Core Viewpoint - Intel's shares are experiencing a decline despite reporting its first profitable quarter since January 2024, raising skepticism among Wall Street analysts regarding the company's turnaround [1][2]. Financial Performance - Intel's shares are up over 80% this year after returning to profitability following six consecutive quarterly losses [2]. - The company is currently supply constrained on older chips, with demand driven by a Windows refresh [2][3]. - Foundry revenue fell by 2% in the quarter despite cost-cutting measures [4]. Market Sentiment - Wall Street remains skeptical about Intel's foundry business, with Bank of America not expecting significant improvements in cost structure until after 2030 [5]. - Citigroup has reiterated a sell rating on Intel, citing that the foundry business is years behind TSMC [6]. - Analysts express concerns that the recent rally in Intel's share price is driven more by geopolitical factors rather than company fundamentals [6]. Competitive Landscape - AMD is benefiting from stronger server demand and is gaining market share from Intel [7]. - Microsoft may benefit from the Windows refresh, while memory companies like Micron are experiencing rising prices [7].