Group 1 - The investment rating for Intel (INTC.O) is under pressure due to multiple challenges, suggesting potential structural and operational adjustments [3][33] - The core viewpoint indicates that Intel's Q2 2024 revenue was $12.833 billion, a year-over-year decline of -1%, which was below Bloomberg consensus expectations by approximately $100 million [33] - Intel's Q3 2024 revenue guidance is projected to be between $12.5 billion and $13.5 billion, with the midpoint also falling short of Bloomberg consensus expectations [33] Group 2 - The report highlights that Intel plans to cut costs by $10 billion and anticipates a 15% workforce reduction while lowering revenue expectations for 2024-2026 [33] - The analysis notes that despite challenges in the consumer and enterprise markets, as well as intense competition, there are still growth potentials in the DCAI and CCG segments driven by AI trends [33][37] - The semiconductor sector is currently experiencing a cyclical adjustment, with the Philadelphia Semiconductor Index showing a weekly increase of 4.20% [37]

Investment Rating - The report does not explicitly provide an investment rating for the covered company Core Views - The report highlights that food prices have driven a rebound in the domestic CPI growth for July, with a year-on-year increase of 0.5%, surpassing expectations of 0.3% and the previous value of 0.2% [2] - The report indicates that while food prices showed improvement, non-food prices experienced a general decline in growth rates [4] - The PPI-CPI gap has narrowed, indicating ongoing price transmission issues between upstream and downstream sectors [4] Summary by Sections CPI and Food Prices - In July, food prices saw a year-on-year growth of 0%, an improvement from the previous month's decline of 2.1%. Pork prices rose by 20.5%, while beef and lamb prices fell by 12.9% and 6.3%, respectively. Vegetable prices returned to positive growth at 3.3%, and fruit prices improved to a decline of 4.2% from the previous month's 8.7% [3] Non-Food Prices - Non-food price growth rates generally declined in July, with housing prices at 0.1%, down from 0.2% in the previous month. Prices for daily necessities and services grew by 0.7%, down from 0.9%. Education and entertainment prices remained stable at 1.7%, while healthcare prices slightly decreased to 1.4% from 1.5%. Transportation and communication prices fell by 0.6% [4] PPI Analysis - The PPI for production materials showed a year-on-year decline of 0.7%, an improvement from the previous month's 0.8%. The raw materials PPI increased to 1.8%, and the mining industry PPI rose to 3.5%. However, the manufacturing PPI remained at -2.1%, indicating a lack of significant improvement in downstream consumer sectors [4]