation (SPY) | 52.6% | 39.0% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.98 | 2.93 | 2.82 | 2.59 | 2.11 | 1.75 |
| Up Beta | 1.20 | 1.67 | 2.07 | 3.16 | 2.38 | 1.71 |
| Down Beta | -3.38 | 3.47 | 2.54 | 2.69 | 2.18 | 1.63 |
| Up Capture | 725% | 683% | 619% | 507% | 571% | 1000% |
| Bmk +ve Days | 15 | 22 | 31 | 66 | 141 | 428 |
| Stock +ve Days | 16 | 27 | 35 | 66 | 132 | 385 |
| Down Capture | -2% | 164% | 185% | 139% | 117% | 111% |
| Bmk -ve Days | 4 | 18 | 30 | 56 | 108 | 321 |
| Stock -ve Days | 5 | 15 | 28 | 58 | 118 | 363 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with INTC | |
|---|---|---|---|---|
| INTC | 379.7% | 68.4% | 2.58 | - |
| Sector ETF (XLK) | 53.3% | 20.4% | 1.98 | 45.6% |
| Equity (SPY) | 29.7% | 12.5% | 1.83 | 39.6% |
| Gold (GLD) | 39.6% | 27.2% | 1.21 | 5.7% |
| Commodities (DBC) | 50.7% | 18.0% | 2.18 | -7.2% |
| Real Estate (VNQ) | 12.1% | 13.5% | 0.60 | 12.3% |
| Bitcoin (BTCUSD) | -19.0% | 42.2% | -0.39 | 19.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with INTC | |
|---|---|---|---|---|
| INTC | 12.6% | 50.3% | 0.42 | - |
| Sector ETF (XLK) | 18.7% | 24.8% | 0.67 | 52.9% |
| Equity (SPY) | 12.8% | 17.1% | 0.59 | 50.0% |
| Gold (GLD) | 20.1% | 17.9% | 0.91 | 11.8% |
| Commodities (DBC) | 14.1% | 19.1% | 0.60 | 9.8% |
| Real Estate (VNQ) | 3.3% | 18.8% | 0.08 | 29.1% |
| Bitcoin (BTCUSD) | 7.3% | 56.2% | 0.34 | 19.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with INTC | |
|---|---|---|---|---|
| INTC | 14.3% | 43.0% | 0.46 | - |
| Sector ETF (XLK) | 23.6% | 24.4% | 0.88 | 59.8% |
| Equity (SPY) | 14.9% | 17.9% | 0.71 | 56.4% |
| Gold (GLD) | 13.4% | 15.9% | 0.70 | 8.7% |
| Commodities (DBC) | 9.7% | 17.7% | 0.46 | 16.9% |
| Real Estate (VNQ) | 5.6% | 20.7% | 0.23 | 35.1% |
| Bitcoin (BTCUSD) | 67.1% | 66.9% | 1.06 | 14.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/23/2026 | 23.6% | 41.5% | |
| 1/22/2026 | -17.0% | -10.4% | -19.7% |
| 10/23/2025 | 0.3% | 5.2% | -9.6% |
| 7/24/2025 | -8.5% | -12.5% | 9.6% |
| 4/24/2025 | -6.7% | -7.0% | -6.7% |
| 1/30/2025 | -2.9% | -3.1% | 13.6% |
| 10/31/2024 | 7.8% | 21.9% | 11.2% |
| 8/1/2024 | -26.1% | -29.0% | -23.6% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 7 | 8 | 6 |
| # Negative | 17 | 16 | 17 |
| Median Positive | 7.8% | 5.1% | 11.0% |
| Median Negative | -8.5% | -9.9% | -11.0% |
| Max Positive | 23.6% | 41.5% | 36.0% |
| Max Negative | -26.1% | -29.0% | -23.6% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 04/24/2026 | 10-Q |
| 12/31/2025 | 01/23/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 07/24/2025 | 10-Q |
| 03/31/2025 | 04/25/2025 | 10-Q |
| 12/31/2024 | 01/31/2025 | 10-K |
| 09/30/2024 | 11/01/2024 | 10-Q |
| 06/30/2024 | 08/02/2024 | 10-Q |
| 03/31/2024 | 04/26/2024 | 10-Q |
| 12/31/2023 | 01/26/2024 | 10-K |
| 09/30/2023 | 10/27/2023 | 10-Q |
| 06/30/2023 | 07/28/2023 | 10-Q |
| 03/31/2023 | 04/28/2023 | 10-Q |
| 12/31/2022 | 01/27/2023 | 10-K |
| 09/30/2022 | 10/28/2022 | 10-Q |
| 06/30/2022 | 07/29/2022 | 10-Q |
Recent Forward Guidance [BETA]
Latest: Q1 2026 Earnings Reported 4/23/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Revenue | 13.80 Bil | 14.30 Bil | 14.80 Bil | ||||
| Q2 2026 Gross margin | 37.5% | ||||||
| Q2 2026 Tax Rate | 4.0% | ||||||
| Q2 2026 Earnings (Loss) Per Share Attributable to Intel—Diluted | 0.08 | ||||||
| 2026 GAAP operating expenses | 22.70 Bil | 24.7% | Raised | Guidance: 18.20 Bil for 2026 | |||
| 2026 Non-GAAP operating expenses | 16.50 Bil | 3.1% | Raised | Guidance: 16.00 Bil for 2026 | |||
Prior: Q4 2025 Earnings Reported 1/22/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Revenue | 11.70 Bil | 12.20 Bil | 12.70 Bil | -8.3% | Lowered | Guidance: 13.30 Bil for Q4 2025 | |
| Q1 2026 EPS | -0.21 | 50.0% | Lowered | Guidance: -0.14 for Q4 2025 | |||
| Q1 2026 Non-GAAP EPS | 0 | ||||||
| 2026 GAAP Operating Expenses | 18.20 Bil | -4.2% | Lowered | Guidance: 19.00 Bil for 2026 | |||
| 2026 Non-GAAP Operating Expenses | 16.00 Bil | ||||||
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Miller, Boise April | EVP and Chief Legal Officer | Direct | Sell | 5042026 | 99.53 | 40,256 | 4,006,519 | 10,457,894 | Form |
| 2 | Miller, Boise April | EVP and Chief Legal Officer | Direct | Sell | 2032026 | 49.05 | 20,000 | 981,000 | 5,545,593 | Form |
| 3 | Zinsner, David | EVP, CFO | Direct | Buy | 1272026 | 42.50 | 5,882 | 249,985 | 10,514,160 | Form |
INTC Trade Sentinel
AVOID (Score 1-2)
CONVICTION RATIONALE
The probability-adjusted skew is well below 1.0x, indicating a highly unfavorable risk/reward profile. The high probability of the bear case—driven by an eroding moat and intense, proven competition—outweighs the potential upside from a difficult and uncertain operational turnaround. The fundamental thesis is predicated on flawless execution against superior competitors, a low-probability bet.
STOCK ARCHETYPE
Turnaround / Deep ValueIntel fits the 'Turnaround' archetype due to its high execution risk, capital-intensive strategy to regain manufacturing leadership (Intel Foundry Services), persistent market share loss in core segments, and negative free cash flow. The investment thesis is entirely dependent on a future strategic pivot and operational execution, not on current financial performance.
INVESTMENT THESIS
The primary long thesis for Intel is the successful execution of its foundry strategy, aiming to manufacture chips for external customers, and regaining process technology leadership with its 18A node. This pivot, heavily subsidized by the U.S. CHIPS Act, could create a new, high-margin revenue stream and restore its competitive moat, allowing it to capture a share of the secular growth in AI and high-performance computing.
- Intel is a primary beneficiary of the U.S. CHIPS Act, receiving up to $8.5 billion in direct funding and eligibility for up to $11 billion in federal loans, providing a capital advantage for its foundry build-out.
- The global AI chips market is projected to grow at a CAGR of 21.7% through 2034, creating a massive addressable market for leading-edge foundry services.
- Management has guided that the Intel Foundry segment is the core of its turnaround strategy, despite incurring multi-billion dollar operating losses in the near term to fund this transition.
PRIMARY RISK
The most significant friction is Intel's ongoing loss of market share in the high-margin data center and burgeoning AI accelerator markets. Competitors AMD (server CPUs) and NVIDIA (AI GPUs) have established superior product performance and, in NVIDIA's case, a powerful software moat (CUDA). This competitive intrusion structurally impairs Intel's profitability and growth prospects in the most critical segments.
- AMD's data center market share continues to climb, with revenue up 39% YoY in its latest quarter, while Intel's DCAI segment grew only 9%.
- Intel's Gaudi AI accelerator has negligible market share compared to NVIDIA's dominance, which is protected by the powerful CUDA software ecosystem.
- AMD's EPYC server CPUs consistently outperform Intel's Xeon on performance and power efficiency, leading to a lower Total Cost of Ownership (TCO) for enterprise customers.
| KPI | Threshold | Rationale |
|---|---|---|
| Data Center and AI (DCAI) Revenue YoY Growth | >15% | This is the primary battleground. Growth below this level, especially while AMD's is significantly higher, indicates continued market share loss and a failing competitive response. |
| Intel Foundry Services (IFS) Revenue & Customer Announcements | Secure one top-5 fabless customer for 18A process | This is the core of the turnaround thesis. Failure to secure a major, high-volume customer means the multi-billion dollar investment is not yielding results and the turnaround is failing. |
| GAAP Gross Margin | Consistently > 40% | Gross margins are a direct indicator of pricing power and manufacturing efficiency. A failure to expand margins back above 40% indicates that competitive pressure is unabated and manufacturing improvements are not materializing. |
The Foundry Bet: Manufacturing Turnaround vs. Competitive Reality
BULL VIEW
Government CHIPS Act subsidies provide a capital shield, allowing Intel to outspend rivals and establish a secure, domestic alternative to TSMC, eventually attracting major fabless customers to its 18A process.
CORE TENSION
Can Intel's aggressive, capital-intensive foundry strategy (IDM 2.0) and 18A process node reclaim technology leadership and reverse market share losses before capital markets lose patience with multi-billion dollar losses?
PREVAILING SENTIMENT
Q1 2026 revenue guidance of $11.7B-$12.7B represents a significant sequential decline and signals acute internal supply constraints, validating the Bear Stance that operational execution is failing.
BEAR VIEW
Years of manufacturing missteps, persistent yield issues, and intense competition from TSMC's proven ecosystem and AMD's design superiority will prevent the foundry from achieving profitability, turning it into a capital sinkhole.
| Timeline | Event & Metric To Watch |
|---|---|
Late April 2026 | Q1 2026 Earnings Call Watch: Intel 18A manufacturing yield commentary and any announcement of a high-volume, external foundry customer. Gross margin guidance is also critical. |
Next 6 Months | Foundry Customer Announcements Watch: Press releases from major fabless designers (Nvidia, AMD, Apple, Qualcomm) announcing their foundry choice for sub-2nm products. |
Quarterly (Next update likely March/April 2026) | IDC/Gartner PC Market Forecast Watch: Further downward revisions to the 2026 PC shipment forecast, which would directly impact Intel's largest revenue segment (CCG). |
Late April / Early May 2026 | Competitor Earnings (AMD) Watch: Compare year-over-year growth of Intel's DCAI segment vs. AMD's Data Center segment to track market share shifts. |
Anytime | U.S. Commerce Dept. Export Rule Update Watch: New rules from the Bureau of Industry and Security (BIS) expanding the list of controlled semiconductor technologies for export to China. |
| Date | Event | Stock Impact |
|---|---|---|
10/23/2025 | Q3 2025 Earnings Report Details: Intel reported Q3 results that beat expectations, with Intel Products revenue up 7% sequentially. The company provided Q4 revenue guidance of $12.8B to $13.8B. | Flat (0.3%) $38.16 -> $38.28 |
1/5/2026 | CES 2026 Presentation Details: At CES 2026, Intel provided updates on its product roadmap, announcing it was ramping all three Core Ultra Series 3 die packages, built on the 18A process. | Changed Little (-0.0%) $39.38 -> $39.37 |
1/14/2026 | Geopolitical Development Details: The White House issued Presidential Proclamation 11002, imposing a 25% tariff on a narrow set of advanced logic semiconductors from China, signaling continued trade tensions. | Rose significantly by 3.0% $47.29 -> $48.72 |
1/22/2026 | Q4 2025 Earnings & Weak Guidance Details: Intel beat Q4 estimates but provided disastrous Q1 2026 revenue guidance ($11.7B-$12.7B), citing 'acute internal supply constraints,' causing a historic stock price drop. | Plummeted -17.0% $54.32 -> $45.07 |
2/2/2026 | Insider Trading Details: EVP and Chief Legal Officer, Boise April Miller, reported selling shares. Separately, CFO David Zinsner's recent purchase of ~$250k worth of stock was viewed positively by the market. | Surged +5.0% $46.47 -> $48.81 |
2/3/2026 | Competitor Earnings (AMD) Details: Key competitor AMD reported a Q4 2025 revenue beat with Data Center revenue up 39% YoY, highlighting Intel's continued market share loss in the most critical growth segment. | Flat (0.9%) $48.81 -> $49.25 |
Position Sizing
1% - 3%
CONSERVATIVE
Stock is in an Explosive Volatility regime (72%), 6.5x the S&P 500, with Spiking near-term fear. The deeply Bearish sentiment, eroding competitive moat, and low earnings visibility create a high-risk 'knife catch' scenario, mandating a Conservative sizing.
Diversification Alternatives
ASML
SECTORUnlike Intel, ASML is a monopoly in the critical EUV lithography equipment needed for all advanced chip manufacturing. Its fate is not tied to its own manufacturing success but the success of the entire industry.
KLA
SECTORKLA dominates the process control and yield management market, a critical sub-segment of semiconductor equipment. It benefits from manufacturing complexity (which hurts Intel) and is foundry-agnostic.
Intel is transitioning from a CPU-centric PC and server chipmaker into a two-pronged company: a product seller of AI-accelerated CPUs and a US-based, at-scale foundry intended to compete with TSMC for external manufacturing contracts.
Filter all news through the twin theses of 1) regaining CPU leadership in the AI era and 2) executing the capital-intensive foundry model to win external customers.
Data Center and AI (DCAI) revenue growth >+20% YoY; named external customer wins for Intel Foundry Services (IFS) on the 18A process node; evidence of narrowing the process technology gap with TSMC; gross margin expansion.
Continued x86 server market share loss to AMD's EPYC; delays or yield issues with the 18A and subsequent process nodes; major Foundry customers choosing TSMC or Samsung for next-generation chips; widening operating losses in the Foundry segment.
Quarterly fluctuations in the PC market (CCG segment) — this is a mature business and not the core of the re-rating thesis; individual product benchmark wins/losses against competitors — only sustained market share shifts matter; short-term channel inventory adjustments.
Repricing Catalyst
The market is re-rating Intel on the realization that the CPU is essential for AI inference and 'agentic AI,' driving a demand surge that is outpacing supply. This led to a 22% YoY revenue increase in the Data Center and AI (DCAI) segment in Q1 2026, with management guiding for continued double-digit growth. The accelerated ramp of the Intel 18A process node, which has achieved performance parity with TSMC's advanced nodes, is the secondary catalyst, positioning Intel Foundry to capture revenue from Western clients de-risking their supply chains.
Client Computing (PC Chips)
$30.8B TTM (57% of Total) · -9999% MarginWhat It Is
Intel Core Ultra processors for laptops and desktops, focusing on AI PC capabilities.
Who Pays & How
Major PC OEMs (Dell, HP, Lenovo) pay on a per-chip basis. They are locked in by long-standing platform design cycles and the x86 instruction set architecture, though competition is increasing.
Competition
Data Center & AI Chips
$20.4B TTM (38% of Total) · 31% MarginWhat It Is
Intel Xeon processors for servers; Custom ASICs for AI acceleration.
Who Pays & How
Cloud providers (Google) and enterprise server OEMs pay on a per-processor basis. They pay because CPUs are essential for AI inference workloads, and Intel is a primary supplier. Google signed a multi-year collaboration for Xeon processors.
Competition
Intel Foundry Services (IFS)
$21.6B TTM (5% of Total) · -44% MarginWhat It Is
Contract manufacturing of semiconductor wafers for external customers using Intel's process nodes (e.g., Intel 3, Intel 18A).
Who Pays & How
Fabless semiconductor companies and other IDMs pay for wafer production. The primary driver is the desire for a resilient, Western-based supply chain to de-risk from geopolitical concentration in Taiwan.
Competition
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