Technology / Semiconductor / Internet Research

Nicolas Baratte

Equity Bottom-Up

<ul>
<li>Intel layoffs now extending to production in US, Israel. Intel’s revenue/employee is half that of AMD, TSMC. An AMD or TSMC employee generates 2x more revenue than an Intel employee. </li>
<li>Intel shareloss in PC, Server continues. Over the past 4 years Intel lost 6 percentage points PC market share (down to 76%), 13 percentage points in server (down to 73%).   </li>
<li>Intel is now without an AI / GPU roadmap. It looks bad but the twist is it helps Intel requalify with Nvidia DGX, replacing AMD. Weakness breeds strength.   </li>
</ul>


Intel layoffs now extending to production in US, Israel. Intel’s revenue/employee is half that of AMD, TSMC. An AMD or TSMC employee generates 2x more revenue than an Intel employee. 
Intel shareloss in PC, Server continues. Over the past 4 years Intel lost 6 percentage points PC market share (down to 76%), 13 percentage points in server (down to 73%).   
Intel is now without an AI / GPU roadmap. It looks bad but the twist is it helps Intel requalify with Nvidia DGX, replacing AMD. Weakness breeds strength.   


Intel Is Shrinking (Headcount), Declining (Market Share), but Weakness Can Be a Strength

Taiwan Tech Focused Senior Analyst

Patrick Liao

<ul>
<li>
<a href="https://www.smartkarma.com/entities/intel-corp" target="_blank" data-smartkarma-citation="entities:16764:1" rel="noopener">Intel Corp (INTC US)</a> CEO Lip-Bu Tan was setting two guideline that “build the best products” and “satisfy customers.”</li>
<li>Going forward, no new product development project will be approved—nor will engineering resources be allocated—unless it can demonstrate a projected gross margin of at least 50%.</li>
<li>In the coming months, an internal tug-of-war is expected to unfold within the company—between engineers and senior executives</li>
</ul>



Intel Corp (INTC US) CEO Lip-Bu Tan was setting two guideline that “build the best products” and “satisfy customers.”
Going forward, no new product development project will be approved—nor will engineering resources be allocated—unless it can demonstrate a projected gross margin of at least 50%.
In the coming months, an internal tug-of-war is expected to unfold within the company—between engineers and senior executives


Intel (INTC.US): Exploring a Tough Journey. (V)

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

<ul>
<li>Intel Products CEO Michelle Johnston Holthaus reveals that the company is now also including Samsung as a second foundry option</li>
<li>The practice of Intel offering OEM incentives appears to be coming to the end of its unnatural life as LBT sets the tone. Great news for AMD I would think.</li>
<li>Further investment in A14 capacity will now be contingent on having customers committing to taking up that capacity. No more build it and they will come a la Mr. Gelsinger. </li>
</ul>


Intel Products CEO Michelle Johnston Holthaus reveals that the company is now also including Samsung as a second foundry option
The practice of Intel offering OEM incentives appears to be coming to the end of its unnatural life as LBT sets the tone. Great news for AMD I would think.
Further investment in A14 capacity will now be contingent on having customers committing to taking up that capacity. No more build it and they will come a la Mr. Gelsinger. 


Intel @ BofA Securities 2025 Global Technology Conference

<ul>
<li>Intel has signalled a shift from its long held Copy Exactly strategy to a "democratization of innovation between Technology Development &amp; High Volume Manufacturing</li>
<li>This may be more akin to how TSMC operates. Some hail this as a positive, others are not quite so convinced, but it's a seismic shift at a critical juncture </li>
<li>If Intel is indeed switching from CE to CT, it needs to be a carefully thought out, well planned transition to succeed. But that's not what what we see happening. </li>
</ul>


Intel has signalled a shift from its long held Copy Exactly strategy to a "democratization of innovation between Technology Development &amp; High Volume Manufacturing
This may be more akin to how TSMC operates. Some hail this as a positive, others are not quite so convinced, but it's a seismic shift at a critical juncture 
If Intel is indeed switching from CE to CT, it needs to be a carefully thought out, well planned transition to succeed. But that's not what what we see happening. 


<ul>
<li>Typical Intel? 18A node was going to be a great success with customers lining up. CFO now says that revenues from external customers is "not significant", limited to packaging only.</li>
<li>Intel CFO toned expectation of significant external 18A revenues by 2027: some revenues with UMC, Tower, some packaging, some older gen Intel16 “not a ton has to come from 18A”.   </li>
<li>Clear admission that Intel Foundry won't be ready for external clients before 14A in 2028 due to lack of design tools (PDK). All that is good for TSMC.</li>
</ul>


Typical Intel? 18A node was going to be a great success with customers lining up. CFO now says that revenues from external customers is "not significant", limited to packaging only.
Intel CFO toned expectation of significant external 18A revenues by 2027: some revenues with UMC, Tower, some packaging, some older gen Intel16 “not a ton has to come from 18A”.   
Clear admission that Intel Foundry won't be ready for external clients before 14A in 2028 due to lack of design tools (PDK). All that is good for TSMC.


Intel 18A: Cracks in the Wall. Good for TSMC.

United States

Intel Corporation designs, manufactures, and sells computer components and related products.  The Company's major products include microprocessors, chipsets, embedded processors and microcontrollers, flash memory products, graphics products, network and communications products, systems management software, conferencing products, and digital imaging products.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Intel Corp (INTC US)

Intel (INTC.US): Exploring a Tough Journey. (V)

Intel CEO sets new guidelines for product development: focus on building best products and satisfying customers, with a minimum 50% gross margin...

Patrick Liao

Intel @ BofA Securities 2025 Global Technology Conference

Further investment in A14 capacity will now be contingent on having customers committing to taking up that capacity. No more build it and they will...

William Keating

Intel. From Copy Exactly To Copy TSMC?

If Intel is indeed switching from CE to Copy TSMC, it needs to be a carefully thought out, well planned transition to succeed. But that's not what...

William Keating

Intel 18A: Cracks in the Wall. Good for TSMC.

Intel's 18A node not expected to bring significant external revenues, CFO says limited to packaging only. Foundry won't be ready for external...

Nicolas Baratte

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Intel Is Shrinking (Headcount), Declining (Market Share), but Weakness Can Be a Strength

​Intel faces layoffs and revenue challenges, losing market share in PC and server sectors. However, Intel's lack of AI/GPU roadmap may lead to...

Nicolas Baratte

Intel (INTC.US): Exploring a Tough Journey. (V)

​Intel CEO sets new guidelines for product development: focus on building best products and satisfying customers, with a minimum 50% gross margin...

Patrick Liao

Intel @ BofA Securities 2025 Global Technology Conference

Further investment in A14 capacity will now be contingent on having customers committing to taking up that capacity. No more build it and they will...

William Keating

Intel. From Copy Exactly To Copy TSMC?

If Intel is indeed switching from CE to Copy TSMC, it needs to be a carefully thought out, well planned transition to succeed. But that's not what...

William Keating

Intel 18A: Cracks in the Wall. Good for TSMC.

​Intel's 18A node not expected to bring significant external revenues, CFO says limited to packaging only. Foundry won't be ready for external...

Nicolas Baratte

Intel faces layoffs and revenue challenges, losing market share in PC and server sectors. However, Intel's lack of AI/GPU roadmap may lead to...

Intel CEO sets new guidelines for product development: focus on building best products and satisfying customers, with a minimum 50% gross margin...

Intel's 18A node not expected to bring significant external revenues, CFO says limited to packaging only. Foundry won't be ready for external...