英特尔二季度财报和三季度指引超预期，AI服务器CPU需求与资本开支上调带动亚洲半导体设备链读出

# 美股盘后催化 3/12: Intel财报和指引大超预期，数据中心CPU/XPU长协与资本开支上调重塑AI服务器需求结构

- 美股会话: 2026-07-23
- 方向: POSITIVE；类型: 财报/指引；规划重大性: 9/10
- 映射模式: supply_chain
- 美股驱动（规划器初判，需独立核验）: 事实：Intel Q2收入161亿美元、同比增25%，DCAI收入约63亿美元、同比增59%，Q3指引高于预期，盘后涨约10%-13%；管理层称数据中心服务器CPU需求超过供应，并披露3-5年CPU/XPU长期供货协议，2026资本开支从180亿美元上调至200亿美元且2027显著增加。推断：AI服务器需求正从GPU扩散到CPU/XPU、基板、测试、设备和先进封装；但Intel自由现金流、foundry亏损和capex资金来源仍需折价。

## 本催化相关美股真实收盘行情

- AMD (AMD.US): 539.69 -2.29%
- 阿斯麦ADR (ASML.US): 1803.0 +0.06%
- 英特尔 (INTC.US): 100.23 -2.33%
- 应用材料 (AMAT.US): 562.8 +1.60%
- 泛林 (LRCX.US): 319.78 +0.15%
- Arm (ARM.US): 283.04 -0.13%
- KLA (KLAC.US): 218.73 +1.88%

## 亚太映射假设（仅候选，必须查证）

- 东京电子 (8035.JP) [JP/供应商/positive]: Intel提高设备采购和美国fab资本开支，可能拉动前道设备订单。；核验问题: Intel 3、18A、18A-P、14A相关设备采购中东京电子的工具品类和份额。
- Advantest (6857.JP) [JP/供应商/positive]: CPU/XPU与AI服务器平台放量可能提升测试设备需求。；核验问题: Intel服务器CPU/XPU、先进封装和AI平台测试设备供应商分配。
- 三星电子 (005930.KS) [KR/供应商/竞争替代/mixed]: 服务器CPU需求拉动DRAM/SSD，但Intel foundry扩张也可能与三星代工竞争。；核验问题: 三星在Intel服务器平台存储、封装、代工或基板链中的实际暴露。

## 必答问题

- Intel数据中心增长中补库存、价格、AI增量和供给追赶各占多少？
- 长期CPU/XPU协议客户是谁，是否包含价格承诺和不可取消条款？
- capex上调是否由真实外部客户订单支持，还是战略性产能先行？

## 原始证据全文（15 条）

### [E2170] INTC | 2026-07-23 20:01 UTC | 收盘后
Intel Reports Second-Quarter 2026 Financial Results
News Summary
- Second-quarter revenue was $16.1 billion, up 25% year-over-year (YoY).
- Second-quarter earnings (loss) per share (EPS) attributable to Intel was $(2.16); non-GAAP EPS attri
URL: https://www.intc.com/news-events/press-releases/detail/1776/intel-reports-second-quarter-2026-financial-results
Intel Reports Second-Quarter 2026 Financial Results
News Summary
- Second-quarter revenue was $16.1 billion, up 25% year-over-year (YoY).
- Second-quarter earnings (loss) per share (EPS) attributable to Intel was $(2.16); non-GAAP EPS attributable to Intel was $0.42.
- Forecasting third-quarter 2026 revenue of $15.8 billion to $16.8 billion; expecting third-quarter EPS attributable to Intel of $0.31 and non-GAAP EPS attributable to Intel of $0.38.
SANTA CLARA, Calif.--(BUSINESS WIRE)-- Intel Corporation today reported second-quarter 2026 financial results.
“AI is driving unprecedented demand for compute, and as we continue to execute, Intel is well-positioned to capture sustainable growth across our CPU franchise, ASICs, advanced packaging and vast wafer foundry network,” said Lip-Bu Tan, Intel CEO. “Our Q2 results represent our strongest revenue growth in more than fifteen years, enabled by greater speed, accountability, and customer focus.”
“We delivered a strong second quarter, exceeding our financial guidance on robust demand and improved execution, including volume upside driven by higher factory yields and improved cycle times,” said Dave Zinsner, Intel CFO. “AI-driven compute continues to strengthen, and to support expected growth this year and next across products and foundry, we are meaningfully increasing our investments in equipment, clean room space, and substrates.”
Q2 2026 Financial Results
GAAP |
Non-GAAP |
||||||||||
Q2 2026 |
Q2 2025 |
vs. Q2 2025 |
Q2 2026 |
Q2 2025 |
vs. Q2 2025 |
||||||
Revenue ($B) |
$16.1 |
$12.9 |
up 25% |
Gross margin |
40.4% |
27.5% |
up 12.9 ppts |
41.8% |
29.7% |
up 12.1 ppts |
R&D and MG&A ($B) |
$4.5 |
$4.8 |
down 6% |
$4.0 |
$4.3 |
down 8% |
Operating margin (loss) |
11.1% |
(24.7)% |
up 35.8 ppts |
17.2% |
(3.9)% |
up 21.1 ppts |
Tax rate |
(0.3)% |
(9.2)% |
up 8.9 ppts |
11.0% |
12.0% |
down 1 ppt |
Net income (loss) attributable to Intel ($B) |
$(11.0) |
$(2.9) |
n/m* |
$2.2 |
$(0.4) |
n/m* |
Earnings (loss) per share attributable to Intel—diluted |
$(2.16) |
$(0.67) |
n/m* |
$0.42 |
$(0.10) |
n/m* |
Full reconciliations between GAAP and non-GAAP measures are provided below. |
||||||||||||
*Not meaningful |
In the second quarter, the company generated $7.0 billion in cash from operations.
Business Unit Summary
The comparability of our Consolidated Condensed Financial Statements YoY was impacted by the deconsolidation of Altera. Altera, a business offering programmable semiconductors, primarily FPGAs, and related products for a broad range of applications that was previously a wholly owned subsidiary, was deconsolidated from our Consolidated Condensed Financial Statements effective September 12, 2025, following the closing of the sale of 51% of Altera's issued and outstanding common stock. Altera's financial results of operations were included in our Consolidated Condensed Financial Statements through September 11, 2025.
Business Unit Revenue and Trends |
Q2 20261 |
vs. Q2 2025 |
||
Intel Products: |
Client Computing and Physical AI Group (CCPG)2 |
$8.9 billion |
up |
13% |
Data Center and AI (DCAI) |
6.3 billion |
up |
59% |
Total Intel Products revenue |
15.1 billion |
up |
28% |
Intel Foundry |
5.8 billion |
up |
31% |
All other |
0.7 billion |
down |
33% |
Intersegment eliminations |
(5.5) billion |
Total net revenue |
$16.1 billion |
up |
25% |
1 |
Operating segment revenues include intersegment transactions and are presented as actual and rounded; as a result, totals may not sum. |
2 |
Client Computing and Physical AI Group operating segment, formerly the Client Computing Group (CCG) operating segment. |
Business Highlights
Product Momentum
- Intel advanced its agentic AI infrastructure strategy with new rack-scale AI infrastructure and disaggregated inference solutions built on Intel® Xeon® processors. Intel, SambaNova and Foxconn demonstrated production-ready rack-scale infrastructure for inference and agentic workloads, while Vector Core Compute (VC2) unveiled a disaggregated agentic cloud combining Intel® Xeon® processors, SambaNova RDUs and NVIDIA Blackwell GPUs.
- Intel launched next-generation data center CPU, Xeon® 6+, Intel's first server class product on Intel 18A for sustained performance under real-world power constraints.
- Intel expanded its physical AI and robotics momentum, with more than 130 customers adopting or testing Intel® Core™ Ultra Series 3 and Intel® Core™ Series 3 processors for edge AI and robotics applications. Intel also introduced OpenVINO™ Physical AI, an open-source framework designed to help developers deploy robotics models across vision, language, reasoning and motion-control workloads.
- Intel introduced Intel® Arc™ G-Series processors, a new family of products designed for next-generation handheld gaming systems.
- Intel announced strategic collaborations with Foxconn, Siemens, Hitachi, Echo Neurotechnologies and Greenstone Biosciences to co-develop industry-specific AI and compute solutions powered by Intel processors and purpose-built silicon.
- Intel introduced Ethernet® E835 portfolio, scaling from 10GbE to 200GbE across cloud, AI, enterprise, edge and telco infrastructure, demonstrating its networking leadership.
Foundry Momentum
- Intel Foundry advanced the Intel 18A family as Intel 18A-P entered risk production, meeting the timeline shared with customers and partners last year while extending the platform with enhanced performance, power, and thermal resistance.
- Intel Foundry has entered high-volume manufacturing for a subset of Intel® Core™ Ultra Series 3 processors, code-named Panther Lake, using ASML’s EXE High NA EUV technology.
- Intel expanded its purpose-built silicon business beyond networking and IPUs through a strategic collaboration with Fortinet to develop Fortinet Security Processor 6 using Intel's advanced design, packaging and manufacturing capabilities.
- Intel announced a €5 billion investment to expand manufacturing capacity and increase production of Intel® Xeon® 6 and next-generation Intel® Xeon® processors built on Intel 3.
- Intel expanded Bowers campus capacity, increasing Intel Mask Operations capability to support current and future leading-edge process technology development and manufacturing.
Culture & Leadership
- Intel strengthened its leadership team with the appointments of Alex Katouzian to lead the Client Computing and Physical AI Group, Pushkar Ranade as chief technology officer, Seok-Hee Lee to lead advanced packaging, and Aparna Bawa to lead Intel’s global legal, ethics, compliance, people, and culture organization. These appointments further align Intel’s product, technology, manufacturing, and culture organizations with the company’s innovation and execution priorities.
- Intel and Google Cloud expanded their multi-year strategic collaboration to scale AI capabilities across Intel’s workforce and strengthen existing workflows as part of Intel’s AI-powered transformation.
Business Outlook
Intel's guidance for the third quarter of 2026 includes both GAAP and non-GAAP estimates as follows:
Q3 2026 |
GAAP |
Non-GAAP |
Revenue |
$15.8-16.8 billion |
Gross margin |
41.0% |
42.0% |
Tax Rate |
1% |
11% |
Earnings (Loss) Per Share Attributable to Intel—Diluted |
$0.31 |
$0.38 |
Reconciliations between GAAP and non-GAAP financial measures are included below. Actual results may differ materially from Intel’s business outlook as a result of, among other things, the factors described under “Forward-Looking Statements” below. The gross margin and EPS outlooks are based on the midpoint of the revenue range.
Earnings Webcast
Intel will hold a public webcast at 2 p.m. PT today to discuss the results for its second quarter. The live public webcast can be accessed on Intel's Investor Relations website at www.intc.com. The corresponding earnings presentation and webcast replay will also be available on the site.
Forward-Looking Statements
This release contains forward-looking statements that involve a number of risks and uncertainties. Words such as "accelerate", "achieve", "aim", "ambitions", "anticipate", "believe", "committed", "continue", "could", "designed", "estimate", "expect", "forecast", "future", "goals", "grow", "guidance", "intend", "likely", "may", "might", "milestones", "next-generation", "objective", "on track", "opportunity", "outlook", "pending", "plan", "position", "possible", "potential", "predict", "progress", "ramp", "roadmap", "seek", "should", "strive", "targets", "to be", "upcoming", "will", "would" and variations of such words and similar expressions are intended to identify such forward-looking statements, which may include statements regarding:
- our business plans and strategy and anticipated benefits therefrom;
- projections of our future financial performance, including future revenue, gross profits, capital expenditures and cash flows;
- projected costs and yield trends;
- future cash requirements, the availability, uses, sufficiency and cost of capital resources, and sources of funding, including for future capital and R&D investments and for returns to stockholders, and credit ratings expectations;
- future products, services and technologies, and the expected goals, timeline, ramps, progress, availability, production, regulation and benefits of such products, services and technologies, including future process nodes and packaging technologies, product roadmaps, schedules, future product architectures, expectations regarding process performance, per-watt parity and metrics, and expectations regarding product and process competitiveness;
- internal and external manufacturing plans, including future internal manufacturing volumes, manufacturing expansion plans and the financing therefor, and external foundry usage;
- future production capacity and product supply;
- supply expectations, including regarding constraints, limitations, pricing, and industry shortages;
- plans and goals related to Intel's foundry business, including with respect to anticipated customers, future manufacturing capacity and service, technology and IP offerings;
- expected timing and impact of acquisitions, divestitures and other significant transactions;
- expected completion and impacts of restructuring activities and cost-saving or efficiency initiatives;
- social and environmental performance goals, measures, strategies and results;
- our anticipated growth, future market share, customer demand and trends in our businesses and operations;
- projected growth and trends in markets relevant to our businesses;
- anticipated trends and impacts related to industry component, substrate and foundry capacity utilization, shortages and constraints;
- expectations regarding government funding, incentives, policies and priorities;
- technology trends and developments, including with respect to AI;
- macroeconomic conditions;
- geopolitical tensions and conflicts, including with respect to international trade policies in areas such as tariffs and export controls, and their potential impact on our business;
- tax- and accounting-related expectations;
- expectations regarding our relationships with certain sanctioned parties; and
- other characterizations of future events or circumstances.
Such statements involve many risks and uncertainties that could cause our actual results to differ materially from those expressed or implied, including those associated with:
- the high level of competition and rapid technological change in our industry;
- the significant, long-term and inherently risky investments we are making in R&D and manufacturing facilities that may not realize a favorable return;
- the complexities and uncertainties in developing and implementing new semiconductor products and manufacturing process technologies;
- our pursuit of Intel 14A and other next-generation leading-edge process technologies, our investments in manufacturing expansion projects to manufacture products using such technologies and our efforts to secure product design wins with and demand commitments from potential significant external customers for the manufacture of products using such technologies;
- alternative financing arrangements and pursuit of government grants;
- the U.S. government's acquisition of significant equity interests in us;
- changes in product demand and margins;
- macroeconomic conditions and geopolitical tensions and conflicts, including geopolitical and trade tensions between the U.S. and China, tensions and conflict affecting Israel and the Middle East, rising tensions between mainland China and Taiwan and the impacts of Russia's war on Ukraine;
- recently elevated geopolitical tensions, volatility and uncertainty with respect to international trade policies, including tariffs and export controls, impacting our business, the markets in which we compete and the world economy;
- the evolving market for products with AI capabilities;
- our complex global supply chain supporting our manufacturing facilities and incorporating external foundries, including from disruptions, delays, trade tensions and conflicts, or shortages, including current industry-wide substrate and memory shortages;
- product defects, errata and other product issues, particularly as we develop next-generation products and implement next-generation manufacturing process technologies;
- potential security vulnerabilities in our products;
- increasing and evolving cybersecurity threats and privacy risks;
- IP risks including related litigation and regulatory proceedings;
- the need to attract, retain and motivate key talent;
- strategic transactions and investments;
- sales-related risks, including customer concentration and the use of distributors and other third parties;
- our debt obligations and our ability to access sources of capital;
- complex and evolving laws and regulations across many jurisdictions;
- catastrophic events;
- fluctuations in currency exchange rates;
- changes in our effective tax rate and applicable tax regimes;
- environmental, health, safety and product regulations; and
- other risks and uncertainties described in this report, our 2025 Form 10-K, our Q1 2026 Form 10-Q, our Q2 2026 Form 10-Q, and our other filings with the SEC.
Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Readers are urged to carefully review and consider the various disclosures made in this release and in other documents we file from time to time with the SEC that disclose risks and uncertainties that may affect our business.
Unless specifically indicated otherwise, the forward-looking statements in this release do not reflect the potential impact of any divestitures, mergers, acquisitions or other business combinations that have not been completed as of the date of this filing. In addition, the forward-looking statements in this release are based on management's expectations as of the date of this release, unless an earlier date is specified, including expectations based on third-party information and projections that management believes to be reputable. We do not undertake, and expressly disclaim any duty, to update such statements, whether as a result of new information, new developments, or otherwise, except to the extent that disclosure may be required by law.
About Intel
Intel (Nasdaq: INTC) designs and manufactures advanced semiconductors that connect and power the modern world. Every day, our engineers create new technologies that enhance and shape the future of computing to enable new possibilities for every customer we serve. Learn more at www.intel.com.
© Intel Corporation. Intel, the Intel logo, and other Intel marks are trademarks of Intel Corporation or its subsidiaries. Other names and brands may be claimed as the property of others.
Intel Corporation |
||||||||
Consolidated Condensed Statements of Operations and Other Information |
||||||||
Three Months Ended |
||||||
(In Millions, Except Per Share Amounts; Unaudited) |
Jun 27, 2026 |
Jun 28, 2025 |
||||
Net revenue |
$ |
16,128 |
$ |
12,859 |
Cost of sales |
9,619 |
9,317 |
Gross profit |
6,509 |
3,542 |
Research and development |
3,368 |
3,684 |
Marketing, general, and administrative |
1,175 |
1,144 |
Restructuring and other charges |
170 |
1,890 |
Operating expenses |
4,713 |
6,718 |
Operating income (loss) |
1,796 |
(3,176 |
) |
Gains (losses) on equity investments, net |
(39 |
) |
502 |
Interest and other, net |
(12,576 |
) |
(95 |
) |
Income (loss) before taxes |
(10,819 |
) |
(2,769 |
) |
Provision for (benefit from) taxes |
29 |
255 |
Net income (loss) |
(10,848 |
) |
(3,024 |
) |
Less: net income (loss) attributable to non-controlling interests |
185 |
(106 |
) |
Net income (loss) attributable to Intel |
$ |
(11,033 |
) |
$ |
(2,918 |
) |
Earnings (loss) per share attributable to Intel—basic |
$ |
(2.16 |
) |
$ |
(0.67 |
) |
Earnings (loss) per share attributable to Intel—diluted |
$ |
(2.16 |
) |
$ |
(0.67 |
) |
Weighted average shares of common stock outstanding: |
||||
Basic |
5,104 |
4,369 |
Diluted |
5,104 |
4,369 |
Other information: |
|||||||||
(In Thousands; Unaudited) |
Jun 27, 2026 |
Mar 28, 2026 |
Jun 28, 2025 |
||||||
Employees |
||||||
Intel1 |
77.6 |
78.5 |
96.4 |
|||
Mobileye and other subsidiaries |
4.7 |
4.7 |
5.0 |
|||
Total Intel |
82.3 |
83.2 |
101.4 |
1 |
Altera, previously a wholly owned subsidiary, was deconsolidated following the sale of 51% of its common stock on September 12, 2025. As a result, approximately 3.0 thousand Altera employees were excluded from Intel’s total employee count following the closing. |
||
Intel Corporation |
||||||||
Consolidated Condensed Balance Sheets |
||||||||
(In Millions, Except Par Value; Unaudited) |
Jun 27, 2026 |
Dec 27, 2025 |
||||
Assets |
||||
Current assets: |
||||
Cash and cash equivalents |
$ |
12,874 |
$ |
14,265 |
Short-term investments |
16,853 |
23,151 |
Accounts receivable, net |
4,033 |
3,839 |
Inventories |
||||
Raw materials |
1,046 |
993 |
Work in process |
8,685 |
7,840 |
Finished goods |
2,761 |
2,785 |
12,492 |
11,618 |
Other current assets |
10,961 |
10,815 |
Total current assets |
57,213 |
63,688 |
||||
Property, plant, and equipment, net |
105,741 |
105,414 |
Equity investments |
8,410 |
8,512 |
Goodwill |
20,465 |
23,912 |
Identified intangible assets, net |
2,545 |
2,772 |
Other long-term assets |
8,065 |
7,131 |
Total assets |
$ |
202,439 |
$ |
211,429 |
||||
Liabilities and stockholders' equity |
||||
Current liabilities: |
||||
Accounts payable |
8,756 |
9,882 |
Accrued compensation and benefits |
3,748 |
3,990 |
Short-term debt |
1,988 |
2,499 |
Other accrued liabilities |
21,178 |
15,204 |
Total current liabilities |
35,670 |
31,575 |
||||
Debt |
48,549 |
44,086 |
Other long-term liabilities |
15,077 |
9,408 |
Stockholders' equity |
||||
Common stock and capital in excess of par value, 5,043 shares issued and outstanding (4,994 issued and outstanding as of December 27, 2025) |
53,780 |
65,185 |
Accumulated other comprehensive income (loss) |
(80 |
) |
113 |
Retained earnings |
33,842 |
48,983 |
Total Intel stockholders' equity |
87,542 |
114,281 |
Non-controlling interests |
15,601 |
12,079 |
Total stockholders' equity |
103,143 |
126,360 |
Total liabilities and stockholders’ equity |
$ |
202,439 |
$ |
211,429 |
Intel Corporation |
||||||||
Consolidated Condensed Statements of Cash Flows |
||||||||
Six Months Ended |
||||||
(In Millions; Unaudited) |
Jun 27, 2026 |
Jun 28, 2025 |
||||
||||
Cash, cash equivalents, and restricted cash, beginning of period |
$ |
14,712 |
$ |
8,249 |
Cash flows provided by (used for) operating activities: |
||||
Net income (loss) |
(15,129 |
) |
(3,911 |
) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: |
||||
Depreciation |
5,891 |
5,213 |
Share-based compensation |
1,307 |
1,348 |
Restructuring and other charges |
3,967 |
382 |
Amortization of intangibles |
469 |
474 |
(Gains) losses on equity investments, net |
111 |
(390 |
) |
Mark-to-market (gains) losses on Escrowed Shares1 |
13,619 |
— |
Deferred taxes |
(27 |
) |
106 |
Impairments and net (gain) loss on retirement of property, plant, and equipment |
165 |
482 |
Changes in assets and liabilities: |
||||
Accounts receivable |
(221 |
) |
1,004 |
Inventories |
(874 |
) |
99 |
Accounts payable |
310 |
114 |
Accrued compensation and benefits |
(372 |
) |
1,022 |
Income taxes |
(477 |
) |
(1,338 |
) |
Other assets and liabilities |
(637 |
) |
(1,742 |
) |
Total adjustments |
23,231 |
6,774 |
Net cash provided by (used for) operating activities |
8,102 |
2,863 |
Cash flows provided by (used for) investing activities: |
||||
Additions to property, plant, and equipment |
(6,192 |
) |
(8,733 |
) |
Proceeds from capital-related government incentives |
167 |
964 |
Acquisitions, net of cash acquired |
(596 |
) |
— |
Purchases of short-term investments |
(12,737 |
) |
(5,730 |
) |
Sales of short-term investments |
11,009 |
1,948 |
Maturities of short-term investments |
7,724 |
6,627 |
Proceeds from divestitures, net |
— |
1,935 |
Other investing |
(44 |
) |
984 |
Net cash provided by (used for) investing activities |
(669 |
) |
(2,005 |
) |
Cash flows provided by (used for) financing activities: |
||||
Issuance of commercial paper, net of issuance costs |
— |
3,493 |
Repayment of commercial paper |
— |
(1,496 |
) |
Payments on finance leases |
(832 |
) |
(9 |
) |
Partner contributions |
4,082 |
2,238 |
Partner distributions |
(14,339 |
) |
(91 |
) |
Additions to property, plant, and equipment |
(1,423 |
) |
(1,962 |
) |
Issuance of term debt, net of issuance costs |
13,000 |
— |
Repayment of term debt |
(9,000 |
) |
(1,500 |
) |
Proceeds from sales of common stock through employee equity incentive plans |
427 |
491 |
Restricted stock unit withholdings |
(617 |
) |
(181 |
) |
Other financing |
154 |
(397 |
) |
Net cash provided by (used for) financing activities |
(8,548 |
) |
586 |
Net increase (decrease) in cash, cash equivalents, and restricted cash |
(1,115 |
) |
1,444 |
Cash, cash equivalents, and restricted cash, end of period |
$ |
13,597 |
$ |
9,693 |
1 |
Escrowed Shares refer to shares of Intel common stock held in escrow to be released to the U.S. Department of Commerce (DOC) as we perform and receive cash proceeds in connection with our CHIPS Act Secure Enclave agreement with the U.S. Government. |
Intel Corporation |
||||||||||||||||||||||||||||||||
Supplemental Operating Segment Results |
||||||||||||||||||||||||||||||||
Three Months Ended |
||||||||||||||||||||||||||||||
(In Millions; Unaudited) |
Jun 27, 2026 |
||||||||||||||||||||||||||||||
Intel Products |
||||||||||||||||||||
CCPG1 |
DCAI |
Total Intel Products |
Intel Foundry |
All Other2 |
Corporate Unallocated |
Intersegment Eliminations |
Total Consolidated |
||||||||||||||||
Revenue |
$ |
8,877 |
$ |
6,262 |
$ |
15,139 |
$ |
5,765 |
$ |
701 |
$ |
— |
$ |
(5,477 |
) |
$ |
16,128 |
Cost of sales and operating expenses |
6,534 |
3,788 |
10,322 |
7,854 |
471 |
1,416 |
(5,731 |
) |
14,332 |
Operating income (loss) |
$ |
2,343 |
$ |
2,474 |
$ |
4,817 |
$ |
(2,089 |
) |
$ |
230 |
$ |
(1,416 |
) |
$ |
254 |
$ |
1,796 |
Three Months Ended |
||||||||||||||||||||||||||||||
(In Millions; Unaudited) |
Jun 28, 2025 |
||||||||||||||||||||||||||||||
Intel Products |
||||||||||||||||||||
CCPG1 |
DCAI |
Total Intel Products |
Intel Foundry |
All Other2 |
Corporate Unallocated |
Intersegment Eliminations |
Total Consolidated |
||||||||||||||||
Revenue |
$ |
7,871 |
$ |
3,939 |
$ |
11,810 |
$ |
4,417 |
$ |
1,053 |
$ |
— |
$ |
(4,421 |
) |
$ |
12,859 |
Cost of sales and operating expenses |
5,818 |
3,306 |
9,124 |
7,585 |
984 |
2,755 |
(4,413 |
) |
16,035 |
Operating income (loss) |
$ |
2,053 |
$ |
633 |
$ |
2,686 |
$ |
(3,168 |
) |
$ |
69 |
$ |
(2,755 |
) |
$ |
(8 |
) |
$ |
(3,176 |
) |
1 |
Client Computing and Physical AI Group operating segment, formerly the Client Computing Group (CCG) operating segment |
2 |
The "All Other" category includes the results of operations from other non-reportable segments, including our Mobileye business, our IMS business, startup businesses that support our initiatives, and historical results of operations from divested businesses, including Altera, which we divested on September 12, 2025. Altera's results were included within "All Other" for periods presented through September 11, 2025. |
Intel Corporation
Explanation of Non-GAAP Measures
In addition to disclosing financial results in accordance with US GAAP, this document references non-GAAP financial measures below. We believe these non-GAAP financial measures provide investors with useful supplemental information about our operating performance, enable comparison of financial trends and results between periods where certain items may vary independent of business performance, and allow for greater transparency with respect to key metrics used by management in operating our business and measuring our performance. These non-GAAP financial measures are used in our performance-based RSUs and our cash bonus plans.
Our non-GAAP financial measures reflect adjustments based on one or more of the following items, as well as the related effects to income taxes and net income (loss) attributable to non-controlling interests. Income tax effects are calculated using a fixed long-term projected tax rate. For 2026 and 2025, we determined the projected non-GAAP tax rate to be 11% and 12%, respectively. We project this long-term non-GAAP tax rate on at least an annual basis using a five-year non-GAAP financial projection that excludes the income tax effects of each adjustment. The projected non-GAAP tax rate also considers factors such as our tax structure, our tax positions in various jurisdictions, and key legislation in significant jurisdictions where we operate. This long-term non-GAAP tax rate may be subject to change for a variety of reasons, including the rapidly evolving global tax environment, significant changes in our geographic earnings mix, or changes to our strategy or business operations. Management uses this non-GAAP tax rate in managing internal short- and long-term operating plans and in evaluating our performance; we believe this approach facilitates comparison of our operating results and provides useful evaluation of our current operating performance. Non-GAAP adjustments attributable to non-controlling interests are calculated by adjusting for the minority stockholder portion of non-GAAP adjustments we make for relevant acquisition-related costs, share-based compensation, restructuring and other charges, and income tax effects, as applicable to each majority-owned subsidiary.
Our non-GAAP financial measures should not be considered a substitute for, or superior to, financial measures calculated in accordance with U.S. GAAP, and the financial results calculated in accordance with U.S. GAAP and reconciliations from these results should be carefully evaluated.
Non-GAAP adjustment or measure |
Definition |
Usefulness to management and investors |
Acquisition-related adjustments |
Amortization of acquisition-related intangible assets consists of amortization of intangible assets such as developed technology, brands, and customer relationships acquired in connection with business combinations. Charges related to the amortization of these intangibles are recorded within both cost of sales and marketing, general and administrative expenses in our U.S. GAAP financial statements. Amortization charges are recorded over the estimated useful life of the related acquired intangible asset, and thus are generally recorded over multiple years. |
We exclude amortization charges for our acquisition-related intangible assets for purposes of calculating certain non-GAAP measures because these charges are inconsistent in size and are significantly impacted by the timing and valuation of our acquisitions. These adjustments facilitate a useful evaluation of our current operating performance and comparison to our past operating performance and provide investors with additional means to evaluate cost and expense trends. |
Share-based compensation |
Share-based compensation consists of charges related to our employee equity incentive plans. Charges related to share-based compensation are recorded within cost of sales, research and development, and marketing, general and administrative. |
We exclude charges related to share-based compensation for purposes of calculating certain non-GAAP measures because we believe these adjustments provide comparability to peer company results and because these charges are not viewed by management as part of our core operating performance. We believe these adjustments provide investors with a useful view, through the eyes of management, of our core business model, how management currently evaluates core operational performance, and additional means to evaluate expense trends, including in comparison to other peer companies. |
Restructuring and other charges |
Restructuring charges are costs associated with restructuring plans and are primarily related to employee severance and benefit arrangements. Other charges include periodic goodwill and asset impairments, and other costs associated with certain non-core activities. Q2 2026 and Q2 2025 primarily includes charges associated with the 2025 Restructuring Plan. |
We exclude restructuring and other charges, including any adjustments to charges recorded in prior periods, for purposes of calculating certain non-GAAP measures because these costs do not reflect our core operating performance. These adjustments facilitate a useful evaluation of our core operating performance and comparisons to past operating results and provide investors with additional means to evaluate expense trends. |
(Gains) losses on equity investments, net |
(Gains) losses on equity investments, net consists of ongoing mark-to-market adjustments on marketable equity securities, observable price adjustments on non-marketable equity securities, related impairment charges, and the gains (losses) from the sale of equity investments and other. |
We exclude these non-operating gains and losses for purposes of calculating certain non-GAAP measures to provide comparability between periods. The exclusion reflects how management evaluates the core operations of the business. |
(Gains) losses from divestitures |
(Gains) losses are recognized at the close of a divestiture, or over a specified deferral period when deferred consideration is received at the time of closing, as a component of interest and other, net. |
We exclude non-operating gains or losses resulting from divestitures for purposes of calculating certain non-GAAP measures because they do not reflect our current operating performance. These adjustments facilitate a useful evaluation of our current operating performance and comparisons to past operating results. |
(Gains) losses from mark-to-market of Escrowed Shares |
(Gains) losses on mark-to-market of Escrowed Shares is a component of interest and other, net and relates to the change in fair value of the Escrowed Shares derivative liability recognized in connection with the Warrant and Common Stock Agreement with the U.S. Government. Q2 2026 charges represent the net change in fair value of both Escrowed Shares released during the quarter and Escrowed Shares still held in escrow at quarter end. |
We exclude these non-operating gains and losses for purposes of calculating certain non-GAAP measures to provide better comparability between periods. The exclusion reflects how management evaluates the core operations of the business. |
Adjusted free cash flow |
We reference a non-GAAP financial measure of adjusted free cash flow, which is used by management when assessing our sources of liquidity, capital resources, and quality of earnings. Adjusted free cash flow is operating cash flow adjusted for (1) additions to property, plant, and equipment, net of proceeds from capital-related government incentives and net SCIP partner contributions, and (2) payments on finance leases. |
This non-GAAP financial measure is helpful in understanding our capital requirements and sources of liquidity by providing an additional means to evaluate the cash flow trends of our business. |
Intel Corporation
Supplemental Reconciliations of GAAP Actuals to Non-GAAP Actuals
Set forth below are reconciliations of the non-GAAP financial measure to the most directly comparable US GAAP financial measure. These non-GAAP financial measures should not be considered a substitute for, or superior to, financial measures calculated in accordance with US GAAP, and the reconciliations from US GAAP to Non-GAAP actuals should be carefully evaluated. Please refer to "Explanation of Non-GAAP Measures" in this document for a detailed explanation of the adjustments made to the comparable US GAAP measures, the ways management uses the non-GAAP measures, and the reasons why management believes the non-GAAP measures provide useful information for investors.
Three Months Ended |
||||||
($ In Millions, Except Per Share Amounts; Unaudited) |
Jun 27, 2026 |
Jun 28, 2025 |
||||
GAAP gross profit |
$ |
6,509 |
$ |
3,542 |
Acquisition-related adjustments |
100 |
101 |
Share-based compensation |
128 |
170 |
Non-GAAP gross profit |
$ |
6,737 |
$ |
3,813 |
GAAP gross margin percentage |
40.4 |
% |
27.5 |
% |
Acquisition-related adjustments |
0.6 |
% |
0.8 |
% |
Share-based compensation |
0.8 |
% |
1.3 |
% |
Non-GAAP gross margin percentage |
41.8 |
% |
29.7 |
% |
GAAP R&D and MG&A |
$ |
4,543 |
$ |
4,828 |
Acquisition-related adjustments |
(17 |
) |
(18 |
) |
Share-based compensation |
(559 |
) |
(494 |
) |
Non-GAAP R&D and MG&A |
$ |
3,967 |
$ |
4,316 |
GAAP operating income (loss) |
$ |
1,796 |
$ |
(3,176 |
) |
Acquisition-related adjustments |
117 |
119 |
Share-based compensation |
687 |
664 |
Restructuring and other charges |
170 |
1,890 |
Non-GAAP operating income (loss) |
$ |
2,770 |
$ |
(503 |
) |
GAAP operating margin (loss) |
11.1 |
% |
(24.7 |
)% |
Acquisition-related adjustments |
0.7 |
% |
0.9 |
% |
Share-based compensation |
4.3 |
% |
5.2 |
% |
Restructuring and other charges |
1.1 |
% |
14.7 |
% |
Non-GAAP operating margin (loss) |
17.2 |
% |
(3.9 |
)% |
GAAP tax rate |
(0.3 |
)% |
(9.2 |
)% |
Income tax effects |
11.3 |
% |
21.2 |
% |
Non-GAAP tax rate |
11.0 |
% |
12.0 |
% |
GAAP net income (loss) attributable to Intel |
$ |
(11,033 |
) |
$ |
(2,918 |
) |
Acquisition-related adjustments |
117 |
119 |
Share-based compensation |
687 |
664 |
Restructuring and other charges |
170 |
1,890 |
(Gains) losses on equity investments, net |
39 |
(502 |
) |
(Gains) losses from divestiture |
1 |
— |
(Gains) losses on mark-to-market of Escrowed Shares |
12,529 |
— |
Adjustments attributable to non-controlling interest |
(42 |
) |
(21 |
) |
Income tax effects |
(271 |
) |
327 |
Non-GAAP net income (loss) attributable to Intel |
$ |
2,197 |
$ |
(441 |
) |
||||
(In Millions, Except Per Share Amounts; Unaudited) |
Jun 27, 2026 |
Jun 28, 2025 |
||||
GAAP earnings (loss) per share attributable to Intel—diluted |
$ |
(2.16 |
) |
$ |
(0.67 |
) |
Acquisition-related adjustments |
0.02 |
0.03 |
Share-based compensation |
0.13 |
0.15 |
Restructuring and other charges |
0.03 |
0.43 |
(Gains) losses on equity investments, net |
0.01 |
(0.11 |
) |
(Gains) losses from divestiture |
— |
— |
(Gains) losses on mark-to-market of Escrowed Shares |
2.45 |
— |
Adjustments attributable to non-controlling interest |
(0.01 |
) |
— |
Income tax effects |
(0.05 |
) |
0.07 |
Non-GAAP earnings (loss) per share attributable to Intel—diluted |
$ |
0.42 |
$ |
(0.10 |
) |
GAAP net cash provided by (used for) operating activities |
$ |
7,006 |
$ |
2,050 |
Additions to property, plant, and equipment (gross capital expenditures) |
(2,652 |
) |
(4,492 |
) |
Proceeds from capital-related government incentives |
60 |
145 |
Partner contributions, net |
(12,216 |
) |
1,250 |
Payments on finance leases |
(617 |
) |
(3 |
) |
Adjusted free cash flow |
$ |
(8,419 |
) |
$ |
(1,050 |
) |
GAAP net cash provided by (used for) investing activities |
$ |
(3,762 |
) |
$ |
(2,086 |
) |
GAAP net cash provided by (used for) financing activities |
$ |
(7,342 |
) |
$ |
782 |
Intel Corporation
Supplemental Reconciliations of GAAP Outlook to Non-GAAP Outlook
Set forth below are reconciliations of the non-GAAP financial measure to the most directly comparable US GAAP financial measure. These non-GAAP financial measures should not be considered a substitute for, or superior to, financial measures calculated in accordance with US GAAP, and the financial outlook prepared in accordance with US GAAP and the reconciliations from this Business Outlook should be carefully evaluated. Please refer to "Explanation of Non-GAAP Measures" in this document for a detailed explanation of the adjustments made to the comparable US GAAP measures, the ways management uses the non-GAAP measures, and the reasons why management believes the non-GAAP measures provide useful information for investors.
(Unaudited) |
Q3 2026 Outlook1 |
||
Approximately |
||
GAAP gross margin percentage |
41.0 |
% |
Acquisition-related adjustments |
0.3 |
% |
Share-based compensation |
0.7 |
% |
Non-GAAP gross margin percentage |
42.0 |
% |
||
GAAP tax rate |
1 |
% |
Income tax effects |
10 |
% |
Non-GAAP tax rate |
11 |
% |
||
GAAP earnings (loss) per share attributable to Intel—diluted |
$ |
0.31 |
Acquisition-related adjustments |
0.01 |
Share-based compensation |
0.12 |
Adjustments attributable to non-controlling interest |
(0.01 |
) |
Income tax effects |
(0.05 |
) |
Non-GAAP earnings (loss) per share attributable to Intel—diluted |
$ |
0.38 |
1 |
Non-GAAP gross margin percentage and non-GAAP earnings (loss) per share attributable to Intel outlook based on the mid-point of the revenue range. |
Intel Corporation
Supplemental Reconciliations of GAAP Operating Expenses to Non-GAAP Operating Expenses
Set forth below are reconciliations of non-GAAP operating expenses to the most directly comparable US GAAP financial measure, GAAP operating expenses. This non-GAAP financial measure should not be considered a substitute for, or superior to, financial measures calculated in accordance with US GAAP, and the reconciliations should be carefully evaluated. Please refer to "Explanation of Non-GAAP Measures" in this document for a detailed explanation of the adjustments made to the comparable US GAAP measure, the ways management uses the non-GAAP measure, and the reasons why management believes the non-GAAP measure provide useful information for investors.
(In Billions; Unaudited) |
Full-Year 2026 |
||
Approximately |
||
||
GAAP operating expenses |
$ |
23.0 |
Acquisition-related adjustments |
(0.1 |
) |
Share-based compensation |
(2.1 |
) |
Restructuring and other charges |
(4.3 |
) |
Non-GAAP operating expenses |
$ |
16.5 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20260723707213/en/
Investor Relations
investor.relations@intel.com
Abby Zhang
Media Relations
abby.zhang@intel.com
Source: Intel Corporation
Released Jul 23, 2026 • 4:01 PM EDT

### [E2189] Bloomberg | 2026-07-23 20:01 UTC | 收盘后
Intel Soars After AI Data Center Gains Bolster Sales Forecast
URL: https://www.bloomberg.com/news/articles/2026-07-23/intel-forecast-shatters-estimates-fueled-by-data-center-growth
Intel Corp. delivered a surprisingly strong revenue forecast for the current period, indicating that a surge in data center spending is helping fuel the chipmaker’s turnaround.

Sales will be $15.8 billion to $16.8 billion in the third quarter, the company said Thursday in a statement. Even the low end of that range would easily clear the $15.1 billion average analyst estimate.

The outlook underscores Intel’s gains with data center customers, which are clamoring for chips to satisfy demand for artificial intelligence computing. Sales in that segment soared 59% last quarter, more than double the pace of Intel’s overall revenue.

Intel shares gained about 4% in late trading after the results were released. The stock had already more than doubled this year before the report, lifted by growing confidence in Intel’s comeback plan.

Chief Executive Officer Lip-Bu Tan, who took the reins last year, is working to position Intel as a key beneficiary of AI spending. Though Nvidia Corp. remains the dominant provider of accelerator chips, which help develop and run artificial intelligence models, the industry’s broader build-out has fueled demand for a range of semiconductors. That includes Intel’s central processing units, or CPUs.

In data centers, “the CPU is taking off,” Tan said in an interview. “Demand is outpacing our increasing supply, and so those are good problems to have.”

Intel also is making progress in improving its production, Tan said. That’s helping it fill more orders and increasing the chances that other companies will chose to use Intel for outsourced production. Tan declined to discuss specific customer deals, beyond saying there are “multiple engagements,” and said the company should begin to show progress on that front by early next year.

The Santa Clara, California-based company is boosting its spending on equipment to ensure it can meet demand, both for its own chips and products that it manufactures for others.

Chief Executive Officer Dave Zinsner said the company, which had earlier planned to reduce capital spending from a year earlier, is now committed to raising its budget — something it will likely do next year as well.

In the second quarter, revenue rose 25% to $16.1 billion. Profit was 42 cents a share, excluding some items. Analysts had estimated sales of $14.4 billion and earnings of 21 cents on average, according to data compiled by Bloomberg.

Under Tan’s predecessors, Intel lost its manufacturing technology leadership and failed to capitalize on the AI boom. Heavy spending and declining market share led to billions of dollars in red ink.

Since then, a shift in the AI industry’s priorities has been a boon to Intel. Companies are less focused on training AI models and concentrating more on running the systems. That means the general-purpose microprocessor — Intel’s mainstay — is finding favor again.

Intel’s gross margin, the percentage of revenue remaining after deducting the cost of production, widened to 40.4% last quarter on an adjusted basis. That was up nearly 13 percentage points from a year earlier, but profitability remains well below the level when Intel was at the height of its powers. In those years, the chipmaker regularly reported margins north of 60%.

The Intel Foundry Services division — the company’s factory unit — had sales of $5.8 billion, up 31%. That unit currently relies almost exclusively on Intel product divisions for orders, though it is seeking outside customers. The PC chip division had revenue of $8.9 billion, and the data center unit posted sales of $6.3 billion.

### [E2201] 华尔街见闻快讯 | 2026-07-23 20:02 UTC | 收盘后
英特尔CEO：数据中心服务器CPU腾飞。 需求超过供应。
URL: https://wallstreetcn.com/livenews/3139058
英特尔CEO：数据中心服务器CPU腾飞。 需求超过供应。

### [E2202] Reuters Technology | 2026-07-23 20:02 UTC | 收盘后
Intel forecast crushes estimates as AI boom boosts chip demand; shares jump
URL: https://www.reuters.com/business/intel-forecasts-upbeat-quarterly-revenue-profit-strong-ai-driven-server-chip-2026-07-23/
Intel (INTC.O) forecast quarterly profit and revenue above estimates on Thursday, pushing its shares ​up 10% in after-hours trade, and boosted spending plans over the next two years as an AI data center buildout increases demand for its central processing units (CPUs).

The company expects ‌third-quarter revenue between $15.8 billion and $16.8 billion, compared with analysts' average estimate of $15.1 billion, according to data compiled by LSEG. Adjusted profit is expected to be 38 cents per share, compared with analyst estimates of 27 cents.

Intel is benefiting from a boom in what is known as agentic AI, where autonomous agents carry out tasks such as computer coding on behalf of human users. Its shares have declined more than 25% from a record close on June 22 amid a broader selloff in chip ​stocks, though shares remain up more than 170% for the year.

For the second quarter ended June 27, Intel said sales rose 25.4% to $16.13 billion and adjusted profit was 42 cents per ​share, compared with estimates of $14.42 billion and 21 cents per share. Adjusted gross margin came in at 41.8%, compared with estimates of 38.8%.

AGENTIC AI DRIVES CPU ⁠DEMAND SURGE

The shift toward AI agents has driven a resurgence of demand for data center CPUs, with Intel's leaders saying earlier this year that it caught them off guard, with demand outstripping the company's ability ​to manufacture the CPU chips.

In an interview, Chief Financial Officer David Zinsner told Reuters that booming demand has prompted Intel to raise its capital expenditure forecast for this year from $18 billion to $20 billion. Zinsner also ​said Intel expects capital expenditures to be "up meaningfully next year" as well.

"That's signaling the confidence around the growth opportunities for the business," Zinsner said.

He also said that Intel has signed a range of long-term agreements with customers for data center CPUs and specialized chips called XPUs. He said the agreements range from three to five years and that some contain both chip volume and price commitments and some contain only volume commitments. But Zinsner also said Intel would remain disciplined about ​spending.

"You can't completely hang your hat on (long-term agreements) because when things change, a lot of times things get renegotiated," he said. However, "they're not signing those unless they have real confidence around what they're going ​to invest." He added: "It gives us a pretty good confidence around what we should be planning in terms of output."

Zinsner said Intel has about $30 billion in cash and a $10 billion line of credit but that a share sale, while ‌currently not ⁠authorized, is not out of the question.

"I wouldn't dismiss the possibility that we would do that. But no specific plans at this point," he said.

The results vindicate CEO Lip-Bu Tan's costly strategy to regain technology leadership and compete with rivals like Nvidia and AMD in the booming market for AI chips. Investors are closely watching Intel's data center and contract manufacturing, or foundry, businesses as key indicators of the turnaround's success.

For Intel’s data center and AI business, Intel said second-quarter revenue was $6.26 billion, compared with estimates of $5.37 billion.

Also in extended trade, rival chipmakers Arm Holdings and Advanced Micro Devices (AMD.O) rallied more than 3% each, and along with Intel ​they created over $100 billion in stock market value.

Intel ​said sales in its laptop and desktop segment ⁠were $8.88 billion in the second quarter, compared with estimates of $7.89 billion.

Zinsner said that in the company’s laptop and desktop business, unit sales were down but average prices were up as Intel shifted away from supplying lower-cost chips for entry-level machines and back to chips for higher-end devices.

CONTRACT MANUFACTURING GAINS TRACTION

A key part of ​Intel's revival strategy is its contract manufacturing, or foundry business. Intel’s foundry business had $5.77 billion in second-quarter sales, compared with analyst estimates of $5.55 billion.

The ​unit secured Elon Musk's Tesla (TSLA.O) as ⁠a customer for its next-generation 14A process for the "Terafab" AI chip project, bolstering confidence in Intel's efforts to land major buyers.

Zinsner in an interview said that Intel is now formally targeting its 14A process for both internal and external customers.

Bob O'Donnell, CEO of TECHnalysis Research, said Intel's spending plans remove any doubt about its ambitions for 14A.

"There have been lingering questions ever since Lip-Bu Tan took over, and it put a cloud of uncertainty around ⁠the foundry business," ​O'Donnell said. "All those clouds are now removed.”

Expectations of another high-profile win rose in April after U.S. President Donald Trump announced that Apple ​AAPL.O had agreed to make processors with Intel . Neither company has confirmed the deal.

Nvidia, which dominates the AI accelerator market, is also making a rare move into the CPU space with its "Vera" processor, while Big Tech firms such as Amazon (AMZN.O) and Alphabet (GOOGL.O) continue to ​develop their own in-house, Arm-based CPUs.

### [E2286] First Squawk | 2026-07-23 20:06 UTC | 收盘后
INTEL PLANS TO LIFT 2026 CAPITAL EXPENDITURES TO $20 BLN FROM $18 BLN - CFO DAVID ZINSNER IN INTERVIEW
URL: https://x.com/FirstSquawk/status/2080384003346215143
INTEL PLANS TO LIFT 2026 CAPITAL EXPENDITURES TO $20 BLN FROM $18 BLN - CFO DAVID ZINSNER IN INTERVIEW

### [E2291] First Squawk | 2026-07-23 20:06 UTC | 收盘后
INTEL EXPECTS CAPITAL EXPENDITURES 'TO BE UP MEANINGFULLY' IN 2027 - CFO DAVID ZINSNER IN INTERVIEW
URL: https://x.com/FirstSquawk/status/2080384031687118987
INTEL EXPECTS CAPITAL EXPENDITURES 'TO BE UP MEANINGFULLY' IN 2027 - CFO DAVID ZINSNER IN INTERVIEW

### [E2292] First Squawk | 2026-07-23 20:06 UTC | 收盘后
INTEL HAS SIGNED LONG-TERM DEALS WITH CUSTOMERS TO SUPPLY CPUS AND XPUS - CFO DAVID ZINSNER IN INTERVIEW
URL: https://x.com/FirstSquawk/status/2080384051622605167
INTEL HAS SIGNED LONG-TERM DEALS WITH CUSTOMERS TO SUPPLY CPUS AND XPUS - CFO DAVID ZINSNER IN INTERVIEW

### [E2294] First Squawk | 2026-07-23 20:06 UTC | 收盘后
INTEL'S LONG-TERM CHIP SUPPLY DEALS RUN 3-5 YEARS, WITH SOME CARRYING BOTH VOLUME AND PRICE COMMITMENTS - CFO DAVID ZINSNER IN INTERVIEW
URL: https://x.com/FirstSquawk/status/2080384068693393908
INTEL'S LONG-TERM CHIP SUPPLY DEALS RUN 3-5 YEARS, WITH SOME CARRYING BOTH VOLUME AND PRICE COMMITMENTS - CFO DAVID ZINSNER IN INTERVIEW

### [E2857] 每日经济新闻快讯 | 2026-07-23 21:07 UTC | 收盘后
英特尔公司第二季度营收161.3亿美元 同比增长25%
URL: http://www.nbd.com.cn/articles/2026-07-24/4505182.html
每日经济新闻 2026-07-24 05:07:27
每经AI快讯，7月24日，英特尔公司第二季度营收161.3亿美元，同比增长25%。二季度数据中心与人工智能（AI）营收62.6亿美元。二季度调整后每股收益（EPS）为0.42美元。公司预计三季度营收158~168亿美元，预计第三季度调整后每股收益0.38美元。
如需转载请与《每日经济新闻》报社联系。
未经《每日经济新闻》报社授权，严禁转载或镜像，违者必究。
读者热线：4008890008
特别提醒：如果我们使用了您的图片，请作者与本站联系索取稿酬。如您不希望作品出现在本站，可联系我们要求撤下您的作品。
欢迎关注每日经济新闻APP

### [E2988] CNBC Top News | 2026-07-23 21:25 UTC | 收盘后
Intel's stock jumps as chipmaker rides AI boom to fastest revenue growth in almost 15 years
URL: https://www.cnbc.com/2026/07/23/intel-intc-earnings-report-q2-2026.html
Intel reported better-than-expected second-quarter results on Thursday, notching its fastest revenue growth rate for any quarter since 2011 and issuing guidance that topped expectations. The stock jumped 11% in extended trading at one point before slipping.
Here's how the chipmaker did versus LSEG consensus estimates
- Earnings per share: 42 cents, adjusted, versus 21 cents expected
- Revenue: $16.1 billion, versus $14.42 billion expected
Intel shares are up over 170% so far in 2026 as of Thursday's close after soaring 84% last year, when the U.S. government took a 10% stake in the company as part of an effort to support U.S. chip manufacturing. However, the stock has been in a slump more recently, dropping 28% in July.
Despite the recent downturn, the company is getting a boost from the artificial intelligence infrastructure boom, which is helping sales of its server processors. Intel's 25% revenue growth was the fastest for any quarter since the third quarter of 2011.
"AI is driving unprecedented demand for compute," CEO Lip-Bu Tan said in the statement. "As we continue to execute, Intel is well-positioned to capture sustainable growth across our CPU franchise."
For the current quarter, Intel said it expects adjusted earnings per share of 38 cents on revenue between $15.8 billion and $16.8 billion. Analysts were expecting revenue of $15.1 billion and EPS of 27 cents, according to LSEG.
Intel also said it is starting to craft long-term agreements with customers for its server CPUs, some with pricing locked in and others focused on chip volume.
It's a move that's becoming common, particularly in memory, as vendors try to preserve current high pricing and market power in case the AI market turns. Intel said it had reached 10 long-term agreements, and CFO David Zinsner said the company is supply constrained, with data center customers demanding more than it can produce.
"Customers continue to signal a strong and sustainable spending environment driven by the unprecedented demand for AI compute," Zinsner said on an earnings call with analysts.
Revenue in the company's client computing group, which makes chips for PCs, rose 13% to $8.9 billion. It's still Intel's biggest unit, but the robust growth is coming from its data center business, where revenue rose 59% to $6.3 billion. Intel said it expects flat PC sales in the third quarter because of the memory shortage.
Intel is boosting its capital expenditures, targeting a "meaningful increase" next year, as it aggressively tries to morph into a manufacturer of chips for other companies. Zinsner told CNBC's Kristina Partsinevelos that the company's latest manufacturing process, called 14A, is ahead of where older technologies were at the same point in the cycle. Intel said its foundry reported $5.8 billion in sales, up 31% on an annual basis.
Still, Intel did not reveal a major customer for its foundry, as investors and potential customers keep waiting. It primarily manufactures its own chips. Intel's foundry landed Fortinet as its first named customer under Tan earlier this week, but it's using an older manufacturing technology to make security chips.
Intel's gross margin also recovered to 42%, up from 2.5% in the year-ago period, which the company attributed to benefits of scale with more revenue, as well as selling chips with higher margins and pricing.
WATCH: Bernstein's Stacy Rasgon on Intel

### [E2989] CNBC Top News | 2026-07-23 21:25 UTC | 收盘后
Intel's stock jumps as chipmaker rides AI boom to fastest revenue growth in almost 15 years
URL: https://www.cnbc.com/2026/07/23/intel-intc-earnings-report-q2-2026.html
Intel reported better-than-expected second-quarter results on Thursday, notching its fastest revenue growth rate for any quarter since 2011 and issuing guidance that topped expectations. The stock jumped 11% in extended trading at one point before slipping.
Here's how the chipmaker did versus LSEG consensus estimates
- Earnings per share: 42 cents, adjusted, versus 21 cents expected
- Revenue: $16.1 billion, versus $14.42 billion expected
Intel shares are up over 170% so far in 2026 as of Thursday's close after soaring 84% last year, when the U.S. government took a 10% stake in the company as part of an effort to support U.S. chip manufacturing. However, the stock has been in a slump more recently, dropping 28% in July.
Despite the recent downturn, the company is getting a boost from the artificial intelligence infrastructure boom, which is helping sales of its server processors. Intel's 25% revenue growth was the fastest for any quarter since the third quarter of 2011.
"AI is driving unprecedented demand for compute," CEO Lip-Bu Tan said in the statement. "As we continue to execute, Intel is well-positioned to capture sustainable growth across our CPU franchise."
For the current quarter, Intel said it expects adjusted earnings per share of 38 cents on revenue between $15.8 billion and $16.8 billion. Analysts were expecting revenue of $15.1 billion and EPS of 27 cents, according to LSEG.
Intel also said it is starting to craft long-term agreements with customers for its server CPUs, some with pricing locked in and others focused on chip volume.
It's a move that's becoming common, particularly in memory, as vendors try to preserve current high pricing and market power in case the AI market turns. Intel said it had reached 10 long-term agreements, and CFO David Zinsner said the company is supply constrained, with data center customers demanding more than it can produce.
"Customers continue to signal a strong and sustainable spending environment driven by the unprecedented demand for AI compute," Zinsner said on an earnings call with analysts.
Revenue in the company's client computing group, which makes chips for PCs, rose 13% to $8.9 billion. It's still Intel's biggest unit, but the robust growth is coming from its data center business, where revenue rose 59% to $6.3 billion. Intel said it expects flat PC sales in the third quarter because of the memory shortage.
Intel is boosting its capital expenditures, targeting a "meaningful increase" next year, as it aggressively tries to morph into a manufacturer of chips for other companies. Zinsner told CNBC's Kristina Partsinevelos that the company's latest manufacturing process, called 14A, is ahead of where older technologies were at the same point in the cycle. Intel said its foundry reported $5.8 billion in sales, up 31% on an annual basis.
Still, Intel did not reveal a major customer for its foundry, as investors and potential customers keep waiting. It primarily manufactures its own chips. Intel's foundry landed Fortinet as its first named customer under Tan earlier this week, but it's using an older manufacturing technology to make security chips.
Intel's gross margin also recovered to 42%, up from 2.5% in the year-ago period, which the company attributed to benefits of scale with more revenue, as well as selling chips with higher margins and pricing.
WATCH: Bernstein's Stacy Rasgon on Intel

### [E3075] 新浪财经7x24 | 2026-07-23 21:47 UTC | 收盘后
英特尔：公司 2026 年采购芯片制造设备规模将较 2025 年提升 40%。
URL: https://wap.cj.sina.cn/pc/7x24/5005425
英特尔：公司 2026 年采购芯片制造设备规模将较 2025 年提升 40%。

### [E2228] First Squawk | 2026-07-23 20:04 UTC | 收盘后
INTEL Q2 ADJUSTED EPS CAME IN AT $0.42 VERSUS ESTIMATES OF $0.21, WITH REVENUE OF $16.13 BLN AGAINST $14.43 BLN EXPECTED, ADJUSTED GROSS MARGIN OF 41.8% VERSUS 39.2% AND ADJUSTED OPERATING MARGIN OF 17.2% VERSUS 11.1%, AS CLIENT COMPUTING R
URL: https://x.com/FirstSquawk/status/2080383667629694985
INTEL Q2 ADJUSTED EPS CAME IN AT $0.42 VERSUS ESTIMATES OF $0.21, WITH REVENUE OF $16.13 BLN AGAINST $14.43 BLN EXPECTED, ADJUSTED GROSS MARGIN OF 41.8% VERSUS 39.2% AND ADJUSTED OPERATING MARGIN OF 17.2% VERSUS 11.1%, AS CLIENT COMPUTING REVENUE HIT $8.88 BLN VERSUS $7.99 BLN, DATA CENTER & AI $6.26 BLN VERSUS $5.54 BLN AND INTEL FOUNDRY $5.77 BLN VERSUS $5.48 BLN, WHILE ADJUSTED FREE CASH FLOW FELL TO NEGATIVE $8.42 BLN FROM NEGATIVE $1.05 BLN A YEAR EARLIER.

### [E2534] SemiAnalysis | 2026-07-23 20:26 UTC | 收盘后
Intel actually breaks out the "mark to market losses on Escrowed Shares" to the U.S. Department of Commerce. The way to read that is that is the mark to market of Trump's investment in Intel. Last quarter it was just a measly billion dollar
URL: https://x.com/SemiAnalysis_/status/2080389070346203631
Intel actually breaks out the "mark to market losses on Escrowed Shares" to the U.S. Department of Commerce. The way to read that is that is the mark to market of Trump's investment in Intel. Last quarter it was just a measly billion dollars, now it's 13. Hats off to the finance (and gov relations) team for this interesting disclosure.

$INTC (1/2)🧵

### [E3042] Wall St Engine | 2026-07-23 21:38 UTC | 收盘后
Asked whether the CAPEX increase reflected hard 14A or 18A-P orders, $INTC did not disclose a new commitment.
URL: https://x.com/wallstengine/status/2080407319125598313
Asked whether the CAPEX increase reflected hard 14A or 18A-P orders, $INTC did not disclose a new commitment.

## 研究交付要求

这是一条已经从整场材料语义拆出的独立催化，不要重新把它压回大盘总评。核实美股异动原因和传播时序；用结构化供应链、内部 KB 与公司披露坐实每个亚洲候选；逐腿查真实行情和本地市场 price-in；候选不成立也要逐条给出有证据的 AVOID。