With artificial intelligence (AI) booming, the "Magnificent Seven" stocks (Mag 7) have received a lot of media and investor attention. They're collectively some of the most important companies in the AI ecosystem, so that's not a real shocker. What might be a shocker, though, is just how much this old-school tech company has outperformed them recently. Over the past 12 months, Intel's (NASDAQ: INTC) stock is up over 148%. That's over 100% higher than Alphabet, the Mag 7's best performer in that span. Wher ...

【国联民生海外】英特尔财报调整后观点：Foundry突破 + CPU需求显著放量 英特尔本轮股价回调，核心触发因素在于 1Q 指引偏弱，从业绩会披露的信息看，我们认为Foundry突破 + CPU需 求放量趋势正在加强 一方面，Foundry业务出现实质性突破：18A 已进入量产爬坡阶段，良率与良品率按月改善，18A-P 已向内外部客 户交付 PDK，并推进产品与技术层面的客户接洽。 一方面，Foundry业务出现实质性突破：18A 已进入量产爬坡阶段，良率与良品率按月改善，18A-P 已向内外部客 户交付 PDK，并推进产品与技术层面的客户接洽。 围绕 14A 制程，管理层明确正积极就14A技术与潜在客户接洽，预计客户将在今年下半年就14A技术作出更坚定的 决策。 同时，管理层表示良率正每月稳定提升，体现出可持续的制造改进路径。 围绕 1 【国联民生海外】英特尔财报调整后观点：Foundry突破 + CPU需求显著放量 英特尔本轮股价回调，核心触发因素在于 1Q 指引偏弱，从业绩会披露的信息看，我们认为Foundry突破 + CPU需 求放量趋势正在加强 另一方面，CPU 业务正迎来价格与规模的"双击"。 ...

21 January 2026 U.S. Semiconductors Intel, AMD: Here's something to take your mind off of Greenland...Q425 preview Stacy A. Rasgon, Ph.D. +1 213 559 5917 stacy.rasgon@bernsteinsg.com +1 917 344 8454 alrick.shaw@bernsteinsg.com Arpad von Nemes +1 917 344 8461 arpad.vonnemes@bernsteinsg.com Intel reports Q425 results on Thursday, January 22nd (call at 5:00pm ET; register here). AMD reports Q425 results on Tuesday, February 3rd (conference call at 5:00pm ET; dial-in 1-877-407-8037 or 201-689-8037, passcode 137 ...

证券研究报告 英特尔(INTEL) (INTC US) 制程追赶初见成效,看好 18A 订单落地 华泰研究 2026 年 1 月 23 日 | 美国 年报点评 半导体 英特尔 25Q4 业绩超预期,但 26Q1 指引液软且 18A 无客户更新,盘后股 价下跌超 12%(股价自 12/17 累计上涨 51%,也存在获利了结）。其中 1Q 指引审慎(或受季节性需求下供应约束影响),股价先下跌 6%;业绩会未 对 18A/14A 进展做更多更新,市场随之调整预期。我们认为,短期财报并 非核心，关键在于 Foundry 转型推进节奏,更应关注代工订单进展及制程 领先是否持续兑现。业绩端:Q4 营收 137 亿美元,同比-4.1%,超 VA 预 期（下同）2.1%（全年营收 529 亿美元,同比持平）;Non-GAAP 毛利率 和 EPS 为 37.9%和 0.15 美元，高于预期的 36.3%和 0.08 美元，其中毛利 率高指引 1.4pp。指引端: Q1 营收 117-127 亿美元（预期 125 亿美元）, Non-GAAP 毛利率/EPS 为 34.5%/0.00 美元（预期 36.1%和 0.04 美元）, ...

Core Viewpoint - Intel is adopting a cautious approach to chip capacity investments, prioritizing customer commitments before accelerating spending, contrasting with competitors TSMC and Samsung who are increasing their investments aggressively [1][4]. Group 1: Capacity Expansion Strategy - Intel will not expedite major chip capacity investments without clearer customer commitments, despite competitors ramping up spending [1]. - The company is focusing on selective investments, with CFO David Zinsner stating that Intel is already investing aggressively in certain manufacturing nodes like Intel 7, Intel 3, and 18A [2][3]. - Intel is holding back on expanding capacity for the Intel 14A process node, which is closely linked to foundry customers, until there is confirmed demand [4]. Group 2: Efficiency and Supply Gains - Intel believes it can achieve significant supply gains through improved manufacturing efficiency rather than major new capital expenditures, which differentiates it from its peers [5]. - The company is focusing on enhancing yields and reducing production cycle times within its existing operations [5][6]. Group 3: Financial Performance - Intel reported fourth-quarter revenue of $13.67 billion, exceeding Wall Street expectations of $13.37 billion, and delivered adjusted earnings of 15 cents per share, surpassing analysts' forecasts of eight cents [7].

Let's get one top analyst take right now who last night said, "What happened?" Stacy Rasgot is managing director and senior semi- analyst at Bernstein Research. You've got a market perform $36 price target, but Stacy, I I just want to make sure everyone's understand there's some stocks that are more emblematic, right. Nvidia tells us a lot about the AI trade.I'm not sure if Intel is telling us anything other than what's going on with Intel, which right now seems to be like to your question, why is there all ...

Core Viewpoint - Intel's disappointing forecast is primarily attributed to supply constraints rather than lower-than-expected demand, particularly from AI data centers for traditional CPUs [1][2]. Group 1: Supply Constraints and Production Outlook - Intel anticipates that supply constraints will be most pronounced in the first quarter of the year, with improvements expected as yields increase throughout the year [2]. - The company has faced challenges in ramping up production due to underestimating the demand for server upgrades, which has delayed the availability of new products until the end of Q1 [31][32]. - The CEO indicated that capital expenditures will not increase until significant customer contracts are secured, which may delay production ramp-up for new processes until 2028-2029 [8]. Group 2: Foundry Business and Customer Announcements - Intel's foundry business is a key focus for investors, with expectations for customer announcements related to their new processes, particularly 14A, by the end of this year or early next year [8][41]. - There is speculation that Apple may utilize Intel's upcoming processes, which could enhance Intel's position in the foundry market [5][6]. - The success of Intel's internal product, Panther Lake, has raised optimism about securing external customers for their foundry business [7][42]. Group 3: Financial Performance and Market Reaction - Intel reported earnings of 15 cents per share, exceeding expectations of 8 cents, marking an 88% beat, although guidance disappointed due to supply issues [14]. - The stock had seen a significant run-up of 46% leading up to the Q4 results, indicating high investor expectations that may have been misaligned with management's messaging [4][30]. - Analysts noted that rising memory prices and limited availability could negatively impact Intel's revenue, particularly in the PC and data center markets [10][45]. Group 4: Competitive Landscape and Market Position - Intel faces stiff competition in the foundry space, particularly from Taiwan Semiconductor, which holds a 60% market share [16]. - The company is positioned to become a domestic alternative to TSMC, with government and private investments signaling improved confidence in Intel's competitiveness [42]. - The memory chip shortage is expected to limit Intel's ability to capitalize on demand, particularly affecting the client side of their business [45].

智通财经APP获悉，英特尔(INTC.US)最新财报与指引令市场失望，股价应声大跌。周五截至发稿，英 特尔股价暴跌近16%。公司披露的当季指引弱于预期，叠加供应约束持续拖累毛利率表现，令投资者情 绪承压。 多位分析师指出，一季度指引"乏善可陈"。APAC Investment News的分析师表示，英特尔股价在此前数 月快速上涨后，估值已显偏高；尽管技术执行力仍是公司长期走向的关键，在芯片持续短缺的背景下， 短期环境或更"宽容"，前路仍将颠簸。 花旗在投资者报告中称，英特尔需要在所有制程节点上提升良率，短期内毛利率难以回到40%以上；但 服务器CPU定价有望走高。花旗维持"中性"评级，将目标价从50美元小幅下调至48美元。 Wedbush也指出，财报前英特尔股价一度对应2027年一致预期EPS近50倍的高估值。尽管18A / Panther Lake的推进是积极信号，其对长期EPS与利润率轨迹的实质性改善仍难以量化。Wedbush重申"中性"评 级和30美元目标价，认为当前估值难以被基本面充分支撑。 摩根士丹利同样强调英特尔在服务器端的竞争压力，指出过去一段时间AMD吸收了全部单位增长。该 行认为，英特尔供给 ...

they could test. >> In fact, let's get more on Intel and bring in VJ Reesh who's a senior semiconductor analyst at Missouo. He has a neutral rating on Intel.You know, it's interesting because they're talking about this supply chain constraint. The CFO told our colleague Christina parts and quote, "We have been improving our supply chain every quarter or supply every quarter rather, but it's not enough. So, we'll leave quite a bit on the table in Q1." How much does that matter, Vich. matters a bit for sure b ...

Investment Rating - The report does not explicitly state an investment rating for the semiconductor industry or Intel, but it highlights strong performance metrics that suggest a positive outlook for the company. Core Insights - Intel delivered a solid fourth quarter for 2025, with revenue reaching $13.7 billion, surpassing both its guidance and consensus estimates, driven by growth in AI infrastructure and server segments [1][8] - The company achieved a non-GAAP gross margin of 37.9%, exceeding guidance by approximately 140 basis points, and a non-GAAP EPS of $0.15, significantly outperforming expectations [1][8] - Intel anticipates a CPU supply shortage in 1Q26 due to depleted buffer inventories, with improvements expected starting in 2Q26 as production efficiency increases [3][11] - The foundry business is progressing, with Intel beginning shipments of its 18A process and reporting steady yield improvements [4][12] Summary by Sections Financial Performance - In 4Q25, Intel's revenue was $13.7 billion, exceeding guidance and consensus estimates, with a non-GAAP gross margin of 37.9% and a non-GAAP EPS of $0.15 [1][8] - For 1Q26, Intel forecasts revenue between $11.7 billion and $12.7 billion, with a midpoint of $12.2 billion, lower than consensus due to supply constraints [5][13] Capital Expenditure (CapEx) - CapEx for 2026 is expected to be flat or slightly down due to balancing capital efficiency with demand signals, but a significant yield improvement of 7% to 8% has been reported [2][10] - Intel is securing equipment from suppliers like ASML to mitigate lead time issues, with an expected increase in CapEx in 2027 to support manufacturing expansion [2][10] Supply Chain and Production - Intel identifies 1Q26 as a critical period for CPU supply shortages, primarily due to production shifts towards server wafers [3][11] - The company is experiencing significant demand for CPUs driven by AI workloads, which is expected to sustain shortages for several years [3][11] Foundry Business Development - Intel's foundry revenue reached $4.5 billion, with successful shipments of the 18A process and steady yield improvements [4][12] - Development of the 14A process is on track, with customer engagement expected to lead to firm supply decisions in late 2026 to early 2027 [4][12]