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

Equity Bottom-Up

<ul>
<li>
<em>We remain steadfast in our belief in our company’s future. That said, there are <strong>no quick fixes</strong>. We need to demonstrate consistent execution and results over a sustained period</em>. Frank Yeary</li>
<li>Intel's ELT scored themselves a remarkable 29.7 out of 35 for their 2024 “Product Leadership” goal, despite mounting data center market share loss and Gaudi being an abject failure</li>
<li>While Pat Gelsinger's departure from Intel was labelled a "retirement" last December, the Proxy Statement refers to it as a "resignation". Which was it?</li>
</ul>



We remain steadfast in our belief in our company’s future. That said, there are no quick fixes. We need to demonstrate consistent execution and results over a sustained period. Frank Yeary
Intel's ELT scored themselves a remarkable 29.7 out of 35 for their 2024 “Product Leadership” goal, despite mounting data center market share loss and Gaudi being an abject failure
While Pat Gelsinger's departure from Intel was labelled a "retirement" last December, the Proxy Statement refers to it as a "resignation". Which was it?


Intel's Annual Shareholder Meeting Proxy Statement Has A Few Interesting Gems

Technology / Semiconductor / Internet Research

Nicolas Baratte

<ul>
<li>CEO Mr TAN confronts what’s wrong: Intel needs better product performance, to listen to the market needs. Intel needs Foundry processes that support customers’ designs. Not the other way around. </li>
<li>Product presentation very off-base: robotaxi, AI-PC, Gaudi 3 is back as Intel’s AI strategy. Foundry non-announcement: 18A risk production is starting – of course it is, otherwise 18A is flawed. </li>
<li>Consensus is expecting a swift turnaround in 2026-27. There is currently no reason to believe this. On these rosy expectations, the stock trades at 19x 2026 EPS.</li>
</ul>


CEO Mr TAN confronts what’s wrong: Intel needs better product performance, to listen to the market needs. Intel needs Foundry processes that support customers’ designs. Not the other way around. 
Product presentation very off-base: robotaxi, AI-PC, Gaudi 3 is back as Intel’s AI strategy. Foundry non-announcement: 18A risk production is starting – of course it is, otherwise 18A is flawed. 
Consensus is expecting a swift turnaround in 2026-27. There is currently no reason to believe this. On these rosy expectations, the stock trades at 19x 2026 EPS.


Intel Vision Conf: New CEO Mr. TAN Does Not Hide that It Will Be Tough to Fix Intel

<ul>
<li>Rather than love, than money, than fame, give me the truth</li>
<li>I intend to under promise and over deliver. I will not be satisfied until we delight you</li>
<li>How long will I stay at Intel? I'm here for as long as it takes</li>
</ul>


Rather than love, than money, than fame, give me the truth
I intend to under promise and over deliver. I will not be satisfied until we delight you
How long will I stay at Intel? I'm here for as long as it takes


Intel Vision: Lip Bu Tan's First Keynote As Intel CEO

<ul>
<li>Q224 revenues of $12.8 billion, in line with their updated May outlook, ~flat QoQ and down 1% YoY.</li>
<li>Gross margin (non-GAAP) was 38.7%, down 1.1 points YoY but down a whopping 4.8 points from the April outlook.</li>
<li>Shares tanked &gt;24% in after hours trading. What's really going on at Intel? </li>
</ul>


Q224 revenues of $12.8 billion, in line with their updated May outlook, ~flat QoQ and down 1% YoY.
Gross margin (non-GAAP) was 38.7%, down 1.1 points YoY but down a whopping 4.8 points from the April outlook.
Shares tanked &gt;24% in after hours trading. What's really going on at Intel? 


Intel Q224 Meltdown. Don't Say We Didn't Warn You...

<ul>
<li>Whether Intel can achieve Process or Foundry leadership in a credible timeframe is something Mr. Tan has relatively little control over in the short term.</li>
<li>His most pressing challenge will be to address the corporate culture of entitlement that's rife throughout the company, starting with the BoD</li>
<li>Measure his success by the number of high profile resignations we see in the coming months. Those who created Intel's problems cannot be the ones to fix them. </li>
</ul>


Whether Intel can achieve Process or Foundry leadership in a credible timeframe is something Mr. Tan has relatively little control over in the short term.
His most pressing challenge will be to address the corporate culture of entitlement that's rife throughout the company, starting with the BoD
Measure his success by the number of high profile resignations we see in the coming months. Those who created Intel's problems cannot be the ones to fix them. 


Intel. Mr. Tan's Greatest Challenge Is Not Process Or Foundry Leadership. It's Something Far Bigger

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's Annual Shareholder Meeting Proxy Statement Has A Few Interesting Gems

Pat Gelsinger's departure from Intel was labelled a "retirement" last December, yet the upcoming AGM Proxy Statement refers to it as a...

William Keating

Intel Vision Conf: New CEO Mr. TAN Does Not Hide that It Will Be Tough to Fix Intel

Intel CEO Mr. TAN acknowledges need for better product performance and listening to market needs. Stock trading at 19x 2026 EPS based on rosy...

Nicolas Baratte

Intel Vision: Lip Bu Tan's First Keynote As Intel CEO

I will under promise & over deliver. I will not be satisfied until we delight you. I'm here for as long as it takes. Rather than love, than money,...

William Keating

Intel Q224 Meltdown. Don't Say We Didn't Warn You...

Q224 revenues $12.8 billion, in line, ~flat QoQ & down 1% YoY. GM of 38.7%, -1.1 points YoY but 4.8 points below forecast. >15% of workforce cut...

William Keating

Intel. Mr. Tan's Greatest Challenge Is Not Process Or Foundry Leadership. It's Something Far Bigger

Intel's BoD awarded its co-interim CEO's $1.5 million each for the 3.5 months in the role. This compares to the new CEO's $1 million annual salary....

William Keating

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Intel's Annual Shareholder Meeting Proxy Statement Has A Few Interesting Gems

Pat Gelsinger's departure from Intel was labelled a "retirement" last December, yet the upcoming AGM Proxy Statement refers to it as a...

William Keating

Intel Vision Conf: New CEO Mr. TAN Does Not Hide that It Will Be Tough to Fix Intel

​Intel CEO Mr. TAN acknowledges need for better product performance and listening to market needs. Stock trading at 19x 2026 EPS based on rosy...

Nicolas Baratte

Intel Vision: Lip Bu Tan's First Keynote As Intel CEO

I will under promise & over deliver. I will not be satisfied until we delight you. I'm here for as long as it takes. Rather than love, than money,...

William Keating

Intel Q224 Meltdown. Don't Say We Didn't Warn You...

Q224 revenues $12.8 billion, in line, ~flat QoQ & down 1% YoY. GM of 38.7%, -1.1 points YoY but 4.8 points below forecast. >15% of workforce cut...

William Keating

Intel. Mr. Tan's Greatest Challenge Is Not Process Or Foundry Leadership. It's Something Far Bigger

Intel's BoD awarded its co-interim CEO's $1.5 million each for the 3.5 months in the role. This compares to the new CEO's $1 million annual salary....

William Keating

Intel CEO Mr. TAN acknowledges need for better product performance and listening to market needs. Stock trading at 19x 2026 EPS based on rosy...