Taiwan Tech Focused Senior Analyst

Patrick Liao

Equity Bottom-Up

<ul>
<li>Regardless of the circumstances, <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 select a new CEO and hope that a new strategy will turn the situation around.  </li>
<li>A possible decision to spin off Altera could signal the possibility of Intel further breaking into several parts.</li>
<li>For the near term, Intel must overcome financial and management challenges, and laying off 1/10 of its workforce is a short-term and necessary step.  </li>
</ul>


Regardless of the circumstances, Intel Corp (INTC US) must select a new CEO and hope that a new strategy will turn the situation around.  
A possible decision to spin off Altera could signal the possibility of Intel further breaking into several parts.
For the near term, Intel must overcome financial and management challenges, and laying off 1/10 of its workforce is a short-term and necessary step.  


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

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>Laser focus, transparency and adoption of a "say do" approach to measuring success are now the order of the day at Intel</li>
<li>Data Center roadmap not in good shape and if IFS can't deliver, MJ won't hesitate to outsource DC products to TSMC alongside existing Client products.</li>
<li>Gaudi is not a mass market product, Falcon Shores won't be great either but we will listen, learn, iterate and fail quickly. Watch out NVIDIA !</li>
</ul>


Laser focus, transparency and adoption of a "say do" approach to measuring success are now the order of the day at Intel
Data Center roadmap not in good shape and if IFS can't deliver, MJ won't hesitate to outsource DC products to TSMC alongside existing Client products.
Gaudi is not a mass market product, Falcon Shores won't be great either but we will listen, learn, iterate and fail quickly. Watch out NVIDIA !


Intel. Laser Focus & No More Meaningless Life-Time Value Foundry Deal Updates

Podcast On the Business of Semiconductors, The Circuit

The Circuit

Podcast On the Business of Semiconductors

A Podcast On the Business of Semiconductors. With Jay Goldberg and Ben Bajarin

<ul><li>The Circuit podcast discusses the uncertainty surrounding Intel's future leadership and strategic direction</li><li>Ben and Jay analyze the board's role in Intel's challenges and debate the company's path forward</li><li>The podcast ends on a hopeful note, with Jay expressing optimism about Intel's 14A technology and the potential for success in the future</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p>

The Circuit podcast discusses the uncertainty surrounding Intel's future leadership and strategic directionBen and Jay analyze the board's role in Intel's challenges and debate the company's path forwardThe podcast ends on a hopeful note, with Jay expressing optimism about Intel's 14A technology and the potential for success in the futureThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Episode 96: The State of Intel Post Pat G, Product Roadmap focus, Foundries Strategic Value

<ul>
<li>Pat Gelsinger took to X to invite us to join him in 24 hours of “praying and fasting” for Intel’s 100k employees to help them navigate “this difficult period”</li>
<li>This is an unprecedented move never before seen in the semiconductor world, albeit we suspect that IBM may have dabbled in something similar to resurrect their 2nm process prowess</li>
<li>This coming Thursday is the proposed date. Don't expect miracles, this could take until the following Monday for the full impact to manifest itself in terms of share price appreciation</li>
</ul>


Pat Gelsinger took to X to invite us to join him in 24 hours of “praying and fasting” for Intel’s 100k employees to help them navigate “this difficult period”
This is an unprecedented move never before seen in the semiconductor world, albeit we suspect that IBM may have dabbled in something similar to resurrect their 2nm process prowess
This coming Thursday is the proposed date. Don't expect miracles, this could take until the following Monday for the full impact to manifest itself in terms of share price appreciation


Intel Ex-CEO Calls For 24 Hours Of Prayer & Fasting For Intel's Remaining 100k Employees

Technology / Semiconductor / Internet Research

Nicolas Baratte

<ul>
<li>Steady loss of market share to AMD in x86 PC and Server. Single design win for the GPU Max, overall no AI or Accelerator roadmap.  </li>
<li>Steady deterioration of the financials. Collapse in NON-GAAP Operating Profits, leading to negative Free Cash Flow, leading to increasing Net Debt. </li>
<li>Most damaging, IMO was during 3Q24 conference call (1st Nov 2024) when the CFO David Zinsner said: don’t expect a recovery before 2026. CEO Gelsinger was gone 1 month later. </li>
</ul>


Steady loss of market share to AMD in x86 PC and Server. Single design win for the GPU Max, overall no AI or Accelerator roadmap.  
Steady deterioration of the financials. Collapse in NON-GAAP Operating Profits, leading to negative Free Cash Flow, leading to increasing Net Debt. 
Most damaging, IMO was during 3Q24 conference call (1st Nov 2024) when the CFO David Zinsner said: don’t expect a recovery before 2026. CEO Gelsinger was gone 1 month later. 


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): Exploring a Tough Journey.

Intel Corp faces challenges and must choose a new CEO, potentially signaling a breakup with a spinoff of Altera, amidst financial struggles and...

Patrick Liao

Intel. Laser Focus & No More Meaningless Life-Time Value Foundry Deal Updates

Laser focus, transparency & adopting a "say do" approach to measuring success will be the new Intel. No more meaningless LDV updates on IFS. DC...

William Keating

Episode 96: The State of Intel Post Pat G, Product Roadmap focus, Foundries Strategic Value

Ben and Jay discuss the recent changes at Intel, including the departure of CEO Pat Gelsinger and potential strategies for the company's future...

The Circuit

Intel Ex-CEO Calls For 24 Hours Of Prayer & Fasting For Intel's Remaining 100k Employees

Pat Gelsinger took to X to invite us to join him in 24 hours of “praying and fasting” for Intel’s 100k employees to help them navigate “this...

William Keating

Intel: A Graphic Novel Of A Train Wreck

Everything that could go wrong did go wrong: losing market share to AMD, no success for GPU or Gaudi, financial deterioration, and finally CFO...

Nicolas Baratte

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

​Intel Corp faces challenges and must choose a new CEO, potentially signaling a breakup with a spinoff of Altera, amidst financial struggles and...

Patrick Liao

Intel. Laser Focus & No More Meaningless Life-Time Value Foundry Deal Updates

Laser focus, transparency & adopting a "say do" approach to measuring success will be the new Intel. No more meaningless LDV updates on IFS. DC...

William Keating

Episode 96: The State of Intel Post Pat G, Product Roadmap focus, Foundries Strategic Value

Ben and Jay discuss the recent changes at Intel, including the departure of CEO Pat Gelsinger and potential strategies for the company's future...

The Circuit

Intel Ex-CEO Calls For 24 Hours Of Prayer & Fasting For Intel's Remaining 100k Employees

Pat Gelsinger took to X to invite us to join him in 24 hours of “praying and fasting” for Intel’s 100k employees to help them navigate “this...

William Keating

Intel: A Graphic Novel Of A Train Wreck

Everything that could go wrong did go wrong: losing market share to AMD, no success for GPU or Gaudi, financial deterioration, and finally CFO...

Nicolas Baratte

Intel Corp faces challenges and must choose a new CEO, potentially signaling a breakup with a spinoff of Altera, amidst financial struggles and...