Taiwan Tech Focused Senior Analyst

Patrick Liao

Equity Bottom-Up

<ul>
<li>After the new CEO, Mr. Lip-Pu Tan, took office at the chip giant <a href="https://www.smartkarma.com/entities/intel-corp" target="_blank" data-smartkarma-citation="entities:16764:1" rel="noopener">Intel Corp (INTC US)</a>, he initiated a large-scale restructuring of the executive team and organization.</li>
<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> to sell 51% share of Altera to Silver Lake, a global leader in technology investing. This deal is further to deal with non-performing assets.</li>
<li>Now, the critical question is, who are the clients of Intel Corp (INTC US) IFS (Intel Foundry Service)?  </li>
</ul>


After the new CEO, Mr. Lip-Pu Tan, took office at the chip giant Intel Corp (INTC US), he initiated a large-scale restructuring of the executive team and organization.

Intel Corp (INTC US) to sell 51% share of Altera to Silver Lake, a global leader in technology investing. This deal is further to deal with non-performing assets.
Now, the critical question is, who are the clients of Intel Corp (INTC US) IFS (Intel Foundry Service)?  


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

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 is navigating one of the most pivotal moments in its corporate history as new CEO Lip-Bu Tan begins implementing a series of structural reforms aimed at reversing the chipmaker’s prolonged decline.</li><li>In recent weeks, a series of bold announcements and market-moving headlines have brought Intel’s turnaround efforts back into the spotlight.</li><li>The most notable development is a tentative joint venture with Taiwan Semiconductor Manufacturing Company (TSMC), where TSMC is expected to take a 20% stake in Intel’s loss-making manufacturing business in exchange for sharing advanced foundry techniques.</li></ul>

Intel is navigating one of the most pivotal moments in its corporate history as new CEO Lip-Bu Tan begins implementing a series of structural reforms aimed at reversing the chipmaker’s prolonged decline.In recent weeks, a series of bold announcements and market-moving headlines have brought Intel’s turnaround efforts back into the spotlight.The most notable development is a tentative joint venture with Taiwan Semiconductor Manufacturing Company (TSMC), where TSMC is expected to take a 20% stake in Intel’s loss-making manufacturing business in exchange for sharing advanced foundry techniques.

Intel's High-Stakes Reboot: Can the TSMC Tie-Up and Lip-Bu Tan's Strategy Save the Chip Giant?

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>
<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

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. (IV)

New Intel CEO initiates restructuring, sells 51% of Altera to Silver Lake, raising questions about Intel Corp IFS clients.

Patrick Liao

Intel's High-Stakes Reboot: Can the TSMC Tie-Up and Lip-Bu Tan's Strategy Save the Chip Giant?

Intel is navigating one of the most pivotal moments in its corporate history as new CEO Lip-Bu Tan begins implementing a series of structural...

Baptista Research

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

​New Intel CEO initiates restructuring, sells 51% of Altera to Silver Lake, raising questions about Intel Corp IFS clients.

Patrick Liao

Intel's High-Stakes Reboot: Can the TSMC Tie-Up and Lip-Bu Tan's Strategy Save the Chip Giant?

Intel is navigating one of the most pivotal moments in its corporate history as new CEO Lip-Bu Tan begins implementing a series of structural...

Baptista Research

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

New Intel CEO initiates restructuring, sells 51% of Altera to Silver Lake, raising questions about Intel Corp IFS clients.

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