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>Client margin compression does not indicate demand erosion. Instead, it is the front-loaded, transitory cost of the 18A Panther Lake ramp, which is already reversing on rapid yield improvements.</li>
<li>DCAI revenue surged 59%, supported by a rapidly expanding CPU-anchored Agentic AI market and a $2 billion custom silicon run rate insulated by long-term commitments.</li>
<li>A 35-cent-per-dollar U.S. tax rebate effectively funds one-third of Intel’s domestic capex, adding roughly $1.40 to EPS over five years and neutralising TSMC's geographic cost advantage.</li>
</ul>


Client margin compression does not indicate demand erosion. Instead, it is the front-loaded, transitory cost of the 18A Panther Lake ramp, which is already reversing on rapid yield improvements.
DCAI revenue surged 59%, supported by a rapidly expanding CPU-anchored Agentic AI market and a $2 billion custom silicon run rate insulated by long-term commitments.
A 35-cent-per-dollar U.S. tax rebate effectively funds one-third of Intel’s domestic capex, adding roughly $1.40 to EPS over five years and neutralising TSMC's geographic cost advantage.


Intel Q2: The $1.40 EPS Kicker and the 18A Margin Illusion

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 last week reported second quarter revenues of $16.1 billion, up 25% YoY and up $1.8 billion above the guided midpoint. </li>
<li>Non-GAAP gross margin was 41.8 percent, approximately 280 basis points better than guidance and up 12.1 point YoY.</li>
<li>Intel now fully committed to high volume ramps of 14A in 2028, one year after threatening to pull the plug entirely without paying external customers, which they still don't have..</li>
</ul>


Intel last week reported second quarter revenues of $16.1 billion, up 25% YoY and up $1.8 billion above the guided midpoint. 
Non-GAAP gross margin was 41.8 percent, approximately 280 basis points better than guidance and up 12.1 point YoY.
Intel now fully committed to high volume ramps of 14A in 2028, one year after threatening to pull the plug entirely without paying external customers, which they still don't have..


Intel Q2 2026. Doubling Down On 14A, But Is It Too Little, Too Late?

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 reported second-quarter 2026 results characterized by revenue, gross margin, and earnings per share performance exceeding internal guidance, marking the seventh consecutive quarter of surpassing financial expectations.</li><li>The company highlighted strong demand for its products, particularly driven by AI-related workloads, which outpaces its growing supply capacity.</li><li>Revenue reached $16.1 billion, benefiting from a 70% year-over-year growth in AI-driven businesses, including record growth in data center segments.</li></ul>

Intel Corporation reported second-quarter 2026 results characterized by revenue, gross margin, and earnings per share performance exceeding internal guidance, marking the seventh consecutive quarter of surpassing financial expectations.The company highlighted strong demand for its products, particularly driven by AI-related workloads, which outpaces its growing supply capacity.Revenue reached $16.1 billion, benefiting from a 70% year-over-year growth in AI-driven businesses, including record growth in data center segments.

Intel Corporation Is Not Just A PC Story — Data Center Revenue Surges 59%!

<ul>
<li>Intel crushed consensus with a $0.42 EPS and $16.1B revenue print, effortlessly clearing our 38-cent preview hurdle on pure fundamental strength, not accounting optics.</li>
<li>A glaring dichotomy has emerged post-earnings: analysts are protecting prior scepticism with "Neutral" ratings while quietly their price targets significantly higher.</li>
<li>Even resolute bears like JPMorgan are doubling their targets. As the old $150 ceiling shatters, pure target math will force the consensus mean violently higher.</li>
</ul>


Intel crushed consensus with a $0.42 EPS and $16.1B revenue print, effortlessly clearing our 38-cent preview hurdle on pure fundamental strength, not accounting optics.
A glaring dichotomy has emerged post-earnings: analysts are protecting prior scepticism with "Neutral" ratings while quietly their price targets significantly higher.
Even resolute bears like JPMorgan are doubling their targets. As the old $150 ceiling shatters, pure target math will force the consensus mean violently higher.


Intel Earnings Expose the Street's Stealth Upgrade Cycle

Technology / Semiconductor / Internet Research

Nicolas Baratte

<ul>
<li>Big beat. Revenue up 25% YoY driven by AI CPU demand. Gross Margin above 40%, improving pricing, manufacturing yields and loading, insourcing. 2Q26 is a major break thru for Intel.</li>
<li>2026 Capex increased slightly from ~18bn to above $20bn. 2027 capex up “significantly”. Intel is now showing real progress in yields, leading to insourcing (away from TSMC), hence higher margins.</li>
<li>2026 Consensus can be revised up ~20%. Bigger unknown is for 2027-28, Consensus could be revised up by 30-40%,  stock would be trading at ~40x 2027 EPS, ~25x 2028 EPS.</li>
</ul>


Big beat. Revenue up 25% YoY driven by AI CPU demand. Gross Margin above 40%, improving pricing, manufacturing yields and loading, insourcing. 2Q26 is a major break thru for Intel.
2026 Capex increased slightly from ~18bn to above $20bn. 2027 capex up “significantly”. Intel is now showing real progress in yields, leading to insourcing (away from TSMC), hence higher margins.
2026 Consensus can be revised up ~20%. Bigger unknown is for 2027-28, Consensus could be revised up by 30-40%,  stock would be trading at ~40x 2027 EPS, ~25x 2028 EPS.


Intel 2Q26: Big Beat Led by AI Data Center and Improving Foundry Execution

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 Q2: The $1.40 EPS Kicker and the 18A Margin Illusion

Client margin compression due to Panther Lake ramp costs is temporary, DCAI revenue up 59% from AI market growth, and Intel's tax rebate offsets...

Mint Finance

Intel Q2 2026. Doubling Down On 14A, But Is It Too Little, Too Late?

Intel now fully committed to high volume ramps of 14A in 2028, one year after threatening to pull the plug entirely without paying external...

William Keating

Intel Corporation Is Not Just A PC Story — Data Center Revenue Surges 59%!

Intel Corporation reported second-quarter 2026 results characterized by revenue, gross margin, and earnings per share performance exceeding...

Baptista Research

Intel Earnings Expose the Street's Stealth Upgrade Cycle

Intel exceeded expectations with strong earnings, prompting analysts to raise price targets despite prior scepticism. Target prices are expected...

Mint Finance

Intel 2Q26: Big Beat Led by AI Data Center and Improving Foundry Execution

Intel's revenue up 25% driven by AI CPU demand, with gross margin above 40% and increased capex for future growth. Consensus should be revised up

Nicolas Baratte

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Intel Q2: The $1.40 EPS Kicker and the 18A Margin Illusion

​Client margin compression due to Panther Lake ramp costs is temporary, DCAI revenue up 59% from AI market growth, and Intel's tax rebate offsets...

Mint Finance

Intel Q2 2026. Doubling Down On 14A, But Is It Too Little, Too Late?

Intel now fully committed to high volume ramps of 14A in 2028, one year after threatening to pull the plug entirely without paying external...

William Keating

Intel Corporation Is Not Just A PC Story — Data Center Revenue Surges 59%!

Intel Corporation reported second-quarter 2026 results characterized by revenue, gross margin, and earnings per share performance exceeding...

Baptista Research

Intel Earnings Expose the Street's Stealth Upgrade Cycle

​Intel exceeded expectations with strong earnings, prompting analysts to raise price targets despite prior scepticism. Target prices are expected...

Mint Finance

Intel 2Q26: Big Beat Led by AI Data Center and Improving Foundry Execution

​Intel's revenue up 25% driven by AI CPU demand, with gross margin above 40% and increased capex for future growth. Consensus should be revised up

Nicolas Baratte

Client margin compression due to Panther Lake ramp costs is temporary, DCAI revenue up 59% from AI market growth, and Intel's tax rebate offsets...

Intel exceeded expectations with strong earnings, prompting analysts to raise price targets despite prior scepticism. Target prices are expected...

Intel's revenue up 25% driven by AI CPU demand, with gross margin above 40% and increased capex for future growth. Consensus should be revised up