AI | Semiconductors | Commodities, Mint Finance

Raghav Vashisht

AI | Semiconductors | Commodities

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

Equity Bottom-Up

<ul>
<li>Intel’s Q3 results confirm discipline over drama, with stronger liquidity, narrowing foundry losses, and tangible proof that the “systems foundry” strategy is progressing on schedule.</li>
<li>$5.7 billion from the U.S. government, $2 billion from SoftBank, and divestments in Altera and Mobileye together fortified balance-sheet flexibility for the foundry ramp ahead. </li>
<li>Guidance underscores managed deceleration rather than weakness: Q4 margins to soften on Core Ultra 3 and Altera deconsolidation, even as execution tightens and demand continues to outpace supply into 2026. </li>
</ul>


Intel’s Q3 results confirm discipline over drama, with stronger liquidity, narrowing foundry losses, and tangible proof that the “systems foundry” strategy is progressing on schedule.
$5.7 billion from the U.S. government, $2 billion from SoftBank, and divestments in Altera and Mobileye together fortified balance-sheet flexibility for the foundry ramp ahead. 
Guidance underscores managed deceleration rather than weakness: Q4 margins to soften on Core Ultra 3 and Altera deconsolidation, even as execution tightens and demand continues to outpace supply into 2026. 


Intel’s Quarter That Finally Justified the Pain

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>Intel Corporation presented a mixed financial and strategic outlook following its third-quarter performance.</li><li>A notable outcome is the fourth consecutive quarter of results surpassing revenue guidance, reaching $13.7 billion, up 6% sequentially, with a non-GAAP gross margin of 40%, higher than expected by four percentage points.</li><li>This performance is attributed to robust demand and effective cost management, though tempered by capacity constraints, particularly on Intel 10 and Intel 7 processes.</li></ul>

Intel Corporation presented a mixed financial and strategic outlook following its third-quarter performance.A notable outcome is the fourth consecutive quarter of results surpassing revenue guidance, reaching $13.7 billion, up 6% sequentially, with a non-GAAP gross margin of 40%, higher than expected by four percentage points.This performance is attributed to robust demand and effective cost management, though tempered by capacity constraints, particularly on Intel 10 and Intel 7 processes.

Intel Inside the Foundry Race — Will 18A & 14A Nodes Change Everything?

Technology / Semiconductor / Internet Research

Nicolas Baratte

<ul>
<li>3Q beat on margins, is it price hikes or inventory? Growth comes from PC, not Data Center. 18A high enough yields driving a margins recovery is for 2027.</li>
<li>Unspecified ASIC and AI “new” strategy but the details in the conf call point strongly to x86 as the core.</li>
<li>The stock is very expensive, ie the market bets on a swift and sharp recovery. Lots of room for disappointment.</li>
</ul>


3Q beat on margins, is it price hikes or inventory? Growth comes from PC, not Data Center. 18A high enough yields driving a margins recovery is for 2027.
Unspecified ASIC and AI “new” strategy but the details in the conf call point strongly to x86 as the core.
The stock is very expensive, ie the market bets on a swift and sharp recovery. Lots of room for disappointment.


Intel: You’re Buying Hopes of a Better 2027

Taiwan Tech Focused Senior Analyst

Patrick Liao

<ul>
<li>Intel Corp (INTC US) 3Q25 slightly exceeded consensus estimates in both revenue and EPS.  </li>
<li>CEO Lip-Bu Tan emphasized the growing importance of AI, while CFO David Zinsner highlighted the accelerated funding from the U.S. government and strategic investments from NVIDIA and SoftBank</li>
<li>Intel’s foundry business still relies primarily on internal orders and continues to seek external customers.</li>
</ul>


Intel Corp (INTC US) 3Q25 slightly exceeded consensus estimates in both revenue and EPS.  
CEO Lip-Bu Tan emphasized the growing importance of AI, while CFO David Zinsner highlighted the accelerated funding from the U.S. government and strategic investments from NVIDIA and SoftBank
Intel’s foundry business still relies primarily on internal orders and continues to seek external customers.


Intel (INTC.US): 3Q25 Results Slightly Beat; Emphasized AI Importance; Seeking New Foundry Clients.

<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> will hold its earnings call on October 23. The recent upside in Intel’s share price is encouraging, but whether this trend can continue remains to be seen.</li>
<li>U.S. President Trump’s investment in <a href="https://www.smartkarma.com/entities/intel-corp" target="_blank" data-smartkarma-citation="entities:16764:1" rel="noopener">Intel Corp (INTC US)</a> has so far generated about a 48.5% return, which raises the question — what’s next?</li>
<li>That said, we continue to believe that <a href="https://www.smartkarma.com/entities/intel-corp" target="_blank" data-smartkarma-citation="entities:16764:1" rel="noopener">Intel Corp (INTC US)</a> must demonstrate real performance improvements before claiming a full turnaround.</li>
</ul>



Intel Corp (INTC US) will hold its earnings call on October 23. The recent upside in Intel’s share price is encouraging, but whether this trend can continue remains to be seen.
U.S. President Trump’s investment in Intel Corp (INTC US) has so far generated about a 48.5% return, which raises the question — what’s next?
That said, we continue to believe that Intel Corp (INTC US) must demonstrate real performance improvements before claiming a full turnaround.


Intel (INTC.US): Intel’s Share Price Is Encouraging; Caution Warranted on Its Near-Term Continuation

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.

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Intel Corp (INTC US)

Intel’s Quarter That Finally Justified the Pain

Intel's Q3 results show discipline with stronger liquidity and progress in the "systems foundry" strategy. Q4 guidance indicates managed...

Mint Finance

Intel Inside the Foundry Race — Will 18A & 14A Nodes Change Everything?

Intel Corporation presented a mixed financial and strategic outlook following its third-quarter performance. A notable outcome is the fourth...

Baptista Research

Intel: You’re Buying Hopes of a Better 2027

Intel's 3Q beat driven by PC growth, not Data Center; high yields expected to drive margins recovery by 2027. Market bets on swift recovery, but...

Nicolas Baratte

Intel (INTC.US): 3Q25 Results Slightly Beat; Emphasized AI Importance; Seeking New Foundry Clients.

Intel Corp beat 3Q25 estimates, focusing on AI growth and strategic investments, while its foundry business seeks external customers.

Patrick Liao

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Intel’s Quarter That Finally Justified the Pain

​Intel's Q3 results show discipline with stronger liquidity and progress in the "systems foundry" strategy. Q4 guidance indicates managed...

Mint Finance

Intel Inside the Foundry Race — Will 18A & 14A Nodes Change Everything?

Intel Corporation presented a mixed financial and strategic outlook following its third-quarter performance. A notable outcome is the fourth...

Baptista Research

Intel: You’re Buying Hopes of a Better 2027

​Intel's 3Q beat driven by PC growth, not Data Center; high yields expected to drive margins recovery by 2027. Market bets on swift recovery, but...

Nicolas Baratte

Intel (INTC.US): 3Q25 Results Slightly Beat; Emphasized AI Importance; Seeking New Foundry Clients.

​Intel Corp beat 3Q25 estimates, focusing on AI growth and strategic investments, while its foundry business seeks external customers.

Patrick Liao

Intel (INTC.US): Intel’s Share Price Is Encouraging; Caution Warranted on Its Near-Term Continuation

​Intel Corp will hold its earnings call on October 23, recent share price upside is encouraging but performance improvements are needed for a full...

Patrick Liao

Intel's Q3 results show discipline with stronger liquidity and progress in the "systems foundry" strategy. Q4 guidance indicates managed...

Intel's 3Q beat driven by PC growth, not Data Center; high yields expected to drive margins recovery by 2027. Market bets on swift recovery, but...

Intel Corp beat 3Q25 estimates, focusing on AI growth and strategic investments, while its foundry business seeks external customers.

Intel Corp will hold its earnings call on October 23, recent share price upside is encouraging but performance improvements are needed for a full...