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Intel's Direction Continues In Flux, Expect Volatility
Seeking Alpha· 2025-07-27 14:00
Intel (NASDAQ: INTC ) reported last week. The important messages included updates on cash generation vs. burn and progress with its new state-of-the-art processes 18A and 14A. The report included very favorable progress in all three. Lower costs will be realized through capital cuts andI have been an investor for several decades enduring the 87 crash, 2000 crash, and 08 crash. I do use trading systems developed with TradeStation. I have enjoyed the rewards from both buy and hold and trading. My professional ...
摩根士丹利:英特尔-代工战略的转变可能带来什么?
摩根· 2025-07-04 03:04
Investment Rating - The investment rating for Intel Corporation is Equal-weight [8][30]. Core Insights - Intel's foundry strategy may shift focus from the 18A process to the 14A process, which could lead to significant financial implications, including potential writedowns of hundreds of millions to billions of dollars [4][10]. - The company has scaled back its ambitions for the 18A process, which was initially expected to provide leadership in process technology, but the impact on economic performance for 2025/26 is expected to be minimal [5][10]. - Management's emphasis on focusing on core products and deferring foundry and AI initiatives until 2027 may realign priorities positively [10][20]. Summary by Sections Foundry Strategy - Intel's foundry efforts have been centered around the 18A process, but there are considerations to shift to the 14A process, which is slated for risk manufacturing next year [3][4]. - The 18A process was part of a strategy aimed at achieving "unquestioned leadership" in process technology, but expectations have been scaled back [3][5]. Financial Projections - The price target for Intel Corporation is set at $23.00, with the current stock price at $21.88 [8][26]. - Projected EPS for fiscal years 2025 and 2026 are $0.48 and $1.30 respectively, with a P/E ratio of 57.7 for 2026 [8][35]. Market Position - Intel maintains a significant market share in both client and server CPUs, despite facing challenges and competition from AMD [17][40]. - The company is expected to regain lost share in desktop and server markets following CPU shortages, which could stabilize its financial performance [40]. Management Strategy - The current management has shifted focus from a product-driven factory strategy to a more cautious approach regarding foundry ambitions, which may reduce distractions and allow for a stronger foundation for future growth [20][23]. - There is a recognition that building a competitive foundry business requires different skill sets and priorities compared to traditional integrated device manufacturing [12][14].