Core Points - Intel has reduced its full-year 2025 adjusted operating expense target to $16.8 billion from $17 billion due to the deconsolidation of its programmable chip business, Altera [1] - The sale of a 51% stake in Altera to Silver Lake valued the unit at $8.75 billion, significantly lower than the nearly $17 billion Intel originally paid for it in 2015 [1] - Altera reported a gross margin of 55% on $816 million in revenue for the first half of 2025, with operating expenses of $356 million [3] Company Strategy - Under CEO Lip-Bu Tan, Intel is streamlining operations to improve cash flow, which includes management changes and the U.S. government's acquisition of a 10% equity stake by converting grants into shares [2] - The transaction with Silver Lake was completed on September 12, with the equity value of Altera's majority stake being approximately $3.3 billion [2] Future Outlook - Intel's full-year 2026 operating expense target remains unchanged at $16 billion [3]