Taiwan Tech Focused Senior Analyst

Patrick Liao

Equity Bottom-Up

<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

<ul>
<li>What is happening with <a href="https://www.smartkarma.com/entities/advanced-micro-devices-inc" target="_blank" data-smartkarma-citation="entities:19009:1" rel="noopener">Advanced Micro Devices (AMD US)</a> and <a href="https://www.smartkarma.com/entities/intel-corp" target="_blank" data-smartkarma-citation="entities:16764:1" rel="noopener">Intel Corp (INTC US)</a>?</li>
<li>Intel’s stock price has risen about 50% from its April 8 low. However, we have yet to see any tangible progress in its manufacturing technology.  </li>
<li>Intel’s stock price has risen about 50% from its April 8 low. However, we have yet to see any tangible progress in its manufacturing technology.  </li>
</ul>


What is happening with Advanced Micro Devices (AMD US) and Intel Corp (INTC US)?
Intel’s stock price has risen about 50% from its April 8 low. However, we have yet to see any tangible progress in its manufacturing technology.  
Intel’s stock price has risen about 50% from its April 8 low. However, we have yet to see any tangible progress in its manufacturing technology.  


Intel (INTC.US): AMD to Submit Foundry Orders to Intel? We Think It’s Highly Unlikely.

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’s stock recently spiked on a stunning twist in the semiconductor saga: reports indicate Intel could manufacture chips for longtime rival AMD.</li><li>This development is sending shockwaves through the chip sector and has investors re-evaluating what was once unthinkable.</li><li>As Intel CEO Lip-Bu Tan pushes to reinvent the company’s future, this move—if confirmed—signals a seismic shift in strategy.</li></ul>

Intel’s stock recently spiked on a stunning twist in the semiconductor saga: reports indicate Intel could manufacture chips for longtime rival AMD.This development is sending shockwaves through the chip sector and has investors re-evaluating what was once unthinkable.As Intel CEO Lip-Bu Tan pushes to reinvent the company’s future, this move—if confirmed—signals a seismic shift in strategy.

Intel Could Build Chips For AMD?! Wall Street Stunned By Shocking Twist!

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

<ul>
<li>A major Intel balance sheet boost, backed by SoftBank, the U.S. government, and leading institutions, would enhance the company’s capacity to make bold bets on regaining global chip manufacturing leadership.</li>
<li>UMC's market valuation is less than the capex for just one advanced fab. Intel would likely make a gain on its investment since it would cause UMC shares to rally.</li>
<li>For less than the cost of a single advanced fab, a large company could acquire UMC and gain chipmaking expertise approaching TSMC’s level; boosting returns across an entire fab network.</li>
</ul>


A major Intel balance sheet boost, backed by SoftBank, the U.S. government, and leading institutions, would enhance the company’s capacity to make bold bets on regaining global chip manufacturing leadership.
UMC's market valuation is less than the capex for just one advanced fab. Intel would likely make a gain on its investment since it would cause UMC shares to rally.
For less than the cost of a single advanced fab, a large company could acquire UMC and gain chipmaking expertise approaching TSMC’s level; boosting returns across an entire fab network.


A Defining Bet: Intel’s New Capital and the Case for Buying a Stake in Taiwan's UMC

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 (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): AMD to Submit Foundry Orders to Intel? We Think It’s Highly Unlikely.

Intel's stock price has surged, but there is still no visible progress in its manufacturing technology, leaving questions about its competition...

Patrick Liao

Intel Could Build Chips For AMD?! Wall Street Stunned By Shocking Twist!

Intel’s stock recently spiked on a stunning twist in the semiconductor saga: reports indicate Intel could manufacture chips for longtime rival...

Baptista Research

A Defining Bet: Intel’s New Capital and the Case for Buying a Stake in Taiwan's UMC

Intel's balance sheet improvement is a major opportunity -- Intel should invest in UMC to create a win-win combination that can rival TSMC...

Vincent Fernando, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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 (INTC.US): AMD to Submit Foundry Orders to Intel? We Think It’s Highly Unlikely.

​Intel's stock price has surged, but there is still no visible progress in its manufacturing technology, leaving questions about its competition...

Patrick Liao

Intel Could Build Chips For AMD?! Wall Street Stunned By Shocking Twist!

Intel’s stock recently spiked on a stunning twist in the semiconductor saga: reports indicate Intel could manufacture chips for longtime rival...

Baptista Research

A Defining Bet: Intel’s New Capital and the Case for Buying a Stake in Taiwan's UMC

​Intel's balance sheet improvement is a major opportunity -- Intel should invest in UMC to create a win-win combination that can rival TSMC...

Vincent Fernando, CFA

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...

Intel's stock price has surged, but there is still no visible progress in its manufacturing technology, leaving questions about its competition...

Intel's balance sheet improvement is a major opportunity -- Intel should invest in UMC to create a win-win combination that can rival TSMC...