Zhi Tong Cai Jing·2025-09-15 11:44Core Viewpoint - Intel has revised its adjusted operating expense target for 2025 from $17 billion to $16.8 billion, primarily due to the exclusion of its programmable chip business Altera from consolidated financial statements [1] Group 1: Financial Adjustments - The sale of 51% of Altera to Silver Lake Partners was completed in April, with the transaction valuing Altera at $8.75 billion, significantly lower than Intel's acquisition price of nearly $17 billion in 2015 [1] - Altera generated revenue of $816 million in the first half of 2025, with a gross margin of 55% and operating expenses of $356 million during the same period [1] - Intel's target for total operating expenses for 2026 remains unchanged at $16 billion [1] Group 2: Strategic Moves - Under CEO Lip-Bu Tan's leadership, Intel is streamlining operations to enhance cash reserves, which includes multiple rounds of adjustments and management changes this year [1] - The U.S. government acquired a 10% stake in Intel by converting subsidies into equity, indicating a strategic partnership [1]