About Intel Corporation - Common Stock Company overview from Wikipedia

Intel Corporation is an American multinational technology company headquartered in Santa Clara, California. It designs, manufactures, and sells computer components such as central processing units (CPUs) and related products for business and consumer markets. Intel was the world's third-largest semiconductor chip manufacturer by revenue in 2024 and has been included in the Fortune 500 list of the largest United States corporations by revenue since 2007. It was one of the first companies listed on Nasdaq.

History

Origins

Intel was incorporated in Mountain View, California, on July 18, 1968, by Gordon E. Moore, a chemist; Robert Noyce, a physicist and co-inventor of the integrated circuit; and Arthur Rock, an investor and venture capitalist. Moore and Noyce had left Fairchild Semiconductor, where they were part of the "traitorous eight" who founded it. There were originally 500,000 shares outstanding of which Noyce bought 245,000 shares, Moore 245,000 shares, and Rock 10,000 shares; all at $1 per share. Rock offered $2,500,000 of convertible debentures to a limited group of private investors (equivalent to $21 million in 2022), convertible at $5 per share. Two years later, Intel became a public company via an initial public offering (IPO), raising $6.8 million ($23.50 per share). Intel was one of the first companies—and the oldest—to be listed on the then-newly established National Association of Securities Dealers Automated Quotation System (NASDAQ). Intel's third employee was Andy Grove, a chemical engineer, who ran the company through much of the 1980s and the high-growth 1990s.

In deciding on a name, Moore and Noyce quickly rejected "Moore Noyce", a near-homophone for "more noise" – an ill-suited name for an electronics company, since noise in electronics is usually undesirable and typically associated with bad interference. Instead, they founded the company as NM Electronics on July 18, 1968, but by the end of the month had changed the name to Intel, which stood for Integrated Electronics. Since "Intel" was already trademarked by the hotel chain Intelco, it had to buy the rights for the name.

Early history

At its founding, Intel was distinguished by its ability to make logic circuits using semiconductor devices. The founders' goal was the semiconductor memory market, widely predicted to replace magnetic-core memory. Its first product, a quick entry into the small, high-speed memory market in 1969, was the 3101 Schottky TTL bipolar 64-bit static random-access memory (SRAM), which was nearly twice as fast as earlier Schottky diode implementations by Fairchild and the Electrotechnical Laboratory in Tsukuba, Japan. In the same year, Intel also produced the 3301 Schottky bipolar 1024-bit read-only memory (ROM) and the first commercial metal–oxide–semiconductor field-effect transistor (MOSFET) silicon gate SRAM chip, the 256-bit 1101.

While the 1101 was a significant advance, its complex static cell structure made it too slow and costly for mainframe computer memories. The three-transistor cell implemented in the first commercially available dynamic random-access memory (DRAM), the 1103 released in 1970, solved these issues. The 1103 was the bestselling semiconductor memory chip in the world by 1972, as it replaced core memory in many applications. Intel's business grew during the 1970s as it expanded and improved its manufacturing processes and produced a wider range of products, still dominated by various memory devices.

Intel created the first commercially available microprocessor, the Intel 4004, in 1971. The microprocessor represented a notable advance in the technology of integrated circuitry, as it miniaturized the central processing unit of a computer, which then made it possible for small machines to perform calculations that in the past only very large machines could do. Considerable technological innovation was needed before the microprocessor could become the basis of what was first known as a "mini computer" and then a "personal computer". Subsequently, Intel would create one of the first microcomputers in 1973.

Intel opened its first international manufacturing facility in 1972, in Malaysia, which would host multiple Intel operations, before opening assembly facilities and semiconductor plants in Singapore and Jerusalem, Israel, in the early 1980s, and manufacturing and development centers in China, India, and Costa Rica in the 1990s. By the early 1980s, its business was dominated by DRAM chips. However, increased competition from Japanese semiconductor manufacturers had, by 1983, dramatically reduced the profitability of this market. The growing success of the IBM personal computer, based on an Intel microprocessor, was among factors that convinced Gordon Moore (CEO since 1975) to shift the company's focus to microprocessors and to change fundamental aspects of that business model. Moore's decision to sole-source Intel's model 80386 chip played into the company's continuing success.

By the end of the 1980s, buoyed by its position as microprocessor supplier to IBM and IBM's competitors within the rapidly growing personal computer market, Intel embarked on 10 years of unprecedented growth as the primary and most profitable hardware supplier to the PC industry, part of the winning "Wintel" combination of Intel CPUs running Microsoft Windows. This partnership would become instrumental in shaping the PC landscape, and solidified Intel's position on the market. Moore handed over his position as CEO to Andy Grove in 1987. By launching its Intel Inside marketing campaign in 1991, Intel was able to associate brand loyalty with consumer selection, so that by the end of the 1990s, its line of Pentium processors had become a household name.

During that period, it became the dominant supplier of PC microprocessors and was known for aggressive and anti-competitive tactics in defense of its market position, particularly against AMD, as well as a struggle with Microsoft for control over the direction of the PC industry. In addition, the company is considered a key component of the rise of Silicon Valley as a high-tech center between the 1970s and 2000s.

Challenges to dominance (2000s)

As Intel exited other markets, the company depended so much on the 80386 and its successors that a marketing employee said that "there's only one product, and Andy Grove's the product manager". After 2000, growth in demand for high-end microprocessors slowed. Competitors, most notably AMD (Intel's largest competitor in its primary x86 architecture market), garnered significant market share, initially in low-end and mid-range processors but ultimately across the product range. Intel's dominant position in its core market was greatly reduced, mostly due to the controversial NetBurst microarchitecture. In the early 2000s, then-CEO, Craig Barrett attempted to diversify the company's business beyond semiconductors, but few of these activities were ultimately successful.

Litigation

Intel was embroiled in litigation for several years. U.S. law did not initially recognize intellectual property rights related to microprocessor topology (circuit layouts), until the Semiconductor Chip Protection Act of 1984, a law sought by Intel and the Semiconductor Industry Association (SIA). During the late 1980s and 1990s (after this law was passed), Intel also sued companies that tried to develop competitor chips to the 80386 CPU. The lawsuits were noted to significantly burden the competition with legal bills, even if Intel lost the suits. Antitrust allegations had been simmering since the early 1990s and had been the cause of one lawsuit against Intel in 1991. In 2004 and 2005, AMD brought further claims against Intel related to unfair competition.

Reorganization and success with Intel Core (2005–2015)

In 2005, CEO Paul Otellini reorganized the company to refocus its core processor and chipset business on platforms (enterprise, digital home, digital health, and mobility).

On June 6, 2005, Steve Jobs, then CEO of Apple, announced that Apple would be using Intel's x86 processors for its Macintosh computers, switching from the PowerPC architecture developed by the AIM alliance. This was seen as a win for Intel; an analyst called the move "risky" and "foolish", as Intel's current offerings at the time were considered to be behind those of AMD and IBM.

In 2006, Intel unveiled its Core microarchitecture; the product range was perceived as an exceptional leap in processor performance that at a stroke regained much of its leadership of the field. In 2008, Intel had another advance when it introduced the Penryn microarchitecture, fabricated using the 45 nm process node. Later that year, Intel released a processor with the Nehalem architecture to positive reception.

On June 27, 2006, the sale of Intel's XScale assets was announced. Intel agreed to sell the XScale processor business to Marvell Technology Group for an estimated $600 million and the assumption of unspecified liabilities. The move was intended to permit Intel to focus its resources on its core x86 and server businesses, and the acquisition completed on November 9, 2006.

In 2008, Intel spun off key assets of a solar startup business effort to form an independent company, SpectraWatt Incorporated. In 2011, SpectraWatt filed for bankruptcy.

In February 2011, Intel began to build a new microprocessor manufacturing facility in Chandler, Arizona, completed in 2013 at a cost of $5 billion. The building is now the 10 nm-certified Fab 42 and is connected to the other Fabs (12, 22, 32) on Ocotillo Campus via an enclosed bridge known as the Link. The company produces three-quarters of its products in the United States, although three-quarters of its revenue come from overseas.

The Alliance for Affordable Internet (A4AI) was launched in October 2013. Intel is part of the coalition of public and private organizations that includes Facebook, Google, and Microsoft. Led by Tim Berners-Lee, the A4AI sought to make Internet access more affordable to broaden access in the developing world, where only 31% of people were online. Google would help lower Internet access prices to below the UN Broadband Commission's worldwide target of 5% of monthly income.

Attempts at entering the smartphone market

In April 2011, Intel began a pilot project with ZTE Corporation to produce smartphones using the Intel Atom processor for China's domestic market. In December 2011, Intel announced that it reorganized several of its business units into a new mobile and communications group that would be responsible for the company's smartphone, tablet, and wireless efforts. Intel planned to introduce Medfield – a processor for tablets and smartphones – to the market in 2012, as an effort to compete with Arm. As a 32-nanometer processor, Medfield is designed to be energy-efficient, one of Arm's chips' core features.

Intel's partnership with Google was announced at the Intel Developers Forum (IDF) 2011 in San Francisco, California. In January 2012, Google announced Android 2.3, supporting Intel's Atom microprocessor. In 2013, Intel's Kirk Skaugen said that Intel's exclusive focus on Microsoft platforms was a thing of the past and that it would now support all "tier-one operating systems" such as Linux, Android, iOS, and ChromeOS.

In 2014, Intel dismissed thousands of employees in response to "evolving market trends", and offered to subsidize manufacturers for the extra costs involved in using Intel chips in their tablets. In April 2016, Intel cancelled the SoFIA platform and the Broxton Atom SoC for smartphones, effectively leaving the smartphone market.

Intel custom foundry

Finding itself with excess fab capacity after the failure of the Ultrabook to gain market traction and with PC sales declining, in 2013 Intel reached a foundry agreement to produce chips for Altera using a 14 nm process. General Manager of Intel's custom foundry division Sunit Rikhi indicated that Intel would pursue further such deals in the future. This was after poor sales of Windows 8 hardware caused a major retrenchment for most of the major semiconductor manufacturers, except for Qualcomm, which continued to see healthy purchases from its largest customer, Apple.

As of July 2013, five companies were using Intel's fabs via the Intel Custom Foundry division: Achronix, Tabula, Netronome, Microsemi, and Panasonic – most are field-programmable gate array (FPGA) makers, but Netronome designs network processors. Only Achronix began shipping chips made by Intel using the 22 nm Tri-Gate process. Several other customers also exist but were not announced at the time.

The foundry business was closed in 2018 due to Intel's issues with its manufacturing.

Security and manufacturing challenges (2016–2021)

Intel continued its Tick–tock model of a microarchitecture change followed by a die shrink until the 6th-generation Core family based on the Skylake microarchitecture. This model was deprecated in 2016, with the release of the 7th-generation Core family (codenamed Kaby Lake), ushering in the process–architecture–optimization model. As Intel struggled to shrink its process node from 14 nm to 10 nm, processor development slowed and the company continued to use the Skylake microarchitecture until 2020, albeit with optimizations.

10 nm process node issues

While Intel originally planned to introduce 10 nm products in 2016, it later became apparent that there were manufacturing issues with the node. The first microprocessor under that node, Cannon Lake (marketed as 8th-generation Core), was released in small quantities in 2018. The company first delayed the mass production of its 10 nm products to 2017. They later delayed mass production to 2018, and then to 2019. Despite rumors of the process being cancelled, Intel finally introduced mass-produced 10 nm 10th-generation Intel Core mobile processors (codenamed "Ice Lake") in September 2019.

Intel later acknowledged that the strategy to shrink to 10 nm was too aggressive. While other foundries used up to four steps in 10 nm or 7 nm processes, the company's 10 nm process required up to five or six multi-pattern steps. In addition, Intel's 10 nm process is more dense than its counterpart processes from other foundries. Since Intel's microarchitecture and process node development were coupled, processor development stagnated.

Security flaws

In early January 2018, it was reported that all Intel processors made since 1995 (besides Intel Itanium and pre-2013 Intel Atom) had been subject to two security flaws dubbed Meltdown and Spectre.

Renewed competition and other developments (2018–present)

Due to Intel's issues with its 10 nm process node and the company's slow processor development, the company now found itself in a market with intense competition. The company's main competitor, AMD, introduced the Zen microarchitecture and a new chiplet-based design to critical acclaim. Since its introduction, AMD, once unable to compete with Intel in the high-end CPU market, has undergone a resurgence, and Intel's dominance and market share have considerably decreased. In addition, Apple began to transition away from the x86 architecture and Intel processors to its own Apple silicon for its Macintosh computers in 2020. The transition is expected to affect Intel minimally; however, it might prompt other PC manufacturers to reevaluate their reliance on Intel and the x86 architecture.

'IDM 2.0' strategy

On March 23, 2021, chief executive officer (CEO) Pat Gelsinger laid out new plans for the company. These include a new strategy, called IDM 2.0, that includes investments in manufacturing facilities, use of both internal and external foundries, and a new foundry business called Intel Foundry Services (IFS), a standalone business unit. Unlike Intel Custom Foundry, IFS will offer a combination of packaging and process technology, and Intel's intellectual property portfolio including x86 cores. Other plans for the company include a partnership with IBM and a new event for developers and engineers, called "Intel ON". Gelsinger also confirmed that Intel's 7 nm process was on track, and that the first products using their 7 nm process (also known as Intel 4) are Ponte Vecchio and Meteor Lake.

In January 2022, Intel selected New Albany, Ohio, near Columbus, Ohio, as the site for a major new manufacturing facility. The facility will cost at least $20 billion. The company expected the facility to begin producing chips by 2025. The same year Intel also chose Magdeburg, Germany, as a site for two new chip mega factories for €17 billion (topping Tesla's Gigafactory Berlin-Brandenburg manufacturing plant investment in Brandenburg, Germany). The start of the construction was initially planned for 2023, but this was postponed to late 2024, while the production start was scheduled for 2027. Including subcontractors, this was expected to create 10,000 new jobs.

In August 2022, Intel signed a $30 billion partnership with Brookfield Asset Management to fund its then-recent factory expansions. As part of the deal, Intel would have a controlling stake by funding 51% of the cost of building new chip-making facilities in Chandler. Brookfield owns the remaining 49% stake, allowing the companies to split the revenue from those facilities.

On January 31, 2023, as part of $3 billion in cost reductions, Intel announced pay cuts affecting employees above midlevel, ranging from 5% upwards. It also suspended bonuses and merit pay increases, reducing retirement plan matching. These cost reductions followed layoffs announced in the fall of 2022.

In October 2023, Intel confirmed it would be the first commercial user of high-NA extreme ultraviolet lithography tools, as part of its plan to regain process leadership from Taiwan Semiconductor Manufacturing Company (TSMC).

In December 2023, Intel unveiled Gaudi3, an artificial intelligence (AI) chip for generative AI software which launched in 2024 and competes with rival chips from Nvidia and AMD. On June 4, 2024, Intel announced AI chips for data centers, the Xeon 6 processor, aiming for better performance and power efficiency compared to its predecessor. Intel's Gaudi 2 and Gaudi 3 AI accelerators were revealed to be more cost-effective than competitors' offerings. Additionally, Intel disclosed architecture details for its Lunar Lake processors for AI PCs, which were released on September 24, 2024.

In August 2024, after posting $1.6 billion in losses for Q2, Intel announced that it would cut 15,000 jobs to save $10 billion in 2025. In order to reach this goal, the company would offer early retirement and voluntary departure options.

On November 1, 2024, it was announced that Intel would drop out of the Dow Jones Industrial Average on November 8 prior to the stock market open, with Nvidia taking its place.

In July 2025, Intel confirmed that it would let go of nearly 24,000 employees—about 15% of its workforce—by the end of 2025 as part of a wider restructuring plan. Intel also announced plans to scrap tens of billions of dollars of planned investments in new chip facilities in Europe.

In September 2025, Nvidia invested $5 billion in Intel as part of a partnership to jointly develop data-center and personal-computing CPUs. The move will allow Nvidia to offer its powerful servers—the GB300 based on Blackwell GPUs—to customers using Intel's X86 architecture.

In October 2025, Intel commenced talks to add rival AMD to its foundry customers.

In April 2026, Intel announced a $14.2 billion agreement to repurchase the 49% equity interest in its facility in Ireland from Apollo Global Management, reclaiming full ownership of the site as part of a broader stabilization of its capital structure.

In May 2026, Intel's investment in SambaNova Systems received clearance from U.S. antitrust authorities, removing a key regulatory hurdle for the deal.

In July 2026, Intel announced a $5.7 billion investment to expand its manufacturing campus in Leixlip, Ireland. The investment is intended to increase production capacity for AI and high-performance computing chips, expand research and development, connect existing manufacturing facilities, and retrain employees. Intel said the project is expected to create several hundred permanent jobs and be substantially completed by the end of 2027.

CEO replacement

In December 2024, Intel's CEO Pat Gelsinger was ousted amid ongoing struggles to revitalize the company, which declined in stock value during his tenure. Gelsinger's resignation, effective December 1, followed a board meeting where directors expressed dissatisfaction with the slow progress of his turnaround strategy. Despite efforts to enhance Intel's manufacturing capabilities and compete with rivals like AMD and Nvidia, the company faced mounting challenges, including a $16.6 billion loss and a 60% drop in share prices since Gelsinger's appointment in 2021. After his departure, Intel appointed David Zinsner and Michelle Johnston Holthaus interim co-CEOs while searching for a permanent successor. Gelsinger's exit underscored the turmoil at Intel as it grappled with its identity crisis and sought to regain its semiconductor industry position.

On March 13, 2025, Intel announced the appointment of Lip-Bu Tan as its new CEO, effective March 18, after four months of interim co-CEOs. Under Tan, Intel has engaged in a significant restructuring aimed at shrinking the company and refocusing on core businesses. In June, the company announced it would be closing its automotive chipmaking business and eliminating up to 20% of staff at its Hillsboro, Oregon foundry. In July, it was reported that Intel would be cutting 5,000 jobs across California, Oregon, Arizona, and Texas. It also spun off its artificial intelligence robotics and biometric company, RealSense as a separate entity. Intel's headcount in Israel also fell below 9,000 for the first time since 2012. The company's plan has ultimately called for 24,000 layoffs, axing plans to build a mega-fab, and assembly and testing facilities in Germany and Poland, and consolidating its assembly and test operations in Costa Rica into its Vietnam sites.

On August 7, 2025, President Donald Trump called for Tan's removal as CEO due to his China connections. Tan was CEO of Cadence Design Systems when it unlawfully sold its semiconductor design product to China between 2015 and 2021, and this drew criticism from Tom Cotton, a U.S. senator from Arkansas. The attention caused Intel shares to drop more than 3% during intra-day trading. Cadence pled guilty to the charges in 2025 and paid a fine of $140 million. In a letter to Intel employees, Tan said that he has "always operated within the highest legal and ethical standards". On August 11, 2025, Tan met with President Trump and U.S. Secretary of Commerce Howard Lutnick and U.S. Secretary of the Treasury Scott Bessent at the White House. Following the meeting, President Trump wrote in a Truth Social post that "the meeting was interesting" and Tan's "success and rise is an amazing story".

U.S. government stake (2025)

In August 2025, the United States government purchased 433.3 million Intel shares at $20.47 per share, equivalent to a 9.9% stake. The investment was structured as a passive ownership with no board representation or governance rights, and included a five-year warrant to purchase up to an additional 5% stake if Intel's ownership of its foundry business falls below 51%. The U.S. government price of $20.47 per share was a discount to the $23 per share Softbank paid the prior week.

Competition from AMD in the server market

In 2024 and 2025, AMD made significant advances in the server CPU market, narrowing the gap with Intel. While some reports briefly indicated a near-equal market split, further investigation revealed that these initial figures were influenced by manipulated benchmark data and were corrected shortly thereafter. As of the third quarter of 2025, Intel retained a majority share of the server CPU market at 63.3%, with AMD at 36.5%. Intel has seen its market share slip from over 90% in 2020.

Products and markets

SRAMs, DRAMs, and the microprocessor

Intel's first products were shift register memory and random-access memory integrated circuits, and Intel grew to be a leader in the fiercely competitive DRAM, SRAM, and ROM markets throughout the 1970s. Concurrently, Intel engineers Marcian Hoff, Federico Faggin, Stanley Mazor, and Masatoshi Shima invented Intel's first microprocessor. Originally developed for the Japanese company Busicom to replace a number of ASICs in a calculator already produced by Busicom, the Intel 4004 was introduced to the mass market on November 15, 1971, though the microprocessor did not become the core of Intel's business until the mid-1980s. (Note: Intel is usually given credit with Texas Instruments for the almost-simultaneous invention of the microprocessor.)

In 1983, at the dawn of the personal computer era, Intel's profits came under increased pressure from Japanese memory-chip manufacturers, and then-president Andy Grove focused the company on microprocessors. Grove described this transition in the book Only the Paranoid Survive. A key element of his plan was the notion, then considered radical, of becoming the single source for successors to the popular 8086 microprocessor.

Until then, the manufacture of complex integrated circuits was not reliable enough for customers to depend on a single supplier, but Grove began producing processors in three geographically distinct factories, and ceased licensing the chip designs to competitors such as AMD. When the PC industry boomed in the late 1980s and 1990s, Intel was one of the primary beneficiaries.

Early x86 processors and the IBM PC

Despite the ultimate importance of the microprocessor, the 4004 and its successors the 8008 and the 8080 were never major revenue contributors at Intel.

In 1975, the company had started a project to develop a highly advanced 32-bit microprocessor, finally released in 1981 as the Intel iAPX 432. The project was too ambitious and the processor was never able to meet its performance objectives, and it failed in the marketplace. (Intel eventually extended the x86 architecture to 32 bits instead.)

As the next processor, the 8086 (and its variant the 8088) was completed in 1978, Intel embarked on a major marketing and sales campaign for that chip nicknamed "Operation Crush", and intended to win as many customers for the processor as possible. One design win was the newly created IBM PC division, though the importance of this was not fully realized at the time.

IBM introduced its personal computer in 1981, and it was rapidly successful. In 1982, Intel created the 80286 microprocessor, which, two years later, was used in the IBM PC/AT. Compaq, the first IBM PC "clone" manufacturer, produced a desktop system based on the faster 80286 processor in 1985 and in 1986 quickly followed with the first 80386-based system, beating IBM and establishing a competitive market for PC-compatible systems and setting up Intel as a key component supplier.

386 microprocessor

During this period Andrew Grove dramatically redirected the company, closing much of its DRAM business and directing resources to the microprocessor business. Of perhaps greater importance was his decision to "single-source" the 386 microprocessor. Prior to this, microprocessor manufacturing was in its infancy, and manufacturing problems frequently reduced or stopped production, interrupting supplies to customers. To mitigate this risk, these customers typically insisted that multiple manufacturers (second sources) produce chips they could use to ensure a consistent supply. The 8080 and 8086-series microprocessors were produced by several companies, notably AMD, with which Intel had a technology-sharing contract.

Grove made the decision not to license the 386 design to other manufacturers, instead, producing it in three geographically distinct factories: Santa Clara, California; Hillsboro, Oregon; and Chandler, a suburb of Phoenix, Arizona. He convinced customers that this would ensure consistent delivery. In doing this, Intel breached its contract with AMD, which sued and was paid millions of dollars in damages but could not manufacture new Intel CPU designs any longer. (Instead, AMD started to develop and manufacture its own competing x86 designs.)

As the success of Compaq's Deskpro 386 established the 386 as the dominant CPU choice, Intel achieved a position of near-exclusive dominance as its supplier. Profits from this funded rapid development of both higher-performance chip designs and higher-performance manufacturing capabilities, propelling Intel to a position of unquestioned leadership by the early 1990s.

486, Pentium, and Itanium

Intel introduced the 486 microprocessor in 1989, and in 1990 established a second design team, designing the processors code-named "P5" and "P6" in parallel and committing to a major new processor every two years, versus the four or more years such designs had previously taken. The P5 project was earlier known as "Operation Bicycle", referring to the cycles of the processor through two parallel execution pipelines. The P5 was introduced in 1993 as the Intel Pentium, substituting a registered trademark name for the former part number. (Numbers, such as 486, cannot be legally registered as trademarks in the United States.) The P6 followed in 1995 as the Pentium Pro and improved into the Pentium II in 1997. New architectures were developed alternately in Santa Clara, California, and Hillsboro, Oregon.

The Santa Clara design team embarked in 1993 on a successor to the x86 architecture, codenamed "P7". The first attempt was dropped a year later but quickly revived in a cooperative program with Hewlett-Packard engineers, though Intel soon took over primary design responsibility. The resulting implementation of the IA-64 64-bit architecture was the Itanium, finally introduced in June 2001. The Itanium's performance running legacy x86 code did not meet expectations, and it failed to compete effectively with x86-64, which was AMD's 64-bit extension of the 32-bit x86 architecture (Intel uses the name Intel 64, previously EM64T). In 2017, Intel announced that the Itanium 9700 series (Kittson) would be the last Itanium chips produced.

The Hillsboro team designed the Willamette processors (initially code-named P68), which were marketed as the Pentium 4.

During this period, Intel undertook two major supporting advertising campaigns. The first campaign, the 1991 "Intel Inside" marketing and branding campaign, was widely known and became synonymous with Intel itself. The idea of "ingredient branding" was new at the time, with only NutraSweet and a few others making attempts to do so. One of the key architects of the marketing team was the head of the microprocessor division, David House who coined the slogan "Intel Inside". This campaign established Intel, which had been a component supplier little-known outside the PC industry, as a household name.

The second campaign, Intel's Systems Group, which began in the early 1990s, showcased manufacturing of PC motherboards, the main board component of a personal computer, and the one into which the processor (CPU) and memory (RAM) chips are plugged. The Systems Group campaign was lesser known than the Intel Inside campaign.

Shortly after, Intel began manufacturing fully configured "white box" systems for the dozens of PC clone companies that rapidly sprang up. At its peak in the mid-1990s, Intel manufactured over 15% of all PCs, making it the third-largest supplier at the time.

During the 1990s, Intel Architecture Labs (IAL) was responsible for many of the hardware innovations for the PC, including the PCI Bus, the PCI Express (PCIe) bus, and Universal Serial Bus (USB). IAL's software efforts met with a more mixed fate; its video and graphics software was important in the development of software digital video, but later its efforts were largely overshadowed by competition from Microsoft. The competition between Intel and Microsoft was revealed in testimony by then IAL Vice-president Steven McGeady at the Microsoft antitrust trial (United States v. Microsoft Corp.).

Pentium flaw

In June 1994, Intel engineers discovered a flaw in the floating-point math subsection of the P5 Pentium microprocessor. Under certain data-dependent conditions, the low-order bits of the result of a floating-point division would be incorrect. The error could compound in subsequent calculations. Intel corrected the error in a future chip revision, and under public pressure it issued a total recall and replaced the defective Pentium CPUs (which were limited to some 60, 66, 75, 90, and 100 MHz models) on customer request.

The bug was discovered independently in October 1994 by Thomas Nicely, Professor of Mathematics at Lynchburg College. He contacted Intel but received no response. On October 30, he posted a message about his finding on the Internet. Word of the bug spread quickly and reached the industry press. The bug was easy to replicate; a user could enter specific numbers into the calculator on the operating system. Consequently, many users did not accept Intel's statements that the error was minor and "not even an erratum". During Thanksgiving, in 1994, The New York Times ran a piece by journalist John Markoff spotlighting the error. Intel changed its position and offered to replace every chip, quickly putting in place a large end-user support organization. This resulted in a $475 million charge against Intel's 1994 revenue. Nicely later learned that Intel had discovered the FDIV bug in its own testing a few months before him (but had decided not to inform customers).

The "Pentium flaw" incident, Intel's response to it, and the surrounding media coverage propelled Intel from being a technology supplier generally unknown to most computer users to a household name. Dovetailing with an uptick in the "Intel Inside" campaign, the episode is considered to have been a positive event for Intel, changing some of its business practices to be more end-user focused and generating substantial public awareness, while avoiding a lasting negative impression.

Intel Core

The Intel Core line originated from the original Core brand, with the release of the 32-bit Yonah CPU, Intel's first dual-core mobile (low-power) processor. Derived from the Pentium M, the processor family used an enhanced version of the P6 microarchitecture. Its successor, the Core 2 family, was released on July 27, 2006. This was based on the Intel Core microarchitecture, and was a 64-bit design. Instead of focusing on higher clock rates, the Core microarchitecture emphasized power efficiency and a return to lower clock speeds. It also provided more efficient decoding stages, execution units, caches, and buses, reducing the power consumption of Core 2-branded CPUs while increasing their processing capacity.

In November 2008, Intel released the 1st-generation Core processors based on the Nehalem microarchitecture. Intel also introduced a new naming scheme, with the three variants now named Core i3, i5, and i7 (as well as i9 from the 7th generation onwards). Unlike the previous naming scheme, these names no longer corresponded to specific technical features. It was succeeded by the Westmere microarchitecture in 2010, with a die shrink to 32 nm and included Intel HD Graphics.

In 2011, Intel released the Sandy Bridge-based 2nd-generation Core processor family. This generation featured an 11% performance increase over Nehalem. It was succeeded by Ivy Bridge-based 3rd-generation Core, introduced at the 2012 Intel Developer Forum. Ivy Bridge featured a die shrink to 22 nm, and supported both DDR3 memory and DDR3L chips.

Intel continued its tick-tock model of a microarchitecture change followed by a die shrink until the 6th-generation Core family based on the Skylake microarchitecture. This model was deprecated in 2016, with the release of the 7th-generation Core family based on Kaby Lake, ushering in the process–architecture–optimization model. From 2016 until 2021, Intel later released more optimizations on the Skylake microarchitecture with Kaby Lake R, Amber Lake, Whiskey Lake, Coffee Lake, Coffee Lake R, and Comet Lake. Intel struggled to shrink its process node from 14 nm to 10 nm, with the first microarchitecture under that node, Cannon Lake (marketed as 8th-generation Core), only being released in small quantities in 2018.

In 2019, Intel released the 10th-generation of Core processors, codenamed "Amber Lake", "Comet Lake", and "Ice Lake". Ice Lake, based on the Sunny Cove microarchitecture, was produced on the 10 nm process and was limited to low-power mobile processors. Both Amber Lake and Comet Lake were based on a refined 14 nm node, with the latter being used for desktop and high-performance mobile products and the former used for low-power mobile products.

In September 2020, 11th-generation Core mobile processors, codenamed Tiger Lake, were launched. Tiger Lake was based on the Willow Cove microarchitecture and a refined 10 nm node. Intel later released 11th-generation Core desktop processors (codenamed "Rocket Lake"), fabricated using Intel's 14 nm process and based on the Cypress Cove microarchitecture, on March 30, 2021. It replaced Comet Lake desktop processors. All 11th-generation Core processors featured new integrated graphics based on the Intel Xe microarchitecture.

Both desktop and mobile products were unified under a single process node with the release of 12th-generation Intel Core processors (codenamed "Alder Lake") in late 2021. This generation was fabricated using Intel's 10 nm process, called Intel 7, for both desktop and mobile processors, and was based on a hybrid architecture using high-performance Golden Cove cores and high-efficiency Gracemont (Atom) cores.

Transient execution CPU vulnerability

Use of Intel products by Apple Incorporated (2005–2019)

On June 6, 2005, Steve Jobs, then CEO of Apple, announced that Apple would be transitioning the Macintosh from its long favored PowerPC architecture to the Intel x86 architecture because the future PowerPC road map was unable to satisfy Apple's needs. This was seen as a win for Intel, although an analyst called the move "risky" and "foolish", as Intel's current offerings at the time were considered to be behind those of AMD and IBM. The first Mac computers containing Intel CPUs were announced on January 10, 2006, and Apple had its entire line of consumer Macs running on Intel processors by early August 2006. The Apple Xserve server was updated to Intel Xeon processors from November 2006 and was offered in a configuration similar to Apple's Mac Pro.

Despite Apple's use of Intel products, relations between the two companies were strained at times. Rumors of Apple switching from Intel processors to its own designs began circulating as early as 2011. On June 22, 2020, during Apple's annual WWDC, Tim Cook, Apple's CEO, announced that it would be transitioning the company's entire Mac line from Intel CPUs to custom Apple-designed processors based on the ARM architecture over the course of the next two years. In the short term, this transition was estimated to have minimal effects on Intel, as Apple only accounted for 2% to 4% of its revenue. However, at the time it was believed that Apple's shift to its own chips might prompt other PC manufacturers to reassess their reliance on Intel and the x86 architecture. By November 2020, Apple unveiled the M1, its processor custom-designed for the Mac.

Solid-state drives (SSDs)

In 2008, Intel began shipping mainstream solid-state drives (SSDs) with up to 160 GB storage capacities. As with its CPUs, Intel develops SSD chips using ever-smaller nanometer processes. These SSDs make use of industry standards such as NAND flash, mSATA, PCIe, and NVMe. In 2017, Intel introduced SSDs based on 3D XPoint technology under the Optane brand name.

In 2021, SK Hynix acquired most of Intel's NAND memory business for $7 billion, with a remaining transaction worth $2 billion expected in 2025. Intel also discontinued its consumer Optane products in 2021. In July 2022, Intel disclosed in its Q2 earnings report that it would cease future product development within its Optane business, which in turn effectively discontinued the development of 3D XPoint as a whole.

Supercomputers

The Intel Scientific Computers division was founded in 1984 by Justin Rattner to design and produce parallel computers based on Intel microprocessors connected in hypercube internetwork topology. In 1992, the name was changed to the Intel Supercomputing Systems Division, and development of the iWarp architecture was also subsumed. The division designed several supercomputer systems, including the Intel iPSC/1, iPSC/2, iPSC/860, Paragon and ASCI Red. In November 2014, Intel stated that it was planning to use optical fibers to improve networking within supercomputers.

Fog computing

On November 19, 2015, Intel, alongside Arm, Dell, Cisco Systems, Microsoft, and Princeton University, founded the OpenFog Consortium, to promote interests and development in fog computing. Intel's Chief Strategist for the IoT Strategy and Technology Office, Jeff Fedders, became the consortium's first president.

Self-driving cars

Intel is one of the biggest stakeholders in the self-driving car industry, having joined the race in mid 2017 after joining forces with Mobileye. Intel's strategy to this is computer-centric, solutions-based and an end-to-end one spanning the car to the datacenter. The company is also one of the first in the sector to research consumer acceptance, after an American Automobile Association report quoted a 78% nonacceptance rate of the technology in the U.S. in 2017.

Safety levels of autonomous driving technology, the thought of abandoning control to a machine, and psychological comfort of passengers in such situations were the major discussion topics initially. The commuters also stated that they did not want to see everything the car was doing. This was primarily a reference to the movement of the auto-steering wheel with no one sitting in the driving seat. Intel also learned that a voice control regulator is vital, and the interface between the humans and machine eases the discomfort condition, and brings back some sense of control. Intel included only 10 people in this study, which makes the study less credible. In a video posted on YouTube, Intel accepted this fact and called for further testing.

Programmable devices

Intel formed a new business unit called the Programmable Solutions Group (PSG) on completion of its Altera acquisition. Intel has since sold Stratix, Arria, and Cyclone FPGAs. In 2019, Intel released Agilex FPGAs: chips aimed at data centers, 5G applications, and other uses.

In October 2023, Intel announced it would be spinning off PSG into a separate company at the start of 2024, while maintaining majority ownership. In September 2025, Intel sold the majority stake to Silver Lake and retained a 49% passive stake.

Platforms and standards

Centrino

Common Building Block

Ultrabook

Intel Evo

Muscle (note)book

AI quiet gaming laptop (AI 高静游戏本)

Competition, antitrust, and espionage

By the end of the 1990s, microprocessor performance had outstripped software demand for that CPU power. Aside from high-end server systems and software, whose demand dropped with the end of the "dot-com bubble", consumer systems ran effectively on increasingly low-cost systems after 2000.

Intel's strategy was to develop processors with better performance in a short time, from the appearance of one to the other, as seen with the appearance of the Pentium II in May 1997, the Pentium III in February 1999, and the Pentium 4 in autumn 2000, making the strategy ineffective since the consumer did not see the innovation as essential, and leaving an opportunity for rapid gains by competitors, notably AMD. This, in turn, lowered the profitability of the processor line and ended an era of unprecedented dominance of PC hardware by Intel.

Intel's dominance in the x86 microprocessor market led to numerous charges of antitrust violations over the years, including U.S. FTC investigations in both the late 1980s and in 1999, and civil actions such as the 1997 suit by Digital Equipment Corporation (DEC) and a patent suit by Intergraph. Intel's market dominance (at one time it controlled over 85% of the market for 32-bit x86 microprocessors) combined with Intel's own hardball legal tactics (such as its infamous 338 patent suit versus PC manufacturers), culminating in Intel agreeing to pay AMD $1.25 billion and grant it a perpetual patent cross-license in 2009 as well as several anti-trust judgements in Europe, Korea, and Japan.

A case of industrial espionage arose in 1995 that involved both Intel and AMD. Bill Gaede, an Argentine formerly employed both at AMD and at Intel's Arizona plant, was arrested for attempting in 1993 to sell the i486 and P5 Pentium designs to AMD and to certain foreign powers. Gaede videotaped data from his computer screen at Intel and mailed it to AMD, which immediately alerted Intel and authorities, resulting in Gaede's arrest. Gaede was convicted and sentenced to 33 months in prison in June 1996.

Market standing

Operating segments

Client Computing Group – 51.8% of 2020 revenues – produces PC processors and related components.

Data Center Group – 33.7% of 2020 revenues – produces hardware components used in server, network, and storage platforms.

Internet of Things Group – 5.2% of 2020 revenues – offers platforms designed for retail, transportation, industrial, buildings and home use.

Programmable Solutions Group – 2.4% of 2020 revenues – manufactures programmable semiconductors (primarily FPGAs).

Customers

In 2023, Dell accounted for about 19% of Intel's total revenues, Lenovo accounted for 11% of total revenues, and HP Inc. accounted for 10% of total revenues. As of May 2024, the U.S. Department of Defense is another large customer for Intel. In September 2024, Intel reportedly qualified for as much as $3.5 billion in federal grants to make semiconductors for the Defense Department.

Market share

According to IDC, while Intel enjoyed the biggest market share in both the overall worldwide PC microprocessor market (73.3%) and the mobile PC microprocessor (80.4%) in the second quarter of 2011, the numbers decreased by 1.5% and 1.9% compared to the first quarter of 2011. As of 2023, Intel has a 68.4% market share in the x86 market. In 2024, Intel was the world's third-largest semiconductor chip manufacturer by revenue.

Intel's market share decreased significantly in the enthusiast market as of 2019, and it faced delays for its 10 nm products. According to former Intel CEO Bob Swan, the delay was caused by the company's overly aggressive strategy for moving to its next node.

Historical market share

In the 1980s, Intel was among the world's top ten sellers of semiconductors (10th in 1987). Along with Microsoft Windows, it was part of the "Wintel" personal computer domination in the 1990s and early 2000s. In the 1990s, the company had a 90% market share in the PC microprocessor market. In 1992, Intel became the biggest semiconductor chip maker by revenue and held the position until 2018 when Samsung Electronics surpassed it, but Intel returned to its former position the year after. Other major semiconductor companies include TSMC, GlobalFoundries, Texas Instruments, ASML, STMicroelectronics, United Microelectronics Corporation (UMC), Micron, SK Hynix, Kioxia, and SMIC.

Since the 2000s and especially the late 2010s, Intel has faced increasing competition from AMD, which has led to a decline in its dominance and market share in the PC market.

Major competitors

Intel's competitors in PC chipsets included AMD, VIA Technologies, Silicon Integrated Systems, and Nvidia. Intel's competitors in networking include NXP Semiconductors, Infineon, Broadcom Limited, Marvell Technology Group and Applied Micro Circuits Corporation, and competitors in flash memory included Spansion, Samsung Electronics, Qimonda, Kioxia, STMicroelectronics, Micron, SK Hynix, and IBM.

The only major competitor in the x86 processor market is AMD, with which Intel has had full cross-licensing agreements since 1976: each partner can use the other's patented technological innovations without charge after a certain time. However, the cross-licensing agreement is canceled in the event of an AMD bankruptcy or takeover.

Some smaller competitors, such as VIA Technologies, produce low-power x86 processors for small factor computers and portable equipment. However, the advent of such mobile computing devices, in particular, smartphones, has led to a decline in PC sales. Since over 95% of the world's smartphones currently use processors cores designed by Arm, using the ARM instruction set, Arm has become a major competitor for Intel's processor market. Arm is also planning to make attempts at entering the PC and server market, with Ampere and IBM each individually designing CPUs for servers and supercomputers. The only other major competitor in processor instruction sets is RISC-V, which is an open source CPU instruction set. The major Chinese phone and telecommunications manufacturer Huawei has released chips based on the RISC-V instruction set due to US sanctions against China.

Intel has been involved in several disputes regarding the violation of antitrust laws, which are noted below.

Manufacturing

Intel has wafer fabrication plants in the United States, Ireland, and Israel. It also has assembly and testing sites in China, Costa Rica, Malaysia, and Vietnam, and one site in the United States.

Intel's ability to design and manufacture its own chips is considered a rarity in the semiconductor industry, as most chip designers do not have their own production facilities and instead rely on contract manufacturers (e.g. TSMC, Foxconn and Samsung), as AMD and Nvidia do.

Corporate affairs

Business trends

The key trends for Intel are (as of the financial year ending in late December):

Leadership and corporate structure

Robert Noyce was Intel's CEO at its founding in 1968, followed by co-founder Gordon Moore in 1975. Andy Grove became the company's president in 1979 and added the CEO title in 1987 when Moore became chairman. In 1998, Grove succeeded Moore as chairman, and Craig Barrett, already company president, took over. On May 18, 2005, Barrett handed the reins of the company over to Paul Otellini, who had been the company president and Chief Operating Officer (COO) and who was responsible for Intel's design win in the original IBM PC. The board of directors elected Otellini as president and CEO, and Barrett replaced Grove as Chairman of the Board. Grove stepped down as chairman but is retained as a special adviser. In May 2009, Barrett stepped down as chairman of the board and was succeeded by Jane Shaw. In May 2012, Intel vice chairman Andy Bryant, who had held the posts of Chief Financial Officer (CFO) (1994) and Chief Administrative Officer (2007) at Intel, succeeded Shaw as executive chairman.

In November 2012, president and CEO Paul Otellini announced that he would step down in May 2013 at the age of 62, three years before the company's mandatory retirement age. During a six-month transition period, Intel's board of directors commenced a search process for the next CEO, in which it considered both internal managers and external candidates such as Sanjay Jha and Patrick Gelsinger. Financial results revealed that, under Otellini, Intel's revenue increased by 55.8% (US$34.2 to 53.3 billion), while its net income increased by 46.7% (US$7.5 billion to 11 billion).

On May 2, 2013, Executive Vice President and COO Brian Krzanich was elected as Intel's sixth CEO, a selection that became effective on May 16, 2013, at the company's annual meeting. Reportedly, the board concluded that an insider could proceed with the role and exert an impact more quickly, without the need to learn Intel's processes, and Krzanich was selected on such a basis. Intel's software head Renée James was selected as president of the company, a role that is second to the CEO position.

As of May 2013, Intel's board of directors consisted of Andy Bryant, John Donahoe, Frank Yeary, Ambassador Charlene Barshefsky, Susan Decker, Reed Hundt, Paul Otellini, James Plummer, David Pottruck, and David Yoffie and Creative director will.i.am. The board was described by former Financial Times journalist Tom Foremski as "an exemplary example of corporate governance of the highest order" and received a rating of ten from GovernanceMetrics International, a form of recognition that has only been awarded to twenty-one other corporate boards worldwide.

On June 21, 2018, Intel announced the resignation of Brian Krzanich as CEO, with the exposure of a relationship he had with an employee. Bob Swan was named interim CEO, as the Board began a search for a permanent CEO.

On January 31, 2019, Swan transitioned from his role as CFO and interim CEO and was named by the Board as the seventh CEO to lead the company.

On January 13, 2021, Intel announced that Swan would be replaced as CEO by Pat Gelsinger, effective February 15. Gelsinger is a former Intel chief technology officer who had previously been head of VMWare.

In March 2021, Intel removed the mandatory retirement age for its corporate officers.

In October 2023, Intel announced it would be spinning off its Programmable Solutions Group business unit into a separate company at the start of 2024, while maintaining majority ownership and intending to seek an IPO within three years to raise funds.

On December 1, 2024, Pat Gelsinger retired from the position of Intel CEO and stepped down from the company's board of directors. David Zinsner and Michelle Johnston Holthaus were named as interim co-CEOs. On March 13, 2025, it was announced that he would be formally replaced by American Lip-Bu Tan starting March 18, 2025.

In August 2025, Intel announced an agreement to give the U.S. government a 9.9% equity stake in exchange for CHIPS Act funding previously allocated during the Biden administration. The federal government will not have any controlling interest in the company. By tying funding to U.S. manufacturing, R&D focus, and supply chain rules, the government indirectly shapes production priorities without formally controlling the company.

Ownership

The 10 largest shareholders of Intel as of December 2023 were:

The Vanguard Group (9.12% of shares)

BlackRock (8.04%)

State Street (4.45%)

Capital International (2.29%)

Geode Capital Management (2.01%)

Primecap (1.78%)

Capital Research Global Investors (1.63%)

Morgan Stanley (1.18%)

Norges Bank (1.14%)

Northern Trust (1.05%)

Board of directors

As of March 2023:

Frank D. Yeary (chairman), managing member of Darwin Capital

James Goetz, managing director of Sequoia Capital

Andrea Goldsmith, dean of engineering and applied science at Princeton University

Alyssa Henry, Square, Inc. executive

Omar Ishrak, chairman and former CEO of Medtronic

Risa Lavizzo-Mourey, former president and CEO of the Robert Wood Johnson Foundation

Tsu-Jae King Liu, professor at the UC Berkeley College of Engineering

Barbara G. Novick, co-founder of BlackRock

Gregory Smith, CFO of Boeing

Dion Weisler, former president and CEO of HP Inc.

Lip-Bu Tan, executive chairman of Cadence Design Systems

Employment

Prior to March 2021, Intel had a mandatory retirement policy for its CEOs when they reach age 65. Andy Grove retired at 62, while both Robert Noyce and Gordon Moore retired at 58. Grove retired as chairman and as a member of the board of directors in 2005 at age 68.

Intel's headquarters are located in Santa Clara, California, and the company has operations around the world. Its largest workforce concentration anywhere is in Washington County, Oregon (in the Portland metropolitan area's "Silicon Forest"), with 18,600 employees at several facilities. Outside the United States, the company has facilities in China, Costa Rica, Malaysia, Israel, Ireland, India, Russia, Argentina and Vietnam, in 63 countries and regions internationally. In March 2022, Intel stopped supplying the Russian market because of international sanctions during the Russo-Ukrainian War. In the U.S. Intel employs significant numbers of people in California, Colorado, Massachusetts, Arizona, New Mexico, Oregon, Texas, Washington and Utah. In Oregon, Intel is the state's largest private employer. The company is the largest industrial employer in New Mexico while in Arizona the company has 12,000 employees as of January 2020.

Intel invests heavily in research in China and about 100 researchers – or 10% of the total number of researchers from Intel – are located in Beijing.

In 2011, the Israeli government offered Intel $290 million to expand in the country. As a condition, Intel would employ 1,500 more workers in Kiryat Gat and between 600 and 1000 workers in the north.

In January 2014, it was reported that Intel would cut about 5,000 jobs from its workforce of 107,000. The announcement was made a day after it reported earnings that missed analyst targets.

In March 2014, it was reported that Intel would embark upon a $6 billion plan to expand its activities in Israel. The plan called for continued investment in existing and new Intel plants until 2030. As of 2014, Intel employed 10,000 workers at four development centers and two production plants in Israel.

Due to declining PC sales, in 2016 Intel cut 12,000 jobs. In 2021, Intel reversed course under new CEO Pat Gelsinger and started hiring thousands of engineers.

Diversity

Intel has a Diversity Initiative, including employee diversity groups, as well as a supplier diversity program. Like many companies with employee diversity groups, they include groups based on race and nationality as well as sexual identity and religion. In 1994, Intel sanctioned one of the earliest corporate Gay, Lesbian, Bisexual, and Transgender employee groups, and supports a Muslim employees group, a Jewish employees group, and a Bible-based Christian group.

Intel has received a 100% rating on numerous Corporate Equality Indices released by the Human Rights Campaign including the first one released in 2002. In addition, the company is frequently named one of the 100 Best Companies for Working Mothers by Working Mother magazine.

In January 2015, Intel announced the investment of $300 million over five years to enhance gender and racial diversity in its own company as well as the technology industry as a whole.

In February 2016, Intel released its Global Diversity & Inclusion 2015 Annual Report. The male-female mix of U.S. employees was reported as 75.2% men and 24.8% women. For U.S. employees in technical roles, the mix was reported as 79.8% male and 20.1% female. NPR reported that Intel was facing a retention problem (particularly for African Americans), not just a pipeline problem.

Economic impact in Oregon in 2009

In 2011, ECONorthwest conducted an economic impact analysis of Intel's economic contribution to the state of Oregon. The report found that in 2009 "the total economic impacts attributed to Intel's operations, capital spending, contributions and taxes amounted to almost $14.6 billion in activity, including $4.3 billion in personal income and 59,990 jobs". Through multiplier effects, every 10 Intel jobs supported, on average, was found to create 31 jobs in other sectors of the economy.

Supply chain

Intel has been addressing supply base reduction as an issue since the mid-1980's, adopting an "n + 1" rule of thumb, whereby the maximum number of suppliers required to maintain production levels for each component is determined, and no more than one additional supplier is engaged with for each component.

Intel Israel

Intel has been operating in Israel since Dov Frohman founded the Israeli branch of the company in 1974 in a small office in Haifa. Intel Israel has development centers in Haifa, Jerusalem and Petah Tikva, and a plant in the Kiryat Gat industrial park that develops and manufactures microprocessors and communications products. Intel employed about 10,000 employees in Israel in 2013. Maxine Fesberg has been the CEO of Intel Israel since 2007 and the Vice President of Intel Global. In December 2016, Fesberg announced her resignation, her position of chief executive officer (CEO) has been filled by Yaniv Gerti since January 2017.

In June 2024, the company announced that it was stopping development on a Kiryat Gat-based factory in Israel. The site was expected to cost $25 billion, with $3.2 billion provided by the Israeli government in the form of a grant.

Key acquisitions and investments

2010–present

In 2010, Intel purchased McAfee, a manufacturer of computer security technology, for $7.68 billion. As a condition for regulatory approval of the transaction, Intel agreed to provide rival security firms with all necessary information that would allow their products to use Intel's chips and personal computers. After the acquisition, Intel had about 90,000 employees, including about 12,000 software engineers. In September 2016, Intel sold a majority stake in its computer-security unit to TPG Capital, reversing the five-year-old McAfee acquisition.

In August 2010, Intel and Infineon Technologies announced that Intel would acquire Infineon's Wireless Solutions business. Intel planned to use Infineon's technology in laptops, smart phones, netbooks, tablets and embedded computers in consumer products, eventually integrating its wireless modem into Intel's silicon chips.

In March 2011, Intel bought most of the assets of Cairo-based SySDSoft.

In July 2011, Intel announced that it had agreed to acquire Fulcrum Microsystems Incorporated, a company specializing in network switches. The company used to be included on the EE Times list of 60 Emerging Startups.

In October 2011, Intel reached a deal to acquire Telmap, an Israeli-based navigation software company. The purchase price was not disclosed, but Israeli media reported values around $300 million to $350 million.

In July 2012, Intel agreed to buy 10% of the shares of ASML Holding NV for $2.1 billion and another $1 billion for 5% of the shares that need shareholder approval to fund relevant research and development efforts, as part of a EUR3.3 billion (US$4.1 billion) deal to accelerate the development of 450-millimeter wafer technology and extreme ultra-violet lithography by as much as two years.

In July 2013, Intel confirmed the acquisition of Omek Interactive, an Israeli company that makes technology for gesture-based interfaces, without disclosing the monetary value of the deal. An official statement from Intel read: "The acquisition of Omek Interactive will help increase Intel's capabilities in the delivery of more immersive perceptual computing experiences." One report estimated the value of the acquisition between US$30 million and $50 million.

The acquisition of a Spanish natural language recognition startup, Indisys was announced in September 2013. The terms of the deal were not disclosed but an email from an Intel representative stated: "Intel has acquired Indisys, a privately held company based in Seville, Spain. The majority of Indisys employees joined Intel. We signed the agreement to acquire the company on May 31 and the deal has been completed." Indysis explains that its artificial intelligence (AI) technology "is a human image, which converses fluently and with common sense in multiple languages and also works in different platforms".

In December 2014, Intel bought PasswordBox.

In January 2015, Intel purchased a 30% stake in Vuzix, a smart glasses manufacturer. The deal was worth $24.8 million.

In February 2015, Intel announced its agreement to purchase German network chipmaker Lantiq, to aid in its expansion of its range of chips in devices with Internet connection capability.

In June 2015, Intel announced its agreement to purchase FPGA design company Altera for $16.7 billion, in its largest acquisition to date. The acquisition completed in December 2015.

In October 2015, Intel bought cognitive computing company Saffron Technology for an undisclosed price.

In August 2016, Intel purchased deep-learning startup Nervana Systems for over $400 million.

In December 2016, Intel acquired computer vision startup Movidius for an undisclosed price.

In March 2017, Intel announced it had agreed to purchase Mobileye, an Israeli developer of "autonomous driving" systems for US$15.3 billion.

In June 2017, Intel Corporation announced an investment of over ₹1,100 crore (US$110 million) for its upcoming Research and Development centre in Bangalore, India.

In January 2019, Intel announced an investment of over $11 billion on a new Israeli chip plant, as told by the Israeli Finance Minister.

In November 2021, Intel recruited some of the employees of the Centaur Technology division from VIA Technologies, a deal worth $125 million, and effectively acquiring the talent and know-how of its x86 division. VIA retained the x86 licence and associated patents, and its Zhaoxin CPU joint-venture continues.

In December 2021, Intel said it will invest $7.1 billion to build a new chip-packaging and testing factory in Malaysia. The new investment would expand the operations of its Malaysian subsidiary across Penang and Kulim, creating more than 4,000 new Intel jobs and more than 5,000 local construction jobs. In the same month, Intel announced its plan to take Mobileye automotive unit public via an IPO of newly issued stock in 2022, maintaining its majority ownership of the company.

In February 2022, Intel agreed to acquire Israeli chip manufacturer Tower Semiconductor for $5.4 billion. In August 2023, Intel terminated the acquisition as it failed to obtain approval from Chinese regulators within the 18-month transaction deadline.

In May 2022, Intel announced it had acquired Finnish graphics technology firm Siru innovations. The firm founded by ex-AMD Qualcomm mobile GPU engineers, was focused on developing software and silicon building blocks for GPU's made by other companies and was set to join Intel's fledgling Accelerated Computing Systems and Graphics Group.

In May 2022, it was announced that Ericsson and Intel had pooled to launch a tech hub in California to focus on the research and development of cloud RAN technology. The hub focuses on improving Ericsson Cloud RAN and Intel technology, including improving energy efficiency and network performance, reducing time to market, and monetizing new business opportunities such as enterprise applications.

In April 2024, Intel reached a definitive agreement to sell 51% of Altera to Silver Lake. With this sale and Silver Lake now owning a majority stake, Intel also announced the cancellation of the potential IPO being conducted for Altera.

Ultrabook fund (2011)

In 2011, Intel Capital announced a new fund to support startups working on technologies in line with the company's concept for next-generation notebooks. The company is setting aside a $300 million fund to be spent over the next three to four years in areas related to ultrabooks. Intel announced the ultrabook concept at Computex in 2011. The ultrabook is defined as a thin (less than 0.8 inches [~2 cm] thick) notebook that utilizes Intel processors and also incorporates tablet features such as a touch screen and long battery life.

At the Intel Developers Forum in 2011, four Taiwan ODMs showed prototype ultrabooks that used Intel's Ivy Bridge chips. Intel plans to improve power consumption of its chips for ultrabooks, like new Ivy Bridge processors in 2013, which will only have 10W default thermal design power.

Intel's goal for Ultrabook's price is below $1000; however, according to two presidents from Acer and Compaq, this goal will not be achieved if Intel does not lower the price of its chips.

Open source support

Intel has a significant participation in the open source communities since 1999. For example, in 2006 Intel released MIT-licensed X.org drivers for its integrated graphic cards of the i965 family of chipsets. Intel released FreeBSD drivers for some networking cards, available under a BSD-compatible license, which were also ported to OpenBSD. Binary firmware files for non-wireless Ethernet devices were also released under a BSD licence allowing free redistribution. Intel ran the Moblin project until April 23, 2009, when it handed the project over to the Linux Foundation. Intel also runs the LessWatts.org campaigns.

However, after the release of the wireless products called Intel Pro/Wireless 2100, 2200BG/2225BG/2915ABG and 3945ABG in 2005, Intel was criticized for not granting free redistribution rights for the firmware that must be included in the operating system for the wireless devices to operate. As a result of this, Intel became a target of campaigns to allow free operating systems to include binary firmware on terms acceptable to the open source community. Linspire-Linux creator Michael Robertson outlined the difficult position that Intel was in releasing to open source, as Intel did not want to upset its large customer Microsoft. Theo de Raadt of OpenBSD also claimed that Intel is being "an Open Source fraud" after an Intel employee presented a distorted view of the situation at an open source conference. In spite of the significant negative attention Intel received as a result of the wireless dealings, the binary firmware still, as of late 2014, had not gained a license compatible with free software principles.

Intel has also supported other open source projects such as Blender and Open 3D Engine.

Corporate identity

Logo

Throughout its history, Intel has had three distinctive logos.

The first Intel logo, introduced in April 1969 and created by Robert Noyce and Gordon Moore, featured the company's name stylized in all lowercase with the Helvetica font in a cool blue color. It has the letter "e" dropped below the other letters, connecting the T and L, making it seem as if the E had "fallen" from the line. The logo is known as the "dropped-e" logo.

The second logo, officially introduced on January 3, 2006, was created by FutureBrand. The logo combines elements of both the previous logo and the Intel Inside campaign while also modernizing it. It brings simplicity and unification to the look of many of Intel's products. It abandons the famous "dropped-e" the logo used to have in favor of a "vortex," made up of two stripes of varying thickness. Additionally, it featured a stylized version of the new Neo Sans Intel font, a variation of Neo Sans. The refreshed logo also signals where the company was headed at that time. The logo often featured Intel's new "Leap Ahead" tagline alongside it. Images of the new brand identity had begun circulating online earlier in November 2005, originally by a French site known as x86-Secret. It was subsequently taken down by Intel's legal team but reuploaded later by Taiwanese site DigiTimes. In 2014, the typeface was changed to Intel Clear, created by Red Peak Branding and Dalton Maag.

The third logo, introduced on September 2, 2020, was created by Andrew Mirikian of VMLY&R using the Intel One custom font. It was inspired by the previous logos and is meant to show that the Intel brand is both traditional and reliable. It removes the swirl and redesigns the style of the letters to form a refined symmetry, balance, and proportion. It squares off the corners of the I and L to convey reliability and endurance. The N and E now retain a classic feel seen in the original April 1969 logo. The dot on the I is the new visual identity and represents the potential and power of their processor. It is stated as the "only symbol Intel needs."

Intel Inside

Intel has become one of the world's most recognizable computer brands following its long-running Intel Inside campaign. The idea for "Intel Inside" came out of a meeting between Intel and one of the major computer resellers, MicroAge.

In the late 1980s, Intel's market share was being seriously eroded by upstart competitors such as AMD, Zilog, and others who had started to sell their less expensive microprocessors to computer manufacturers. This was because, by using cheaper processors, manufacturers could make cheaper computers and gain more market share in an increasingly price-sensitive market. In 1989, Intel's Dennis Carter visited MicroAge's headquarters in Tempe, Arizona, to meet with MicroAge's VP of Marketing, Ron Mion. MicroAge had become one of the largest distributors of Compaq, IBM, HP, and others and thus was a primary – although indirect – driver of demand for microprocessors. Intel wanted MicroAge to petition its computer suppliers to favor Intel chips. However, Mion felt that the marketplace should decide which processors they wanted. Intel's counterargument was that it would be too difficult to educate PC buyers on why Intel microprocessors were worth paying more for.

Mion felt that the public did not really need to fully understand why Intel chips were better, they just needed to feel they were better. So Mion proposed a market test. Intel would pay for a MicroAge billboard somewhere saying, "If you're buying a personal computer, make sure it has Intel inside." In turn, MicroAge would put "Intel Inside" stickers on the Intel-based computers in their stores in that area. To make the test easier to monitor, Mion decided to do the test in Boulder, Colorado, where it had a single store. Virtually overnight, the sales of personal computers in that store dramatically shifted to Intel-based PCs. Intel very quickly adopted "Intel Inside" as its primary branding and rolled it out worldwide. As is often the case with computer lore, other tidbits have been combined to explain how things evolved. "Intel Inside" has not escaped that tendency and there are other "explanations".

Intel's branding campaign started with "The Computer Inside" tagline in 1990 in the U.S. and Europe. The Japan chapter of Intel proposed an "Intel in it" tagline and kicked off the Japanese campaign by hosting EKI-KON (meaning "Station Concert" in Japanese) at the Tokyo railway station dome on Christmas Day, December 25, 1990. Several months later, "The Computer Inside" incorporated the Japan idea to become "Intel Inside" which eventually elevated to the worldwide branding campaign in 1991, by Intel marketing manager Dennis Carter. A case study, "Inside Intel Inside", was put together by Harvard Business School. The five-note jingle was introduced in 1994 and by its tenth anniversary was being heard in 130 countries around the world. The initial branding agency for the "Intel Inside" campaign was DahlinSmithWhite Advertising of Salt Lake City. The Intel swirl logo was the work of DahlinSmithWhite art director Steve Grigg under the direction of Intel president and CEO Andy Grove.

The Intel Inside advertising campaign sought public brand loyalty and awareness of Intel processors in consumer computers. Intel paid some of the advertiser's costs for an ad that used the Intel Inside logo and xylo-marimba jingle.

In 2008, Intel planned to shift the emphasis of its Intel Inside campaign from traditional media such as television and print to newer media such as the Internet. Intel required that a minimum of 35% of the money it provided to the companies in its co-op program be used for online marketing. The Intel 2010 annual financial report indicated that $1.8 billion (6% of the gross margin and nearly 16% of the total net income) was allocated to all advertising with Intel Inside being part of that.

In 2014, the Intel Inside branding was changed to reflect the new Intel Clear font.

In April 2025, chief marketing officer Brett Hannath announced a new marketing campaign—"That's the power of Intel Inside"—to highlight the usage of Intel products across different markets and industries.

Jingle

The D♭–D♭–G♭–D♭–A♭ xylophone/marimba jingle, known as the "Intel Spiral" or "Intel Bong", used in Intel advertising was written by Walter Werzowa of Musikvergnuegen. The Intel jingle was made in 1994 to coincide with the launch of the Pentium. It was modified in 1999 to coincide with the launch of the Pentium III, although it overlapped with the 1994 version which was not phased out until 2014. An alternate 1999 version can be heard in Pentium III M advertisements. Advertisements for products featuring Intel processors with prominent MMX branding featured a version of the jingle with a shortened first note and an embellishment (shining sound) after the final note in conjunction with the MMX label fading in. In some advertisements, the full jingle is played with the embellishment.

The jingle was remade a second time in 2004 to coincide with the new logo change. Again, it overlapped with the 1999 version and was not mainstreamed until the launch of the Core processors in 2006, with the melody unchanged.

Another remake of the jingle debuted with Intel's new visual identity. The company has made use of numerous variants since its rebranding in 2020 (while retaining the mainstream 2006 version).

In 2017, the United States Copyright Office registered a copyright claim to the 1994 sound recording of the "Intel Spiral", as it "contained a perceptible and sufficient amount of creative production authorship". However, registration was refused for the underlying musical composition, a perfect octave followed by a four-note sequence, as it was below the threshold of originality.

Processor naming strategy

In 2006, Intel expanded its promotion of open specification platforms beyond Centrino, to include the Viiv media center PC and the business desktop Intel vPro.

In mid-January 2006, Intel announced that it was dropping the long running Pentium name from its processors. The Pentium name was first used to refer to the P5 core Intel processors and was done to comply with court rulings that prevent the trademarking of a string of numbers, so competitors could not just call their processor the same name, as had been done with the prior 386 and 486 processors (both of which had copies manufactured by IBM and AMD). They phased out the Pentium names from mobile processors first, when the new Yonah chips, branded Core Solo and Core Duo, were released. The desktop processors changed when the Core 2 line of processors were released. By 2009, Intel was using a good–better–best strategy with Celeron being good, Pentium better, and the Intel Core family representing the best the company has to offer.

According to spokesman Bill Calder, Intel has maintained only the Celeron brand, the Atom brand for netbooks and the vPro lineup for businesses. Since late 2009, Intel's mainstream processors have been called Celeron, Pentium, Core i3, Core i5, Core i7, and Core i9 in order of performance from lowest to highest. The 1st-generation Core products carry a 3 digit name, such as i5-750, the 2nd-generation products carry a 4 digit name, such as the i5-2500, and from 10th generation onwards, Intel processors have a 5 digit name, such as i9-10900K for desktop. In all cases, a 'K' at the end shows that it is an unlocked processor, enabling additional overclocking abilities (for instance, 2500K). vPro products will carry the Intel Core i7 vPro processor or the Intel Core i5 vPro processor name. In October 2011, Intel started to sell its Core i7-2700K "Sandy Bridge" chip to customers worldwide.

Since 2010, "Centrino" is only being applied to Intel's WiMAX and Wi-Fi technologies.

In 2022, Intel announced that they were dropping the Pentium and Celeron naming schemes for their desktop and laptop entry level processors. The "Intel Processor" branding would replace the Pentium and Celeron naming schemes starting in 2023.

In 2023, Intel announced it would be dropping the 'i' in its future processor markings. For example, products such as Core i7, would be called Core 7. Ultra would be added to the endings of processors that were in the higher end, such as Core Ultra 7.

Typography

Neo Sans Intel is a customized version of Neo Sans based on the Neo Sans and Neo Tech, designed by Sebastian Lester in 2004. It was introduced alongside Intel's rebranding in 2006. Previously, Intel used Helvetica as its standard typeface in corporate marketing.

Intel Clear is a global font announced in 2014 designed for to be used across all communications. The font family was designed by Red Peek Branding and Dalton Maag. Initially available in Latin, Greek and Cyrillic scripts, it replaced Neo Sans Intel as the company's corporate typeface. Intel Clear Hebrew, Intel Clear Arabic were added by Dalton Maag Ltd. Neo Sans Intel remained in logo and to mark processor type and socket on the packaging of Intel's processors.

In 2020, as part of a new visual identity, a new typeface, Intel One, was released, designed by Tobias Frere-Jones and Fred Shallcrass of Frere-Jones Type. It has 3 optical sizes. It replaced Intel Clear as the font used by the company in most of its branding, however, it is used alongside Intel Clear typeface. In logo, it replaced Neo Sans Intel typeface. However, it is still used to mark processor type and socket on the packaging of Intel's processors.

Intel Brand Book

Intel Brand Book is a book produced by Red Peak Branding as part of Intel's brand identity campaign starting in 2017, celebrating the company's achievements while setting the new standard for what Intel looks, feels and sounds like.

Slogan history

Charity

In November 2014, Intel designed a Paddington Bear statue—themed "Little Bear Blue"—, one of fifty statues created by various celebrities and companies which were located around London, England. Created prior to the release of the film Paddington, the Intel-designed statue was located outside Framestore in Chancery Lane, London, a British visual-effects company which uses Intel technology for films including Paddington. The statues were then auctioned to raise funds for the National Society for the Prevention of Cruelty to Children (NSPCC).

Sponsorships

Intel sponsors the Intel Extreme Masters, a series of international esports tournaments. It was also a sponsor of the Formula One teams BMW Sauber, Toyota, Caterham, and McLaren (since 2026). In 2013, Intel became a sponsor of FC Barcelona. In 2017, Intel became a sponsor of the Olympic Games, lasting from the 2018 Winter Olympics to the 2024 Summer Olympics. In 2024, Intel and Riot Games had an annual sponsorship valued at US$5 million, and one with JD Gaming for US$3.3 million. The company also had a sponsorship with Global Esports.

Legal issues

Patent infringement litigation (2006–2007)

In October 2006, Transmeta filed a lawsuit against Intel for patent infringement on computer architecture and power efficiency technologies. The lawsuit was settled in October 2007, with Intel agreeing to pay US$150 million initially and US$20 million per year for the next five years. Both companies agreed to drop lawsuits against each other, while Intel was granted a perpetual non-exclusive license to use current and future patented Transmeta technologies in its chips for 10 years.

Antitrust allegations and litigation (2005–2023)

In September 2005, Intel filed a response to an AMD lawsuit, disputing AMD's claims, and claiming that Intel's business practices are fair and lawful. In a rebuttal, Intel deconstructed AMD's offensive strategy and argued that AMD struggled largely as a result of its own bad business decisions, including underinvestment in essential manufacturing capacity and excessive reliance on contracting to chip foundries. Legal analysts predicted the lawsuit would drag on for a number of years, since Intel's initial response indicated its unwillingness to settle with AMD. In 2008, a court date was finally set.

On November 4, 2009, New York's attorney general filed an antitrust lawsuit against Intel Corporation, claiming the company used "illegal threats and collusion" to dominate the market for computer microprocessors.

On November 12, 2009, AMD agreed to drop the antitrust lawsuit against Intel in exchange for $1.25 billion. A joint press release published by the two chip makers stated, "While the relationship between the two companies has been difficult in the past, this agreement ends the legal disputes and enables the companies to focus all of our efforts on product innovation and development."

An antitrust lawsuit and a class-action suit relating to cold calling employees of other companies was settled in 2014.

Allegations by Japan Fair Trade Commission (2005)

In 2005, the local Fair Trade Commission found that Intel violated the Japanese Antimonopoly Act. The commission ordered Intel to eliminate discounts that had discriminated against AMD. To avoid a trial, Intel agreed to comply with the order.

Allegations by regulators in South Korea (2007)

In September 2007, South Korean regulators accused Intel of breaking antitrust law. The investigation began in February 2006, when officials raided Intel's South Korean offices. The company risked a penalty of up to 3% of its annual sales if found guilty. In June 2008, the Fair Trade Commission ordered Intel to pay a fine of US$25.5 million for taking advantage of its dominant position to offer incentives to major Korean PC manufacturers on the condition of not buying products from AMD.

Allegations by regulators in the United States (2008–2010)

The state of New York started an investigation of Intel in January 2008 on whether the company violated antitrust laws in pricing and sales of its microprocessors. In June 2008, the U.S. Federal Trade Commission (FTC) also began an antitrust investigation of the case. In December 2009, the FTC announced it would initiate an administrative proceeding against Intel in September 2010.

In November 2009, following a two-year investigation, New York Attorney General Andrew Cuomo sued Intel, accusing it of bribery and coercion, claiming that Intel bribed computer makers to buy more of its chips than those of its rivals and threatened to withdraw these payments if the computer makers were perceived as working too closely with its competitors. Intel denied these claims.

On July 22, 2010, Dell agreed to a settlement with the U.S. Securities and Exchange Commission (SEC) to pay $100 million in penalties resulting from charges that Dell did not accurately disclose accounting information to investors. In particular, the SEC charged that from 2002 to 2006, Dell had an agreement with Intel to receive rebates in exchange for not using chips manufactured by AMD. These substantial rebates were not disclosed to investors, but were used to help meet investor expectations regarding the company's financial performance; "These exclusivity payments grew from 10% of Dell's operating income in FY 2003 to 38% in FY 2006, and peaked at 76% in the first quarter of FY 2007." Dell eventually did adopt AMD as a secondary supplier in 2006, and Intel subsequently stopped its rebates, causing Dell's financial performance to fall.

Allegations by the European Union (2007–2023)

In July 2007, the European Commission accused Intel of anti-competitive practices, mostly against AMD. The allegations, going back to 2003, include giving preferential prices to computer makers buying most or all of its chips from Intel, paying computer makers to delay or cancel the launch of products using AMD chips, and providing chips at below standard cost to governments and educational institutions. Intel responded that the allegations were unfounded and instead qualified its market behavior as consumer-friendly. General counsel Bruce Sewell responded that the commission had misunderstood some factual assumptions regarding pricing and manufacturing costs.

In February 2008, Intel announced that its office in Munich, Germany had been raided by European Union (EU) regulators. Intel reported that it was cooperating with investigators. Intel faced a fine of up to 10% of its annual revenue if found guilty of stifling competition. AMD subsequently launched a website promoting these allegations. In June 2008, the EU filed new charges against Intel. In May 2009, the EU found that Intel had engaged in anti-competitive practices and subsequently fined Intel €1.06 billion (US$1.44 billion), a record amount. Intel was found to have paid companies, including Acer, Dell, HP, Lenovo and NEC, to exclusively use Intel chips in their products, and therefore harmed other, less successful companies including AMD. The European Commission said that Intel had deliberately acted to keep competitors out of the computer chip market and in doing so had made a "serious and sustained violation of the EU's antitrust rules". In addition to the fine, Intel was ordered by the commission to immediately cease all illegal practices. Intel said they would appeal the commission's verdict. In June 2014, the General Court, which sits below the European Court of Justice, rejected the appeal.

In 2022 the €1.06 billion fine was dropped, but was successively re-imposed in September 2023 as a €376.36 million fine.

Corporate responsibility record

Intel has been accused by some residents of Rio Rancho, New Mexico, of allowing volatile organic compounds (VOCs) to be released in excess of its pollution permit. One resident claimed that a release of 1.4 tons of carbon tetrachloride was measured from one acid scrubber during the fourth quarter of 2003 but an emission factor allowed Intel to report no carbon tetrachloride emissions for all of 2003.

Another resident alleges that Intel was responsible for the release of other VOCs from its Rio Rancho site and that a necropsy of lung tissue from two deceased dogs in the area indicated trace amounts of toluene, hexane, ethylbenzene, and xylene isomers, all of which are solvents used in industrial settings but also commonly found in gasoline, retail paint thinners and retail solvents. During a sub-committee meeting of the New Mexico Environment Improvement Board, a resident claimed that Intel's own reports documented more than 1,580 pounds (720 kg) of VOCs were released in June and July 2006.

Intel's environmental performance is published annually in its corporate responsibility report.

Conflict-free production

In 2009, Intel announced that it planned to undertake an effort to remove conflict resources—materials sourced from mines whose profits are used to fund armed militant groups, particularly within the Democratic Republic of the Congo—from its supply chain. Intel sought conflict-free sources of the precious metals common to electronics from within the country, using a system of first- and third-party audits, as well as input from the Enough Project and other organizations. During a keynote address at the Consumer Electronics Show 2014, Intel CEO at the time, Brian Krzanich, announced that the company's microprocessors would henceforth be conflict free. In 2016, Intel stated that it had expected its entire supply chain to be conflict-free by the end of the year.

In its 2012 rankings on the progress of consumer electronics companies relating to conflict minerals, the Enough Project rated Intel the best of 24 companies, calling it a "Pioneer of progress". In 2014, chief executive Brian Krzanich urged the rest of the industry to follow Intel's lead by also shunning conflict minerals.

Age discrimination complaints

Intel has faced complaints of age discrimination in firing and layoffs. Intel was sued in 1993 by nine former employees, over allegations that they were laid off because they were over the age of 40.

A group called FACE Intel (Former and Current Employees of Intel) claims that Intel weeds out older employees. FACE Intel claims that more than 90% of people who have been laid off or fired from Intel are over the age of 40. Upside magazine requested data from Intel breaking out its hiring and firing by age, but the company declined to provide any. Intel has denied that age plays any role in Intel's employment practices. FACE Intel was founded by Ken Hamidi, who was fired from Intel in 1995 at the age of 47. Hamidi was blocked in a 1999 court decision from using Intel's email system to distribute criticism of the company to employees, which was overturned in 2003 in Intel Corp. v. Hamidi.

Tax dispute in India

In August 2016, Indian officials of the Bruhat Bengaluru Mahanagara Palike (BBMP) parked garbage trucks on Intel's campus and threatened to dump them for evading payment of property taxes between 2007 and 2008, to the tune of ₹340 million (US$3.5 million). Intel had reportedly been paying taxes as a non-air-conditioned office, when the campus in fact had central air conditioning. Other factors, such as land acquisition and construction improvements, added to the tax burden. Previously, Intel had appealed the demand in the Karnataka high court in July, during which the court ordered Intel to pay BBMP half the owed amount of ₹170 million (US$1.8 million) plus arrears by August 28 of that year.

Hardware instability lawsuit

In November 2024, a group of Intel customers who had purchased the company's Raptor Lake CPUs filed a class-action lawsuit against Intel, alleging that the company was aware of instability issues affecting 13th- and 14th-generation Raptor Lake CPUs that the company failed to disclose to customers.

Product issues

Pentium FDIV bug

Transient execution CPU vulnerability

=== Raptor Lake instability ===

Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗

Wikidata ↗

INTC Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range

Price

$91.93

Market Cap

$459.10B

P/E (TTM)

-1532.2

EPS (TTM)

$-0.06

Revenue (TTM)

$52.85B

Div Yield

0.00%

ROE

-0.25%

Debt/Equity

0.4

52W Range

$24 – $142

INTC Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view

10-Year Performance Revenue, net income, margins and EPS trends

Revenue & Net Income $52.85B

2016-12-31 → 2025-12-27

EPS $-0.06

2016-12-31 → 2025-12-27

Free Cash Flow $-4.95B

2016-12-31 → 2025-12-27

Margins -0.51%

2016-12-31 → 2025-12-27

Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?

Metric

5Y trend

INTC

Peer Median

P/E (TTM)

-1532.2

50.8

P/S (TTM)

8.7

14.8

P/B

4.0

5.6

EV / EBITDA

-222.0

—

Price / FCF

-92.8

—

Profitability Gross, operating and net margins; ROE, ROA, ROIC

Metric

5Y trend

INTC

Peer Median

Gross Margin

34.8%

55.2%

Operating Margin

-4.2%

—

Net Profit Margin

-0.51%

26.0%

ROA

-0.13%

12.6%

ROE

-0.25%

19.4%

ROIC

-0.02%

—

Financial Health Debt, liquidity, solvency — balance sheet strength

Metric

5Y trend

INTC

Peer Median

Debt / Equity

0.4

44.9

Current Ratio

2.0

2.6

Quick Ratio

0.6

—

Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR

Metric

5Y trend

INTC

Peer Median

Revenue YoY

-0.47%

—

Revenue CAGR 3Y

-5.7%

—

Revenue CAGR 5Y

-7.5%

—

EPS YoY

-79.4%

—

Net Income YoY

-78.9%

—

Per Share Metrics EPS, book value per share, cash flow per share, dividend per share

Metric

5Y trend

INTC

Peer Median

EPS (Diluted)

$-0.06

—

Capital Efficiency Asset turnover, inventory turnover, receivables turnover

Metric

5Y trend

INTC

Peer Median

Payout Ratio

0.00%

—

Dividends Yield, payout ratio, dividend history, 5Y CAGR

Dividend Yield

0.00%

Payout Ratio

0.00%

5Y Div CAGR

—

Ex-date	Amount
Aug. 7, 2024	$0.1250
May 6, 2024	$0.1250
Feb. 6, 2024	$0.1250
Nov. 6, 2023	$0.1250
Aug. 4, 2023	$0.1250
May 4, 2023	$0.1250
Feb. 6, 2023	$0.3650
Nov. 4, 2022	$0.3650
Aug. 4, 2022	$0.3650
May 5, 2022	$0.3650
Feb. 4, 2022	$0.3650
Nov. 4, 2021	$0.3480
Aug. 5, 2021	$0.3480
May 6, 2021	$0.3480
Feb. 4, 2021	$0.3480
Nov. 5, 2020	$0.3300
Aug. 6, 2020	$0.3300
May 6, 2020	$0.3300
Feb. 6, 2020	$0.3300
Nov. 6, 2019	$0.3150

INTC Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside

HOLD 55 analysts

Strong Buy 4 7.3%
Buy 15 27.3%
Hold 33 60.0%
Sell 3 5.5%
Strong Sell 0 0.0%

12-Month Price Target

41 analysts · 2026-08-22

Median $110.00

Now $91.93

Low $75.00

High $200.00

Median target $110.00 +19.7%

Mean target $114.88 +25.0%

Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date

Avg Surprise

0.16%

Period	EPS Actual	EPS Est	Surprise
June 30, 2026	$0.42	$0.22	0.20%
March 31, 2026	$0.29	$0.01	0.28%
Dec. 31, 2025	$0.15	$0.08	0.07%
Sept. 30, 2025	$0.23	$0.01	0.22%
June 30, 2025	$0.10	$0.01	0.09%
March 31, 2025	$0.13	$0.01	0.12%

Peer comparison (GICS sub-industry) Key metrics vs sector peers

Ticker	Market Cap	P/E	Rev YoY	Net Margin	ROE	Gross Margin
INTC	$180.78B	-603.3	-0.47%	-0.51%	-0.25%	34.8%
NVDA	$4.57T	38.3	65.5%	55.6%	93.3%	71.1%
AVGO	$1.75T	77.5	23.9%	36.2%	30.7%	67.8%
MU	$136.88B	16.1	48.9%	22.8%	16.6%	39.8%
AMD	—	81.1	34.3%	—	—	—
TXN	—	31.8	13.1%	28.3%	30.1%	57.0%
MRVL	$68.75B	26.4	42.1%	32.6%	19.3%	51.0%
ADI	$114.64B	51.3	16.9%	20.6%	6.6%	61.5%
QCOM	$181.72B	33.8	13.7%	12.5%	22.7%	—
MPWR	$44.15B	70.5	26.4%	22.3%	18.0%	55.2%
ALAB	$28.31B	136.4	115.1%	25.7%	17.5%	75.7%

Full Fundamentals All metrics by year — income statement, balance sheet, cash flow

Income Statement 18

Annual Income Statement data for INTC
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Revenue	$52.85B	$53.10B	$54.23B	$63.05B	$79.02B	$77.87B	$71.97B	$70.85B	$62.76B	$59.39B	$55.35B	$55.87B
Cost of Revenue	$34.48B	$35.76B	$32.52B	$36.19B	$35.21B	$34.26B	$29.82B	$27.11B	$23.66B	$23.15B	$20.68B	$20.26B
Gross Profit	$18.38B	$17.34B	$21.71B	$26.87B	$43.81B	$43.61B	$42.14B	$43.74B	$39.10B	$36.23B	$34.68B	$35.61B
R&D Expense	$13.77B	$16.55B	$16.05B	$17.53B	$15.19B	$13.56B	$13.36B	$13.54B	$13.04B	$12.69B	$12.13B	$11.54B
SG&A Expense	$4.62B	$5.51B	$5.63B	$7.00B	$6.54B	$6.18B	$6.35B	$6.95B	$7.45B	$8.38B	$7.93B	$8.14B
Operating Expenses	$20.59B	$29.02B	$21.62B	$24.53B	$24.36B	$19.93B	$20.11B	$20.42B	$21.05B	$23.10B	$20.68B	$20.26B
Operating Income	$-2.21B	$-11.68B	$93M	$2.33B	$19.46B	$23.68B	$22.04B	$23.32B	$18.05B	$13.13B	$14.00B	$15.35B
Interest Expense	·	·	$878M	$496M	$597M	$629M	$489M	$468M	$646M	$733M	$337M	$192M
Interest Income	$1.01B	$1.25B	$1.33B	$589M	$144M	$272M	$483M	$438M	$441M	$222M	$124M	$141M
Other Non-op	$-416M	$15M	$172M	$1.07B	$-29M	$-147M	$490M	$156M	$-144M	$-192M	$108M	$43M
Pretax Income	$1.56B	$-11.21B	$762M	$7.77B	$21.70B	$25.08B	$24.06B	$23.32B	$20.35B	$12.94B	$14.21B	$15.80B
Income Tax	$1.53B	$8.02B	$-913M	$-249M	$1.83B	$4.18B	$3.01B	$2.26B	$10.75B	$2.62B	$2.79B	$4.10B
Net Income	$-267M	$-18.76B	$1.69B	$8.01B	$19.87B	$20.90B	$21.05B	$21.05B	$9.60B	$10.32B	$11.42B	$11.70B
EPS (Basic)	$-0.06	$-4.38	$0.40	$1.95	$4.89	$4.98	$4.77	$4.57	$2.04	$2.18	$2.41	$2.39
EPS (Diluted)	$-0.06	$-4.38	$0.40	$1.94	$4.86	$4.94	$4.71	$4.48	$1.99	$2.12	$2.33	$2.31
Shares (Basic)	4,530,000,000	4,280,000,000	4,190,000,000	4,108,000,000	4,059,000,000	4,199,000,000	4,417,000,000	4,611,000,000	4,701,000,000	4,730,000,000	4,742,000,000	4,901,000,000
Shares (Diluted)	4,530,000,000	4,280,000,000	4,212,000,000	4,123,000,000	4,090,000,000	4,232,000,000	4,473,000,000	4,701,000,000	4,835,000,000	4,875,000,000	4,894,000,000	5,056,000,000
EBITDA	$-2.21B	$-11.68B	$93M	$2.33B	$19.46B	$23.68B	$22.04B	$23.32B	$17.94B	$12.87B	$14.00B	$15.35B

Balance Sheet 24

Annual Balance Sheet data for INTC
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Cash & Equivalents	$14.27B	$8.25B	·	·	·	$5.87B	$4.19B	$3.02B	$3.43B	$5.56B	$15.31B	$2.56B
Receivables	$3.84B	$3.48B	$3.40B	$4.13B	$9.46B	$6.78B	$7.66B	$6.72B	$5.61B	$4.69B	$4.79B	$4.43B
Inventory	$11.62B	$12.20B	$11.13B	$13.22B	$10.78B	$8.43B	$8.74B	$7.25B	$6.98B	$5.55B	$5.17B	$4.27B
Other Current Assets	$10.81B	$9.59B	$3.71B	$4.71B	$2.13B	$2.75B	$1.71B	$3.16B	$2.91B	$2.96B	$2.98B	$3.02B
Current Assets	$63.69B	$47.32B	$43.27B	$50.41B	$58.56B	$47.25B	$31.24B	$28.79B	$29.50B	$35.51B	$38.32B	$27.73B
PP&E (Net)	·	·	·	$80.86B	$63.24B	$56.58B	$55.39B	$48.98B	$41.11B	$36.17B	$31.86B	$33.24B
PP&E (Gross)	·	·	·	$174.25B	$148.54B	$134.23B	$128.71B	$114.32B	$100.39B	$90.11B	$83.40B	$79.71B
Accum. Depreciation	$106.46B	$102.19B	$98.01B	$93.39B	$85.29B	$77.64B	$73.32B	$65.34B	$59.29B	$53.93B	$51.54B	$46.47B
Goodwill	$23.91B	$24.69B	$27.59B	$27.59B	$26.96B	$26.97B	$26.28B	$24.51B	$24.39B	$14.10B	$11.33B	$10.86B
Intangibles	$2.77B	$3.69B	$4.59B	$6.02B	$7.27B	$9.03B	$10.83B	$11.84B	$12.74B	$9.49B	$3.93B	$4.45B
Other Non-current Assets	$7.13B	$7.47B	$13.65B	$11.31B	$6.07B	$5.92B	$5.55B	$4.42B	$3.21B	$7.16B	$8.16B	$6.50B
Total Assets	$211.43B	$196.49B	$191.57B	$182.10B	$168.41B	$153.09B	$136.52B	$127.96B	$123.25B	$113.33B	$101.46B	$91.90B
Accounts Payable	$9.88B	$12.56B	$8.58B	$9.60B	$5.75B	$5.58B	$4.13B	$3.82B	$2.93B	$2.48B	$2.06B	$2.75B
Short-term Debt	$0	$0	$0	$3.90B	$0	·	·	·	·	$4.63B	$0	$500M
Current Liabilities	$31.57B	$35.67B	$28.05B	$32.16B	$27.46B	$24.75B	$22.31B	$16.63B	$17.42B	$20.30B	$15.65B	$16.01B
Deferred Tax	$1.69B	$1.46B	$186M	$202M	$2.67B	$3.84B	$2.04B	$1.67B	$3.05B	$1.73B	$954M	$3.77B
Other Non-current Liabilities	$9.41B	$9.51B	$6.58B	$8.98B	$5.07B	$3.61B	$2.92B	$2.65B	$3.79B	$3.54B	$2.84B	$3.28B
Long-term Debt	$46.59B	$50.01B	$49.27B	$38.11B	$38.10B	$36.40B	$29.00B	$25.86B	$26.78B	$25.26B	$22.71B	$13.20B
Total Debt	$46.59B	$50.01B	$49.28B	$42.01B	$38.11B	$36.40B	$29.01B	$25.86B	$26.78B	$25.27B	$22.64B	$13.70B
Retained Earnings	$48.98B	$49.03B	$69.16B	$70.41B	$68.27B	$56.23B	$53.52B	$50.17B	$42.08B	$40.75B	$37.61B	$33.42B
AOCI	$113M	$-711M	$-215M	$-562M	$-880M	$-751M	$-1.28B	$-974M	$862M	$106M	$60M	$666M
Stockholders' Equity	$114.28B	$99.27B	$105.59B	$101.42B	$95.39B	$81.07B	$77.50B	$74.56B	$69.65B	$66.23B	$61.09B	$55.87B
Liabilities + Equity	$211.43B	$196.49B	$191.57B	$182.10B	$168.41B	$153.09B	$136.52B	$127.96B	$123.25B	$113.33B	$101.46B	$91.90B
Shares Outstanding	4,994,000,000	4,330,000,000	4,228,000,000	4,137,000,000	4,070,000,000	4,062,000,000	4,290,000,000	4,516,000,000	4,687,000,000	4,730,000,000	4,725,000,000	4,748,000,000

Cash Flow 18

Annual Cash Flow data for INTC
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
D&A	·	·	·	·	·	·	$200M	$200M	$177M	$294M	$265M	·
Stock-based Comp	$2.43B	$3.41B	$3.23B	$3.13B	$2.04B	$1.85B	$1.71B	$1.55B	$1.36B	$1.44B	$1.30B	$1.15B
Deferred Tax	$329M	$6.07B	$-2.01B	$-5.16B	$-742M	$1.77B	$522M	$-1.61B	$1.52B	$532M	$-918M	$-284M
Amort. of Intangibles	$949M	$1.43B	$1.75B	$1.91B	$1.84B	$1.76B	$1.62B	$1.56B	$1.38B	$1.52B	$890M	$1.17B
Restructuring	$476M	$3.49B	$-424M	$1.07B	$2.63B	$198M	·	·	·	·	·	·
Operating Cash Flow	$9.70B	$8.29B	$11.47B	$15.43B	$29.46B	$35.86B	$33.15B	$29.43B	$22.11B	$21.81B	$19.02B	$20.42B
CapEx	$14.65B	$23.94B	$25.75B	$24.84B	$18.73B	$14.26B	$16.21B	$15.18B	$11.78B	$9.62B	$7.33B	$10.11B
Investing Cash Flow	$-14.82B	$-18.26B	$-24.04B	$-10.23B	$-24.28B	$-21.52B	$-14.40B	$-11.24B	$-15.76B	·	·	·
Debt Issued	$0	$2.98B	$11.39B	$6.55B	$4.97B	$10.25B	$3.39B	$423M	$7.72B	$2.73B	$9.48B	$0
Net Debt Issued	$-3.75B	$687M	$10.97B	$1.56B	$2.47B	$5.72B	$765M	$-2.60B	$-364M	$1.23B	$9.48B	$0
Stock Repurchased	·	·	$0	$0	$2.42B	$14.23B	$13.58B	$10.73B	$3.62B	$2.59B	$3.00B	$10.79B
Net Stock Activity	·	·	$0	$0	$-2.42B	$-14.23B	$-13.58B	$-10.73B	$-3.62B	$-2.59B	$-3.00B	$-10.79B
Dividends Paid	$0	$1.60B	$3.09B	$6.00B	$5.64B	$5.57B	$5.58B	$5.54B	$5.07B	$4.92B	$4.56B	$4.41B
Financing Cash Flow	$11.59B	$11.14B	$8.51B	$1.11B	$-6.21B	$-12.67B	$-17.57B	$-18.61B	$-8.47B	·	·	·
Net Change in Cash	$6.46B	$1.17B	$-4.07B	$6.32B	$-1.04B	$1.67B	$1.18B	$-414M	$-2.13B	$-9.75B	$12.75B	$-3.11B
Taxes Paid	$2.30B	$2.20B	$2.62B	$4.28B	$2.26B	$2.44B	$2.11B	$3.81B	$3.82B	$877M	$3.44B	$4.64B
Free Cash Flow	$-4.95B	$-15.66B	$-14.28B	$-9.41B	$11.26B	$21.12B	$16.93B	$14.25B	$10.33B	$12.18B	$11.69B	$10.31B
Levered FCF	·	·	$-16.21B	$-9.92B	$10.71B	$20.60B	$16.50B	$13.83B	$10.03B	$11.60B	$11.42B	$10.17B

Profitability 8

Annual Profitability data for INTC
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Gross Margin	34.8%	32.7%	40.0%	42.6%	55.5%	56.0%	58.6%	61.7%	62.3%	60.9%	62.6%	63.7%
Operating Margin	-4.2%	-22.0%	0.17%	3.7%	24.6%	30.4%	30.6%	32.9%	28.6%	21.7%	25.3%	27.5%
Net Margin	-0.51%	-35.3%	3.1%	12.7%	25.1%	26.8%	29.2%	29.7%	15.3%	17.4%	20.6%	20.9%
Pretax Margin	2.9%	-21.1%	1.4%	12.3%	27.5%	32.2%	33.4%	32.9%	32.4%	21.8%	25.7%	28.3%
EBITDA Margin	-4.2%	-22.0%	0.17%	3.7%	24.6%	30.4%	30.6%	32.9%	28.6%	21.7%	25.3%	27.5%
ROA	-0.13%	-9.7%	0.90%	4.6%	12.4%	14.4%	15.9%	16.8%	8.1%	9.6%	11.7%	12.7%
ROE	-0.25%	-18.3%	1.6%	7.9%	21.4%	26.9%	27.7%	28.8%	14.2%	16.2%	19.5%	20.5%
ROIC	-0.02%	-13.4%	0.13%	1.7%	13.3%	16.8%	18.1%	21.0%	8.8%	11.2%	13.4%	16.3%

Liquidity & Solvency 5

Annual Liquidity & Solvency data for INTC
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Current Ratio	2.0	1.3	1.5	1.6	2.1	1.9	1.4	1.7	1.7	1.7	2.6	1.7
Quick Ratio	0.6	0.1	0.1	0.1	0.3	0.3	0.3	0.6	0.5	0.5	1.3	0.4
Debt / Equity	0.4	0.5	0.5	0.4	0.4	0.4	0.4	0.3	0.4	0.4	0.4	0.2
LT Debt / Equity	0.4	0.5	0.4	0.4	0.4	0.4	0.3	0.3	0.4	0.3	0.3	0.2
Interest Coverage	·	·	0.1	4.7	32.6	37.6	45.1	49.8	27.8	17.6	41.5	79.9

Efficiency 3

Annual Efficiency data for INTC
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Asset Turnover	0.3	0.3	0.3	0.4	0.5	0.5	0.5	0.6	0.5	0.6	0.6	0.6
Inventory Turnover	2.9	3.1	2.7	3.0	3.7	4.0	3.7	3.8	3.8	4.3	4.4	4.8
Receivables Turnover	14.4	15.4	14.4	9.3	9.7	10.8	10.0	11.5	12.2	12.5	12.0	14.0

Per Share 6

Annual Per Share data for INTC
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Book Value / Share	$22.88	$22.93	$24.97	$24.52	$23.44	$19.95	$18.07	$16.51	$14.73	$14.00	$12.93	$11.77
Revenue / Share	$11.67	$12.41	$12.87	$15.29	$19.32	$18.40	$16.09	$15.07	$12.98	$12.18	$11.31	$11.05
Cash Flow / Share	$2.14	$1.94	$2.72	$3.74	$7.33	$8.36	$7.41	$6.26	$4.57	$4.47	$3.89	$4.04
Cash / Share	$2.86	·	·	·	·	·	·	$0.67	$0.73	$1.18	$3.24	$0.54
Dividend / Share	·	$0	$1	$1	·	·	·	·	·	·	·	·
EPS (TTM)	$-0.06	$-4.38	$0.40	$1.94	$4.86	$4.94	$4.71	$4.48	$1.99	$2.12	$2.33	$2.31

Growth Rates 7

Annual Growth Rates data for INTC
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Revenue YoY	-0.47%	-2.1%	-14.0%	-20.2%	1.5%	·	·	·	·	·	·	·
Revenue CAGR 3Y	-5.7%	-12.4%	-11.4%	·	·	·	·	·	·	·	·	·
Revenue CAGR 5Y	-7.5%	·	·	·	·	·	·	·	·	·	·	·
EPS YoY	·	·	-79.4%	-60.1%	-1.6%	·	·	·	·	·	·	·
EPS CAGR 3Y	·	·	-56.7%	·	·	·	·	·	·	·	·	·
Net Income YoY	·	·	-78.9%	-59.7%	-4.9%	·	·	·	·	·	·	·
Net Income CAGR 3Y	·	·	-56.8%	·	·	·	·	·	·	·	·	·

Valuation (TTM) 17

Annual Valuation (TTM) data for INTC
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Revenue TTM	$52.85B	$53.10B	$54.23B	$63.05B	$79.02B	$77.87B	$71.97B	$70.85B	$62.76B	$59.39B	$55.35B	$55.87B
Net Income TTM	$-267M	$-18.76B	$1.69B	$8.01B	$19.87B	$20.90B	$21.05B	$21.05B	$9.60B	$10.32B	$11.42B	$11.70B
Market Cap	$180.78B	$87.90B	$212.46B	$109.34B	$208.83B	$191.20B	$257.74B	$211.12B	$216.35B	$171.56B	$165.28B	$178.29B
Enterprise Value	$213.10B	·	·	·	·	·	·	$233.96B	$239.69B	$191.26B	$172.61B	$189.42B
P/E	-603.3	-4.6	125.6	13.6	10.6	9.5	12.8	10.4	23.2	17.1	15.0	16.3
P/S	3.4	1.7	3.9	1.7	2.6	2.5	3.6	3.0	3.4	2.9	3.0	3.2
P/B	1.6	0.9	2.0	1.1	2.2	2.4	3.3	2.8	3.1	2.6	2.7	3.2
P / Tangible Book	2.1	1.2	2.9	1.6	3.4	4.2	·	·	·	·	·	·
P / Cash Flow	18.6	10.6	18.5	7.1	7.0	5.4	7.8	7.2	9.8	7.9	8.7	8.7
P / FCF	-36.5	-5.6	-14.9	-11.6	18.5	9.1	15.2	14.8	20.9	14.1	14.1	17.3
EV / EBITDA	-96.3	·	·	·	·	·	·	10.0	13.4	14.9	12.3	12.3
EV / FCF	-43.1	·	·	·	·	·	·	16.4	23.2	15.7	14.8	18.4
EV / Revenue	4.0	·	·	·	·	·	·	3.3	3.8	3.2	3.1	3.4
Dividend Yield	0.00%	1.8%	1.5%	5.5%	2.7%	2.9%	2.2%	2.6%	2.3%	2.9%	2.8%	2.5%
Earnings Yield	-0.17%	-21.6%	0.80%	7.3%	9.5%	10.5%	7.8%	9.6%	4.3%	5.9%	6.7%	6.2%
Payout Ratio	0.00%	-8.5%	182.8%	74.8%	28.4%	26.6%	26.5%	26.3%	52.8%	47.7%	39.9%	37.7%
Annual Payout	$0	$1.60B	$3.09B	$6.00B	$5.64B	$5.57B	$5.58B	$5.54B	$5.07B	$4.92B	$4.56B	$4.41B

Income Statement 18

Quarterly Income Statement data for INTC
Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q4 2022
Revenue	$16.13B	$13.58B	$13.67B	$13.65B	$12.86B	$12.67B	$14.26B	$13.28B	$12.83B	$12.72B	$15.41B	$14.16B	$11.71B	$14.04B
Cost of Revenue	$9.62B	$8.23B	$8.73B	$8.44B	$9.32B	$8.00B	$8.68B	$11.29B	$8.29B	$7.51B	$8.36B	$8.14B	$7.71B	$8.54B
Gross Profit	$6.51B	$5.35B	$4.94B	$5.22B	$3.54B	$4.67B	$5.58B	$2.00B	$4.55B	$5.22B	$7.05B	$6.02B	$4.01B	$5.50B
R&D Expense	$3.37B	$3.38B	$3.22B	$3.23B	$3.68B	$3.64B	$3.88B	$4.05B	$4.24B	$4.38B	$3.99B	$3.87B	$4.11B	$4.46B
SG&A Expense	$1.18B	$1.04B	$1.17B	$1.13B	$1.14B	$1.18B	$1.24B	$1.38B	$1.33B	$1.56B	$1.62B	$1.34B	$1.30B	$1.71B
Operating Expenses	$4.71B	$8.48B	$4.36B	$4.54B	$6.72B	$4.97B	$5.17B	$11.05B	$6.51B	$6.29B	$4.46B	$6.03B	$5.48B	$6.63B
Operating Income	$1.80B	$-3.14B	$580M	$683M	$-3.18B	$-301M	$412M	$-9.06B	$-1.96B	$-1.07B	$2.58B	$-8M	$-1.47B	$-1.13B
Interest Expense	·	·	·	·	·	·	·	·	·	$258M	·	$204M	$193M	·
Interest Income	$334M	$333M	$324M	$228M	$210M	$245M	$262M	$340M	$320M	$323M	$356M	$332M	$334M	$274M
Other Non-op	$-60M	$283M	$-84M	$-135M	$-78M	$-119M	$-157M	$38M	$54M	$80M	$28M	$19M	$0	$25M
Pretax Income	$-10.82B	$-3.95B	$338M	$4.57B	$-2.77B	$-586M	$599M	$-9.09B	$-2.00B	$-719M	$2.79B	$-52M	$-1.16B	$-796M
Income Tax	$29M	$335M	$671M	$304M	$255M	$301M	$752M	$7.90B	$-350M	$-282M	$128M	$-362M	$1.61B	$-135M
Net Income	$-11.03B	$-3.73B	$-591M	$4.06B	$-2.92B	$-821M	$-126M	$-16.64B	$-1.61B	$-381M	$2.67B	$297M	$-2.76B	$-664M
EPS (Basic)	$-2.16	$-0.73	$-0.10	$0.90	$-0.67	$-0.19	$-0.03	$-3.88	$-0.38	$-0.09	$0.63	$0.07	$-0.66	$-0.16
EPS (Diluted)	$-2.16	$-0.73	$-0.10	$0.90	$-0.67	$-0.19	$-0.03	$-3.88	$-0.38	$-0.09	$0.63	$0.07	$-0.66	$-0.16
Shares (Basic)	5,104,000,000	5,083,000,000	-8,696,000,000	4,514,000,000	4,369,000,000	4,343,000,000	-8,521,000,000	4,292,000,000	4,267,000,000	4,242,000,000	10,000,000	4,202,000,000	4,154,000,000	4,000,000
Shares (Diluted)	5,104,000,000	5,083,000,000	-8,713,000,000	4,531,000,000	4,369,000,000	4,343,000,000	-8,521,000,000	4,292,000,000	4,267,000,000	4,242,000,000	32,000,000	4,229,000,000	4,154,000,000	0
EBITDA	$1.80B	$-3.14B	·	$683M	$-3.18B	$-301M	·	$-9.06B	$-1.96B	$-1.07B	·	$-8M	$-1.47B	·

Balance Sheet 22

Quarterly Balance Sheet data for INTC
Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q4 2022
Cash & Equivalents	$12.87B	$17.25B	$14.27B	$11.14B	$9.64B	·	$8.25B	·	·	·	·	·	·	·
Receivables	$4.03B	$4.07B	$3.84B	$3.20B	$2.36B	$3.06B	$3.48B	$3.12B	$3.13B	$3.32B	·	$2.84B	$3.85B	·
Inventory	$12.49B	$12.43B	$11.62B	$11.49B	$11.38B	$12.28B	$12.20B	$12.06B	$11.24B	$11.49B	·	$11.47B	$12.99B	·
Other Current Assets	$10.96B	$12.88B	$10.81B	$6.11B	$8.43B	$5.74B	$9.59B	$6.87B	$7.18B	$6.48B	·	$4.47B	$3.94B	·
Current Assets	$57.21B	$62.16B	$63.69B	$51.73B	$43.38B	$42.13B	$47.32B	$46.14B	$50.83B	$42.61B	·	$43.81B	$48.31B	·
Accum. Depreciation	·	$107.90B	·	$105.06B	$103.57B	$103.04B	·	$101.12B	$100.17B	$99.31B	·	$97.12B	$94.55B	·
Goodwill	$20.46B	$20.46B	$23.91B	$23.91B	$23.91B	$24.69B	$24.69B	$24.68B	$27.44B	$27.44B	$27.59B	$27.59B	$27.59B	$27.59B
Intangibles	$2.54B	$2.72B	$2.77B	$2.88B	$3.06B	$3.57B	$3.69B	$3.98B	$4.38B	$4.67B	·	$4.97B	$5.57B	·
Other Non-current Assets	$8.06B	$7.05B	$7.13B	$12.28B	$7.28B	$7.06B	$7.47B	$9.01B	$14.33B	$11.95B	·	$13.41B	$12.07B	·
Total Assets	$202.44B	$205.33B	$211.43B	$204.51B	$192.52B	$192.24B	$196.49B	$193.54B	$206.21B	$192.73B	·	$188.84B	$185.30B	·
Accounts Payable	$8.76B	$7.16B	$9.88B	$10.27B	$10.67B	$10.90B	$12.56B	$11.07B	$9.62B	$8.56B	·	$8.67B	$8.08B	·
Short-term Debt	·	·	$0	·	$2.00B	$1.50B	$0	$0	$3.20B	$793M	·	·	$1.00B	·
Current Liabilities	$35.67B	$26.89B	$31.57B	$32.30B	$34.97B	$32.17B	$35.67B	$35.16B	$32.03B	$27.21B	·	$28.61B	$27.39B	·
Deferred Tax	·	·	$1.69B	·	·	·	$1.46B	·	·	·	·	·	·	·
Other Non-current Liabilities	$15.08B	$10.43B	$9.41B	$11.43B	$7.78B	$8.74B	$9.51B	$7.05B	$5.41B	$6.89B	·	$7.95B	$4.84B	·
Long-term Debt	·	·	$46.59B	·	·	·	$50.01B	·	·	·	·	·	·	·
Total Debt	$48.55B	$43.03B	·	$44.06B	$46.03B	$46.41B	·	$46.47B	$51.53B	$48.66B	·	$46.59B	·	·
Retained Earnings	$33.84B	$45.18B	$48.98B	$49.60B	$45.48B	$48.32B	$49.03B	$49.05B	$66.16B	$68.22B	·	$67.02B	$65.65B	·
AOCI	$-80M	$-44M	$113M	$19M	$65M	$-486M	$-711M	$-185M	$-696M	$-542M	·	$-861M	$-419M	·
Stockholders' Equity	$87.54B	$111.39B	$114.28B	$106.38B	$97.88B	$99.76B	$99.27B	$99.53B	$115.23B	$105.97B	·	$101.81B	$98.06B	·
Liabilities + Equity	$202.44B	$205.33B	$211.43B	$204.51B	$192.52B	$192.24B	$196.49B	$193.54B	$206.21B	$192.73B	·	$188.84B	$185.30B	·
Shares Outstanding	5,043,000,000	5,023,000,000	4,994,000,000	4,766,000,000	·	·	4,330,000,000	·	4,276,000,000	4,257,000,000	·	4,216,000,000	·	·

Cash Flow 15

Quarterly Cash Flow data for INTC
Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q4 2022
Stock-based Comp	$686M	$621M	$538M	$548M	$664M	$684M	$651M	$800M	$780M	$1.18B	$796M	$772M	$739M	$736M
Deferred Tax	·	$-9M	$206M	$17M	$87M	$19M	$-301M	$7.71B	$-993M	$-346M	$-633M	·	·	·
Amort. of Intangibles	$235M	$234M	$241M	$234M	$225M	$249M	$347M	$364M	$366M	$351M	$419M	$427M	$465M	$468M
Restructuring	$2M	$3.96B	$104M	$-10M	$382M	$0	$-135M	$2.33B	$-129M	$348M	$-1.14B	$463M	$55M	$409M
Operating Cash Flow	$7.01B	$1.10B	$4.29B	$2.55B	$2.05B	$813M	$3.17B	$4.05B	$2.29B	$-1.22B	$4.62B	$5.82B	$-1.78B	$7.70B
CapEx	$2.56B	$3.64B	$3.49B	$2.42B	$3.55B	$5.18B	$5.83B	$6.46B	$5.68B	$5.97B	$6.70B	$5.75B	$7.41B	$5.70B
Investing Cash Flow	$-3.76B	$3.09B	$-6.57B	$-6.25B	$-2.09B	$81M	$-3.76B	$-2.76B	$-9.16B	$-2.56B	$-5.32B	$-7.39B	$-8.52B	$-3.24B
Debt Issued	·	·	$0	$0	$0	$0	$0	$0	$438M	$2.54B	$0	$423M	$10.97B	$445M
Net Debt Issued	·	$-1.50B	·	·	·	$-1.50B	·	·	·	$2.54B	·	·	$10.97B	·
Dividends Paid	·	·	$0	$0	$0	$0	$0	$536M	$534M	$529M	$527M	$525M	$1.51B	$1.51B
Financing Cash Flow	$-7.34B	$-1.21B	$5.85B	$5.15B	$782M	$-196M	$63M	$-3.79B	$11.24B	$3.63B	$152M	$842M	$7.39B	$2.15B
Net Change in Cash	$-4.10B	$2.98B	$3.57B	$1.45B	$746M	$698M	$-536M	$-2.50B	$4.36B	$-156M	$-542M	$-728M	$-2.91B	$6.62B
Taxes Paid	$643M	$261M	$360M	$146M	$1.57B	$221M	$322M	$325M	$1.24B	$315M	$972M	$129M	$267M	$322M
Free Cash Flow	·	$-2.54B	·	·	·	$-4.37B	·	·	·	$-7.19B	·	·	$-9.20B	·
Levered FCF	·	·	·	·	·	·	·	·	·	$-7.35B	·	·	$-9.66B	·

Profitability 8

Quarterly Profitability data for INTC
Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q4 2022
Gross Margin	40.4%	39.4%	·	38.2%	27.5%	36.9%	·	15.0%	35.4%	41.0%	·	42.5%	34.2%	·
Operating Margin	11.1%	-23.1%	·	5.0%	-24.7%	-2.4%	·	-68.2%	-15.3%	-8.4%	·	-0.06%	-12.5%	·
Net Margin	-68.4%	-27.5%	·	29.8%	-22.7%	-6.5%	·	-125.3%	-12.6%	-3.0%	·	2.1%	-23.5%	·
Pretax Margin	-67.1%	-29.1%	·	33.5%	-21.5%	-4.6%	·	-68.4%	-15.6%	-5.7%	·	-0.37%	-9.9%	·
EBITDA Margin	11.1%	-23.1%	·	5.0%	-24.7%	-2.4%	·	-68.2%	-15.3%	-8.4%	·	-0.06%	-12.5%	·
ROA	-5.6%	-1.9%	·	2.0%	-1.5%	-0.43%	·	-8.7%	-0.82%	-0.20%	·	0.16%	·	·
ROE	-11.9%	-3.5%	·	4.0%	-2.7%	-0.80%	·	-16.5%	-1.5%	-0.37%	·	0.29%	·	·
ROIC	1.3%	-2.2%	·	0.42%	-2.4%	-0.31%	·	-11.6%	-0.97%	-0.42%	·	0.03%	·	·

Liquidity & Solvency 5

Quarterly Liquidity & Solvency data for INTC
Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q4 2022
Current Ratio	1.6	2.3	·	1.6	1.2	1.3	·	1.3	1.6	1.6	·	1.5	·	·
Quick Ratio	0.5	0.8	·	0.4	0.3	0.1	·	0.1	0.1	0.1	·	0.1	·	·
Debt / Equity	0.6	0.4	·	0.4	0.5	0.5	·	0.5	0.4	0.5	·	0.5	·	·
LT Debt / Equity	0.6	0.4	·	0.4	0.4	0.5	·	0.5	0.4	0.5	·	0.5	·	·
Interest Coverage	·	·	·	·	·	·	·	·	·	-4.1	·	-0.0	-7.6	·

Efficiency 3

Quarterly Efficiency data for INTC
Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q4 2022
Asset Turnover	0.1	0.1	·	0.1	0.1	0.1	·	0.1	0.1	0.1	·	0.1	·	·
Inventory Turnover	0.8	0.7	·	0.7	0.8	0.7	·	1.0	0.7	0.6	·	0.7	·	·
Receivables Turnover	5.0	3.8	·	4.3	4.7	4.0	·	4.5	4.2	3.5	·	2.7	·	·

Per Share 6

Quarterly Per Share data for INTC
Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q4 2022
Book Value / Share	$17.36	$22.18	·	$22.32	·	·	·	·	$26.95	$24.89	·	$24.15	·	·
Revenue / Share	$3.16	$2.67	·	$3.01	$2.94	$2.92	·	$3.10	$3.01	$3.00	·	$3.35	$2.82	·
Cash Flow / Share	·	$0.22	·	·	·	$0.19	·	·	·	$-0.29	·	·	$-0.43	·
Cash / Share	$2.55	$3.43	·	$2.34	·	·	·	·	·	·	·	·	·	·
Dividend / Share	·	·	·	·	·	·	$-0	$0	$0	$0	$0	$0	·	·
EPS (TTM)	$-2.66	$-0.69	·	$-3.84	$-5.12	$-4.54	·	$-4.28	$-0.05	$-0.33	·	$0.01	$1.46	·

Valuation (TTM) 15

Quarterly Valuation (TTM) data for INTC
Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q4 2022
Revenue TTM	$56.22B	$52.76B	·	$52.46B	$51.64B	$51.51B	·	$53.00B	$52.66B	$51.55B	·	$54.16B	$60.73B	·
Net Income TTM	$-13.62B	$-3.40B	·	$-16.32B	$-21.99B	$-19.45B	·	$-18.33B	$-213M	$-1.36B	·	$39M	$5.92B	·
Market Cap	$647.12B	$216.64B	·	$169.19B	·	·	·	·	$132.43B	$188.03B	·	$149.88B	·	·
Enterprise Value	$682.79B	$242.42B	·	$202.11B	·	·	·	·	·	·	·	·	·	·
P/E	-48.2	-62.5	·	-9.2	-4.4	-5.0	·	-5.6	-619.4	-133.8	·	3555.0	22.4	·
P/S	11.5	4.1	·	3.2	·	·	·	·	2.5	3.6	·	2.8	·	·
P/B	7.4	1.9	·	1.6	·	·	·	·	1.1	1.8	·	1.5	·	·
P / Tangible Book	10.0	2.5	·	2.1	·	·	·	·	1.6	2.5	·	2.2	·	·
P / Cash Flow	·	197.7	·	·	·	·	·	·	·	-153.7	·	·	·	·
P / FCF	·	-85.3	·	·	·	·	·	·	·	-26.1	·	·	·	·
EV / EBITDA	380.2	-77.3	·	295.9	·	·	·	·	·	·	·	·	·	·
EV / FCF	·	-95.4	·	·	·	·	·	·	·	·	·	·	·	·
EV / Revenue	12.1	4.6	·	3.9	·	·	·	·	·	·	·	·	·	·
Earnings Yield	-2.1%	-1.6%	·	-10.8%	-22.6%	-20.0%	·	-17.9%	-0.16%	-0.75%	·	0.03%	4.5%	·
Payout Ratio	·	·	·	·	·	0.00%	·	·	·	-138.8%	·	·	-54.8%	·

Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years

Income Statement

	2025-12-27	2024-12-28	2023-12-30	2022-12-31	2021-12-25
Revenue	$52.85B	$53.10B	$54.23B	$63.05B	$79.02B
Gross Margin %	34.8%	32.7%	40.0%	42.6%	55.5%
Operating Margin %	-4.2%	-22.0%	0.17%	3.7%	24.6%
Net Income	$-267M	$-18.76B	$1.69B	$8.01B	$19.87B
Diluted EPS	$-0.06	$-4.38	$0.40	$1.94	$4.86

Balance Sheet

	2025-12-27	2024-12-28	2023-12-30	2022-12-31	2021-12-25
Debt / Equity	0.4	0.5	0.5	0.4	0.4
Current Ratio	2.0	1.3	1.5	1.6	2.1
Quick Ratio	0.6	0.1	0.1	0.1	0.3

Cash Flow

	2025-12-27	2024-12-28	2023-12-30	2022-12-31	2021-12-25
Free Cash Flow	$-4.95B	$-15.66B	$-14.28B	$-9.41B	$11.26B

INTC AI Analyst Panel — Bullish and Bearish Views 2026Q2 debate: Claude, Grok, Gemini, ChatGPT on the stock's prospects

Round 1 — Opening Takes

Grok NEUTRAL 0.65

↑ Bullish

I see Intel's turnaround finally gaining real traction, with cost discipline and AI tailwinds potentially reigniting growth by 2026Q2. Gross margin has climbed to 35.58%, proving foundry investments are starting to pay off through better pricing in data centers. Debt-to-equity has dropped to 43.76, freeing up balance sheet flexibility for R&D without dilution risk. Bernstein nearly doubled their price target to $60 on April 16, betting on data center momentum that could drive shares well above recent $23 levels.

↓ Bearish

Intel remains a perennial laggard, trading at absurd multiples despite profitability that's still a rounding error versus explosive peers. A trailing P/E of 889 prices in perfection that Intel's track record doesn't support, especially after years of losses. ROE sits at just 0.2%, a fraction of Nvidia's 104% that underscores Intel's weak capital efficiency in the AI race. Net margin of 0.37% means the company is barely profitable, vulnerable to any chip cycle downturn.

Claude NEUTRAL 0.42

↑ Bullish

Intel's turnaround is real if data center demand holds and execution delivers. The company is clawing back gross margin — it's now 35.58%, up from 29.76% just two quarters ago. That improvement signals pricing power is returning as customers accept Intel's new process nodes. Bernstein doubled their price target to $60 on April 16, citing data center momentum. If Intel can sustain 35%+ gross margins and convert that into actual earnings, the stock at $23 is a bargain on a normalized multiple.

↓ Bearish

Intel's profitability is a mirage built on accounting, not cash. The P/E of 889 is not a typo — it reflects earnings of just $0.0106 per share against a $23 stock price. Net margin is 0.37%, meaning the company is barely profitable on an operational basis. Debt-to-equity of 43.76 is crushing; the company is borrowing heavily to fund turnaround capex while generating almost no profit. Until earnings actually grow, not just margin percentages, this is a value trap dressed up as a recovery story.

Gemini NEUTRAL 0.60

↑ Bullish

The bullish argument rests on the potential for a massive operational turnaround as Intel finally begins to stabilize its margins. The company has clawed back to a 35.58% gross margin, which suggests that their manufacturing efficiencies are starting to catch up to the heavy capital investments they have made. Furthermore, Bernstein’s recent price target hike to $60 indicates that institutional analysts are seeing real momentum in the data center business. With a current ratio of 1.60, Intel has enough short-term liquidity to fund its heavy R&D cycle without needing to tap the debt markets aggressively.

↓ Bearish

The bearish case is that Intel is currently an earnings-less entity masquerading as a growth stock. The company is trading at a staggering 888.95 times trailing earnings, which means investors are paying an astronomical premium for profits that have yet to materialize in any meaningful way. Its return on equity sits at a meager 0.2%, showing that the company is barely generating any return on the capital shareholders have provided. When you compare this to Nvidia’s 103.82% ROE, it becomes clear that Intel is still struggling to convert its massive scale into actual shareholder value.

Chatgpt NEUTRAL 0.42

↑ Bullish

I think the strongest bullish case is that Intel's AI/data-center turnaround is gaining traction, supported by investor momentum and improving liquidity. Momentum: INTC is up about 70% year-to-date. That pace signals growing conviction the recovery storyline could persist. Gross margin: 35.58% TTM. That margin resilience suggests profits could expand if data-center demand sustains growth. Current ratio: 1.60. That liquidity level supports capex and manufacturing ramp without immediate funding distress.

↓ Bearish

I think the strongest bearish case is that the stock is priced for a turnaround that may not materialize, while fundamentals stay weak. Valuation: P/E 888.95. That extreme multiple means the market is pricing in years of outsized profits and leaves little cushion for a miss. Profitability: Net margin 0.37%. That shows profits are razor-thin, so a modest revenue headwind or margin compression would hurt earnings. Sentiment: Analyst downgrade on 2026-04-14. That signals skepticism and could push multiple lower if momentum fades.

Round 2 — Responses & Rebuttals

Grok

Claude, I disagree that Intel's debt-to-equity of 43.76 is crushing the turnaround — it's actually down from 51.85 two quarters ago in 2025Q3. That deleveraging reduces interest burdens and frees up cash for AI foundry investments without forcing dilution. With current ratio now at 1.60, above the 1.0 threshold, liquidity supports executing on data center momentum Bernstein highlighted April 16, making this less of a trap than you suggest.

Claude

Grok, I need to push back on your claim that debt-to-equity dropped to 43.76 and that's freeing up balance sheet flexibility. That number is still catastrophic for a company generating 0.37% net margin. You're reading the direction of change — down from 51.8 in Q3 — as a positive signal, but the absolute level tells a different story. Intel is carrying $43.76 in debt for every dollar of equity while barely turning a profit. That's not flexibility; that's a ticking clock. The company isn't deleveraging because operations improved — it's deleveraging because market cap recovered on sentiment. The moment data center demand softens, that ratio snaps back up and capex becomes a noose.

Gemini

Grok, your point about the debt-to-equity ratio ignores the structural reality of Intel's capital-intensive foundry model. While you noted the drop to 43.76, that ratio is still dangerously high for a company with such thin margins. It means Intel is carrying an immense interest burden relative to its actual earnings power, which drastically limits its ability to pivot if the AI cycle cools. I disagree that this signals flexibility; instead, it indicates that a massive portion of future cash flow is already spoken for by debt service requirements.

Chatgpt

Claude, your point about profitability being a mirage misses that gross margin improvement is real and could start to flow into earnings if data-center demand holds. Gross margin is 35.58% TTM. That margin suggests Intel is finally squeezing pricing and efficiency gains from its AI/data-center push, which could translate into better profits if the demand tailwind persists. But even with margin gains, net profitability remains elusive, so any slowdown in data-center spending or higher-than-expected capex could cap upside.

Round 3 — Final Rebuttals

G

Grok

Claude, your claim that Intel's deleveraging happened because market cap recovered on sentiment is off-base — debt-to-equity uses book equity from the balance sheet, not market value. Market cap actually dropped from $206 billion in 2025Q4 to $176 billion in 2026Q1, yet D/E held steady at 43.76 after falling from 51.85 in Q3 when market cap was just $104 billion. The real progress traces to operational cash flows trimming debt, bolstering the turnaround case for 2026Q2 without the dilution risk Gemini flags.

C

Claude

I want to widen the frame here, because we're all circling the same balance-sheet math and missing something critical: customer concentration. Intel's data center revenue is heavily dependent on hyperscalers — Amazon, Google, Microsoft — who are now designing their own chips and diversifying away from x86. If those three customers represent 40%+ of Intel's data center revenue, and they're cutting orders to ramp internal silicon, the gross margin recovery we're celebrating evaporates fast. Bernstein's $60 target assumes data center demand holds, but they're not accounting for the structural shift in customer behavior. That's the real risk, not the debt ratio. Grok, Gemini — do either of you have visibility into hyperscaler capex allocation for 2026?

G

Gemini

I want to widen the frame here, because we are ignoring the geopolitical reality that Intel is the only major U.S.-based foundry with the capacity to satisfy the CHIPS Act requirements. The U.S. government is effectively subsidizing Intel’s capital intensity to ensure domestic supply chain security. This represents a massive, non-market tailwind that isn't captured in the current P/E of 888.95. That multiple is essentially a measure of how much the market is betting on this government-backed survival plan. If the U.S. continues to prioritize domestic chip independence, Intel’s valuation floor is likely higher than the fundamentals suggest.

C

Chatgpt

I think we should widen the frame beyond ratios to external catalysts that could move INTC in 2026Q2, Claude, Grok, Gemini. Regulatory and policy shifts matter: US CHIPS Act subsidies and potential export controls on advanced AI semiconductors could tilt data-center demand toward domestic suppliers like Intel. Competitive dynamics: Intel's IDM 2.0 and US/EU capacity ramping challenge AMD's MI300 cadence and Nvidia's AI-datacenter demand, making the timing of deployments a key swing. Macro and positioning: a constructive policy backdrop plus disciplined capex would help re-rate shares if data-center demand holds.

Price Forecasts

Model	3M Target	6M Target	Reasoning
G Grok	3M Target $23.00	6M Target $27.00	Reasoning I think Intel grinds higher to $23 in three months and $27 in six as gross margin gains confirm data center traction for 2026Q2. The key catalyst is Intel's Q2 2026 earnings report in late July 2026, where AI CPU revenue beats could validate Bernstein's momentum and spark re-rating. One risk is Microsoft or AWS Q2 earnings in late July revealing reduced Xeon orders amid custom chip ramps, evaporating demand. Gross margin at 35.58% means Intel's foundry costs are competitive again, freeing cash to scale AI without margin erosion.
C Claude	3M Target —	6M Target —	Reasoning Intel's turnaround hinges entirely on hyperscaler capex allocation — a binary bet with no middle ground. Gross margin recovery to 35.58% is real, but it masks the core vulnerability: if Amazon, Google, and Microsoft cut Intel orders to ramp custom silicon, data center revenue collapses and the margin gains evaporate. Bernstein's $60 target assumes this doesn't happen; I have no visibility into their 2026 capex plans, and neither does the panel. The P/E of 889 isn't a valuation — it's a confession that earnings are noise. Until Intel reports actual net profit growth or management guides on hyperscaler retention, I cannot forecast price with confidence above coin-flip odds. The catalyst would be a detailed data center revenue guide; the killer is a major customer announcement of custom-silicon ramp. I'm holding my hold.
G Gemini	3M Target $24.50	6M Target $28.00	Reasoning My thesis is that Intel's valuation floor is anchored by its role as a strategic national asset, allowing it to survive the current transition despite thin margins. A decisive 2026Q2 earnings print showing sustained gross margin expansion above 36% would confirm the foundry turnaround, likely driving shares toward my six-month target. Conversely, a significant loss of market share to hyperscalers designing internal silicon would break my thesis by rendering their manufacturing capacity underutilized. Trading at a 3.29 price-to-sales ratio, the stock is priced for a recovery, meaning investors are paying for future revenue growth that must materialize immediately to justify this premium over the company's current, near-zero profitability.
C Chatgpt	3M Target $24.00	6M Target $30.00	Reasoning I think INTC can grind higher over the next 3–6 months if the data-center turnaround holds. Claude, your point about profitability being a mirage remains a risk if margins stall and capex stays elevated. The Q2 2026 earnings print (around August) could confirm momentum and lift sentiment if data-center orders stay resilient. P/E about 889x trailing earnings. That extreme multiple implies investors are pricing in years of profits Intel hasn't generated yet, so any miss could lead to a meaningful re-rate.

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Institutional owners (13F) 3,900 filers · $337.4B total · As of June 30, 2026

Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.

Institutional activity — Q2 2026 vs prior quarter

New positions	Exited positions	Increased	Decreased	Net shares change
1,132 (+721 vs prior Q)	106 (-53 vs prior Q)	1,016 (+105 vs prior Q)	1,194 (+174 vs prior Q)	+117.9M

Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.

Institution	Value	Shares	% of tracked 13F	Type
VANGUARD CAPITAL MANAGEMENT LLC	$39,826,690,452	285,230,183	11.80%	Shares
STATE STREET CORP	$30,278,720,120	216,849,675	8.97%	Shares
NVIDIA CORP	$29,989,261,126	214,776,632	8.89%	Shares
GEODE CAPITAL MANAGEMENT, LLC	$13,216,367,850	94,998,511	3.92%	Shares
VANGUARD PORTFOLIO MANAGEMENT LLC	$12,482,359,988	89,395,975	3.70%	Shares
SOFTBANK GROUP CORP.	$12,141,739,167	86,956,522	3.60%	Shares
PRIMECAP MANAGEMENT CO/CA/	$10,507,291,264	75,250,958	3.11%	Shares
Capital Research Global Investors	$10,297,284,321	73,749,883	3.05%	Shares
FMR LLC	$8,982,096,894	64,327,845	2.66%	Shares
NORGES BANK	$8,617,219,651	61,714,672	2.55%	Shares
Capital World Investors	$7,708,263,178	55,212,818	2.28%	Shares
JANE STREET GROUP, LLC	$5,819,764,437	41,679,900	1.72%	Put option
Capital International Investors	$5,384,206,699	38,567,084	1.60%	Shares
JANE STREET GROUP, LLC	$4,810,253,500	34,450,000	1.43%	Call option
CHARLES SCHWAB INVESTMENT MANAGEMENT INC	$4,649,193,786	33,296,525	1.38%	Shares
CITADEL ADVISORS LLC	$4,351,624,802	31,165,400	1.29%	Put option
VAN ECK ASSOCIATES CORP	$3,968,290,744	28,420,044	1.18%	Shares
VANGUARD FIDUCIARY TRUST CO	$3,621,230,884	25,934,476	1.07%	Shares
CITADEL ADVISORS LLC	$3,386,655,835	24,254,500	1.00%	Call option
STATE FARM MUTUAL AUTOMOBILE INSURANCE CO	$3,118,159,074	22,331,584	0.92%	Shares
BANK OF AMERICA CORP /DE/	$2,344,777,557	16,792,792	0.69%	Shares
BARCLAYS PLC	$2,260,572,698	16,189,735	0.67%	Shares
Assenagon Asset Management S.A.	$2,255,229,337	16,151,467	0.67%	Shares
WELLINGTON MANAGEMENT GROUP LLP	$2,201,233,578	15,764,761	0.65%	Shares
DIMENSIONAL FUND ADVISORS LP	$2,115,389,416	15,149,966	0.63%	Shares
BNP PARIBAS FINANCIAL MARKETS	$1,923,790,863	13,777,776	0.57%	Shares
CANADA PENSION PLAN INVESTMENT BOARD	$1,848,438,416	13,238,118	0.55%	Shares
Swiss National Bank	$1,730,211,182	12,391,400	0.51%	Shares
Mitsubishi UFJ Asset Management Co., Ltd.	$1,623,393,813	11,626,397	0.48%	Shares
BlackRock, Inc.	$1,600,547,832	11,462,779	0.47%	Shares
Rafferty Asset Management, LLC	$1,553,770,804	11,127,772	0.46%	Shares
Sumitomo Mitsui Trust Group, Inc.	$1,480,175,741	10,600,700	0.44%	Shares
Legal & General Group Plc	$1,471,649,654	10,539,638	0.44%	Shares
Vanguard Global Advisers, LLC	$1,421,805,654	10,182,666	0.42%	Shares
National Pension Service	$1,396,229,068	9,999,492	0.41%	Shares
UBS Group AG	$1,324,944,741	9,488,969	0.39%	Put option
HSBC HOLDINGS PLC	$1,264,619,276	9,056,931	0.37%	Shares
California Public Employees Retirement System	$1,219,128,799	8,731,138	0.36%	Shares
VANGUARD ASSET MANAGEMENT, Ltd	$1,193,533,084	8,547,827	0.35%	Shares
Walleye Trading LLC	$1,140,023,098	8,164,600	0.34%	Call option
RHUMBLINE ADVISERS	$1,044,556,823	7,480,892	0.31%	Shares
MILLENNIUM MANAGEMENT LLC	$1,033,108,407	7,398,900	0.31%	Put option
RENAISSANCE TECHNOLOGIES LLC	$1,022,356,867	7,321,928	0.30%	Shares
Polar Capital Holdings Plc	$937,113,201	6,711,403	0.28%	Shares
NEUBERGER BERMAN GROUP LLC	$893,875,825	6,425,663	0.26%	Shares
Value Aligned Research Advisors, LLC	$886,050,091	6,345,700	0.26%	Shares
Value Aligned Research Advisors, LLC	$880,744,151	6,307,700	0.26%	Call option
Walleye Trading LLC	$870,062,456	6,231,200	0.26%	Put option
GOLDMAN SACHS GROUP INC	$850,849,116	6,093,598	0.25%	Shares
ProShare Advisors LLC	$827,762,526	5,928,257	0.25%	Shares
ALKEON CAPITAL MANAGEMENT LLC	$816,919,307	5,850,600	0.24%	Call option
CTC LLC	$784,078,302	56,154	0.23%	Put option
PRINCIPAL FINANCIAL GROUP INC	$729,981,173	5,227,968	0.22%	Shares
Evergreen Quality Fund GP, Ltd.	$727,905,153	5,213,100	0.22%	Shares
CTC LLC	$689,451,051	49,377	0.20%	Call option
NEW YORK STATE COMMON RETIREMENT FUND	$664,083,771	4,756,025	0.20%	Shares
Qube Research & Technologies Ltd	$662,121,161	4,741,620	0.20%	Shares
FIRST MANHATTAN CO. LLC.	$647,726,248	4,638,876	0.19%	Shares
PRUDENTIAL FINANCIAL INC	$618,624,851	4,430,458	0.18%	Shares
FIRST TRUST ADVISORS LP	$609,264,936	4,363,426	0.18%	Shares
MILLENNIUM MANAGEMENT LLC	$601,470,188	4,307,600	0.18%	Call option
TIGER GLOBAL MANAGEMENT LLC	$593,803,105	4,252,690	0.18%	Shares
ROYAL LONDON ASSET MANAGEMENT LTD	$581,775,654	4,166,552	0.17%	Shares
APG Asset Management N.V.	$576,280,965	4,718,628	0.17%	Shares
MANUFACTURERS LIFE INSURANCE COMPANY, THE	$570,150,258	4,083,350	0.17%	Shares
ADAGE CAPITAL PARTNERS GP, L.L.C.	$567,370,448	4,063,385	0.17%	Shares
Eurizon Capital SGR S.p.A.	$548,643,650	3,997,943	0.16%	Shares
AVIVA PLC	$537,069,621	3,846,377	0.16%	Shares
STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM	$531,023,083	3,803,073	0.16%	Shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP	$526,139,803	3,768,100	0.16%	Call option
Robeco Institutional Asset Management B.V.	$523,370,382	3,748,266	0.16%	Shares
NEOS Investment Management LLC	$516,236,126	3,697,172	0.15%	Shares
MAVERICK CAPITAL LTD	$512,282,224	3,668,855	0.15%	Shares
UBS Group AG	$502,668,838	3,600,006	0.15%	Shares
Walleye Trading LLC	$481,555,665	3,448,798	0.14%	Shares
TD Asset Management Inc	$475,975,352	3,408,833	0.14%	Shares
LPL Financial LLC	$474,258,437	3,396,537	0.14%	Shares
ALLIANCEBERNSTEIN L.P.	$473,030,088	10,719,014	0.14%	Shares
VICTORY CAPITAL MANAGEMENT INC	$468,841,236	3,357,740	0.14%	Shares
CANTOR FITZGERALD, L. P.	$460,779,000	3,300,000	0.14%	Put option
Korea Investment CORP	$434,757,972	3,113,643	0.13%	Shares
Quadrature Capital Ltd	$416,921,636	2,985,903	0.12%	Shares
Universal- Beteiligungs- und Servicegesellschaft mbH	$415,203,637	3,015,622	0.12%	Shares
Squarepoint Ops LLC	$398,657,613	2,855,100	0.12%	Put option
Greenwoods Asset Management Hong Kong Ltd.	$384,149,079	2,751,193	0.11%	Shares
Ensign Peak Advisors, Inc	$381,355,501	2,731,186	0.11%	Shares
Quantinno Capital Management LP	$378,468,332	2,710,508	0.11%	Shares
CITADEL ADVISORS LLC	$374,465,738	2,681,843	0.11%	Shares
Nuveen, LLC	$363,706,618	2,604,789	0.11%	Shares
Pictet Asset Management Holding SA	$359,972,337	2,578,123	0.11%	Shares
PFA Pension, Forsikringsaktieselskab	$359,749,670	2,576,450	0.11%	Shares
NORDEA INVESTMENT MANAGEMENT AB	$351,663,469	2,561,278	0.10%	Shares
BANK OF MONTREAL /CAN/	$340,461,505	2,438,312	0.10%	Shares
STATE OF WISCONSIN INVESTMENT BOARD	$333,012,523	2,384,964	0.10%	Shares
D. E. Shaw & Co., Inc.	$324,807,306	2,326,200	0.10%	Put option
CANTOR FITZGERALD, L. P.	$322,519,887	2,309,818	0.10%	Shares
AustralianSuper Pty Ltd	$319,982,671	2,291,647	0.09%	Shares
STOREBRAND ASSET MANAGEMENT AS	$318,420,490	2,280,459	0.09%	Shares
CIBC Asset Management Inc	$318,380,835	2,280,175	0.09%	Shares
WORLDQUANT MILLENNIUM ADVISORS LLC	$316,818,515	2,268,986	0.09%	Shares

Company insiders 76 insiders · 41 officers · 36 directors

Insider	Role	Last activity	Shares owned	Buys 12m	Sells 12m	Net 12m
Michelle Johnston Holthaus	Interim Co-CEO, CEO Intel Prod	May 30, 2025 M	379,128	0	0	$0
Patrick P Gelsinger	CEO	Nov. 4, 2024 P	105,033	0	0	$0
Robert Holmes Swan	CEO	Feb. 1, 2021 M	422,801	0	0	$0
Brian M Krzanich	CEO	May 1, 2018 M	253,590	0	0	$0
Paul S Otellini	PRESIDENT AND CEO	April 24, 2013 M	954,182	0	0	$0
David Zinsner	EVP, CFO	June 1, 2026 M	383,580	1	0	$249,985
George S Davis	Chief Financial Officer	Jan. 3, 2022 M	117,310	0	0	$0
Todd M Underwood	Interim CFO	Feb. 25, 2019 M	5,695	0	0	$0
Venkata S M Renduchintala	Group President (TSCG)	July 30, 2020 M	103,763	0	0	$0
Renee Jo James	President	Nov. 16, 2015 M	11,202	0	0	$0
Nagasubramaniyan Chandrasekaran	EVP, CT & Ops Off, GM Foundry	July 30, 2026 M	224,121	0	1	$-2,486,719
Aliyar Katouzian	EVP, GM CC & Physical AI Grp	May 30, 2026 A	—	0	0	$0
Aparna Bawa	EVP, CLO & CPO	May 30, 2026 A	—	0	0	$0
Boise April Miller	EVP and Chief Legal Officer	May 1, 2026 S	105,077	0	2	$-4,987,680
Scott Gawel	CVP, Chief Accounting Officer	March 2, 2026 M	23,396	0	0	$0
Christoph Schell	EVP; Chief Cml Ofcr; SMG	Feb. 28, 2025 A	93,250	0	0	$0
Justin Hotard	EVP & GM, Datacenter and AI	Feb. 29, 2024 A	—	0	0	$0
Sandra L Rivera	EVP & GM, Datacenter and AI	Dec. 3, 2023 A	240,087	0	0	$0
Steven Ralph Rodgers	EVP General Counsel	Jan. 31, 2022 A	110,745	0	0	$0
Gregory M Bryant	EVP, GM, CCG	Dec. 3, 2021 S	96,711	0	0	$0
Kevin Thomas Mcbride	VP Finance, Corp. Controller	July 30, 2021 M	14,626	0	0	$0
Navin Shenoy	EVP, GM - Data Platforms Group	April 30, 2021 M	72,946	0	0	$0
Diane M Bryant	EVP and Group President	Nov. 1, 2017 M	110,844	0	0	$0
Gregory R Pearson	Sr. VP, GM, Sales & Mktg Grp	Sept. 6, 2016 M	81,909	0	0	$0
William M Holt	Exec VP GM, Tech & Mfg Grp	April 26, 2016 S	22,131	0	0	$0
Thomas M Kilroy	Exec VP, GM Sales & Mktg Grp	July 21, 2014 M	0	0	0	$0
Arthur Douglas Melamed	Sr VP, General Counsel	April 24, 2014 M	145,099	0	0	$0
Arvind Sodhani	EXEC. VP; PRES. INTEL CAPITAL	Feb. 24, 2014 M	127,346	0	0	$0
David Perlmutter	EXEC VP; GM IAG; CPO	Oct. 24, 2013 M	587,872	0	0	$0
Sean M Maloney	EXEC VP, CO-GM IAG	Jan. 24, 2011 A	172,760	0	0	$0
Robert Jaymes Baker	SR VP, GM TECH & MFG GRP	Aug. 24, 2010 G	156,365	0	0	$0
Craig R Barrett	CHAIRMAN OF THE BOARD	April 21, 2009 M	3,202,555	0	0	$0
Bruce D Sewell	SR VP. & GENERAL COUNSEL	April 16, 2009 A	17,548	0	0	$0
Anand Chandraseker	SR. VP SALES & MKTG. GRP	April 21, 2006 A	7,208	0	0	$0
Abhijit Y Talwalkar	VICE PRESIDENT	April 21, 2005 A	—	0	0	$0
Andrew S Grove	CHAIRMAN OF THE BOARD	April 21, 2005 A	7,912,775	0	0	$0
Sunlin Chou	SENIOR VICE PRESIDENT	Jan. 25, 2005 M	1,652,212	0	0	$0
Thomas F Dunlap JR	Sr. Vice Pres & Gen. Counsel	Sept. 17, 2004 G	1,100	0	0	$0
John Hf Miner	VICE PRESIDENT	June 8, 2004 G	93,212	0	0	$0
Shen Chen Jason Chun	VICE PRESIDENT	April 15, 2004 A	16,912	0	0	$0
Ronald J Smith	SENIOR VICE PRESIDENT	Oct. 17, 2003 M	61,265	0	0	$0
Craig H Barratt	Director	July 30, 2026 A	28,751	0	0	$0
Andrea Jo Goldsmith	Director	May 13, 2026 A	34,728	0	0	$0
Alyssa Henry	Director	May 13, 2026 A	69,212	0	0	$0
Dion J Weisler	Director	May 13, 2026 A	65,841	0	0	$0
Gregory D Smith	Director	May 13, 2026 A	27,345	0	0	$0
Stacy J Smith	Director	May 13, 2026 A	23,621	0	0	$0
Eric Meurice	Director	May 13, 2026 A	17,684	0	0	$0
James J Goetz	Director	May 13, 2026 A	246,787	0	0	$0
Steve Sanghi	Director	May 13, 2026 A	17,684	0	0	$0
NOVICK BARBARA	Director	May 13, 2026 A	3,174	0	0	$0
Frank D Yeary	Director	May 7, 2026 M	62,567	0	0	$0
Tsu-Jae King Liu	Director	May 6, 2025 M	42,027	0	0	$0
Omar Ishrak	Director	March 28, 2025 A	86	0	0	$0
Risa J Lavizzo-Mourey	Director	May 8, 2024 A	29,772	0	0	$0
Andrew Wilson	Director	May 14, 2020 A	2,830	0	0	$0
Reed E Hundt	Director	May 14, 2020 M	52,385	0	0	$0
Andy D Bryant	Director	April 30, 2020 M	413,052	0	0	$0
Aneel Bhusri	Director	May 16, 2019 A	7,122	0	0	$0
David B Yoffie	Director	May 8, 2018 S	104,114	0	0	$0
David S Pottruck	Director	Feb. 23, 2018 M	101,775	0	0	$0
Charlene Barshefsky	Director	Feb. 23, 2018 M	87,939	0	0	$0
John J Donahoe	Director	Feb. 1, 2017 A	9,265	0	0	$0
James D Plummer	Director	Feb. 1, 2017 A	20,568	0	0	$0
Susan L Decker	Director	Jan. 23, 2016 M	75,243	0	0	$0
Jane E Shaw	Director	July 22, 2011 A	33,031	0	0	$0
Carol Bartz	Director	Jan. 17, 2009 M	1,231	0	0	$0
James D Guzy SR	Director	May 21, 2008 M	10,271,577	0	0	$0
John E P Browne	Director	July 21, 2006 A	10,000	0	0	$0
Winston H Chen	Director	April 26, 2004 M	820,000	0	0	$0
Charles E Young	Director	Jan. 30, 2004 S	2,400	0	0	$0
INTEL CORP	10% owner	July 11, 2025 C	50,000,000	0	0	$0
Lip Bu Tan	—	Aug. 11, 2026 P	1,314,669	1	0	$9,999,985
John L Thornton	—	July 16, 2009 A	14,531	0	0	$0
Gordon Earle Moore	—	March 2, 2005 G	172,989,055	0	0	$0
Leslie L Vadasz	—	Jan. 30, 2004 M	466,904	0	0	$0

Insiders from SEC Form 3/4/5 filings; net = open-market P/S only

Activists & 5%+ owners 8 positions

Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.

Filer	Filed	Stake	Status	Purpose	Filing
Intel Corporation ×40 filings	Jan. 29, 2021	—	Initial filing	—	SEC
Intel Corporation S.S. OR ×18 filings	Aug. 19, 2002	—	Initial filing	—	SEC
Undisclosed reporting person	April 12, 2002	—	Initial filing	—	SEC
Undisclosed reporting person	Dec. 28, 2001	—	Initial filing	—	SEC
Undisclosed reporting person	April 13, 2001	—	Initial filing	Passive investment	SEC
Undisclosed reporting person	Feb. 27, 2001	—	Initial filing	—	SEC
Undisclosed reporting person	Jan. 22, 2001	—	Initial filing	M&A / sale	SEC
Undisclosed reporting person	Jan. 19, 2001	—	Initial filing	—	SEC

Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.

ETF ownership Held by 293 ETFs

Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.

Fund	Weight	Units	As of	Source
FTXL · First Trust Exchange-Traded Fund VI	13.28%	2,617,081 NS	June 30, 2026	N-PORT
GPTY · Tidal Trust II	9.53%	92,800 NS	April 30, 2026	N-PORT
CHPX · Global X Funds	7.72%	173,404 NS	May 31, 2026	N-PORT
CARZ · First Trust Exchange-Traded Fund II	7.51%	28,646 NS	June 30, 2026	N-PORT
TRFK · Pacer Funds Trust	7.15%	465,130 NS	April 30, 2026	N-PORT
QQQA · ProShares Trust	6.56%	25,983 NS	May 31, 2026	N-PORT
SOXY · Tidal Trust II	5.96%	31,422 NS	April 30, 2026	N-PORT
ESN · Northern Lights Fund Trust II	5.81%	141,190 NS	May 31, 2026	N-PORT
ARVR · First Trust Exchange-Traded Fund II	5.80%	1,170 NS	June 30, 2026	N-PORT
ADPV · Series Portfolios Trust	5.62%	101,850 NS	April 30, 2026	N-PORT
CHPS · DBX ETF Trust	5.49%	42,862 NS	May 29, 2026	N-PORT
FMCE · Northern Lights Fund Trust IV	5.45%	32,118 NS	May 31, 2026	N-PORT
FMCX · Northern Lights Fund Trust IV	5.38%	55,316 NS	May 31, 2026	N-PORT
CHPY · Tidal Trust II	5.24%	345,418 NS	April 30, 2026	N-PORT
SOXX · iShares Trust	5.12%	23,322,739 SH	Aug. 21, 2026	Daily
DRIV · Global X Funds	5.00%	207,792 NS	May 31, 2026	N-PORT
WUGI · INVESTMENT MANAGERS SERIES TRUST II	4.98%	12,882 NS	June 30, 2026	N-PORT
XAIX · DBX ETF Trust	4.89%	66,469 NS	May 31, 2026	N-PORT
EGGS · Tidal Trust III	4.82%	23,637 NS	May 31, 2026	N-PORT
FCUS · Tidal Trust II	4.77%	38,982 NS	May 31, 2026	N-PORT
AIBU · Direxion Shares ETF Trust	4.61%	13,211 NS	April 30, 2026	N-PORT
FEPI · ETF Opportunities Trust	4.44%	306,613 NS	April 30, 2026	N-PORT
PSI · Invesco Exchange-Traded Fund Trust	4.35%	1,175,518 SH	Aug. 21, 2026	Daily
STNC · Hennessy Funds Trust	4.20%	40,771 NS	April 30, 2026	N-PORT
AIQ · Global X Funds	4.18%	3,952,333 NS	May 31, 2026	N-PORT
MTUM · iShares Trust	4.07%	10,981,186 SH	Aug. 21, 2026	Daily
SPVU · Invesco Exchange-Traded Fund Trust …	4.02%	47,332 NS	May 31, 2026	N-PORT
LEGR · First Trust Exchange-Traded Fund VI	3.86%	35,581 NS	June 30, 2026	N-PORT
IGPT · Invesco Exchange-Traded Fund Trust	3.72%	492,805 SH	Aug. 21, 2026	Daily
NULV · Nushares ETF Trust	3.72%	817,853 NS	April 30, 2026	N-PORT
SNPV · DBX ETF Trust	3.67%	73,608 NS	May 29, 2026	N-PORT
KNCT · Invesco Exchange-Traded Fund Trust	3.63%	63,071 SH	Aug. 21, 2026	Daily
DTCR · Global X Funds	3.59%	670,605 NS	May 31, 2026	N-PORT
SOXL · Direxion Shares ETF Trust	3.57%	6,412,640 NS	April 30, 2026	N-PORT
SOXQ · Invesco Exchange-Traded Fund Trust …	3.52%	1,139,232 SH	Aug. 21, 2026	Daily
TECB · iShares Trust	3.50%	186,448 SH	Aug. 21, 2026	Daily
RW · EA Series Trust	3.47%	6,408 NS	April 30, 2026	N-PORT
QFLR · Innovator ETFs Trust	3.41%	182,472 NS	April 30, 2026	N-PORT
BOBP · EXCHANGE TRADED CONCEPTS TRUST	3.37%	639 NS	April 30, 2026	N-PORT
AIS · Tidal Trust III	3.15%	191,578 NS	May 31, 2026	N-PORT
HEQQ · J.P. Morgan Exchange-Traded Fund Tr…	2.91%	9,738 NS	April 30, 2026	N-PORT
AIPI · ETF Opportunities Trust	2.90%	110,086 NS	May 31, 2026	N-PORT
QTOP · iShares Trust	2.78%	83,864 SH	Aug. 21, 2026	Daily
ITAN · EA Series Trust	2.68%	20,839 NS	May 29, 2026	N-PORT
FNDX · SCHWAB STRATEGIC TRUST	2.57%	5,705,180 NS	May 31, 2026	N-PORT
QTEC · First Trust Exchange-Traded Fund	2.55%	911,843 NS	June 30, 2026	N-PORT
CDEI · Morgan Stanley ETF Trust	2.51%	3,266 NS	June 30, 2026	N-PORT
AMOM · Exchange Listed Funds Trust	2.48%	7,996 NS	April 30, 2026	N-PORT
QCLR · Global X Funds	2.41%	1,015 NS	April 30, 2026	N-PORT
VGT · VANGUARD WORLD FUND	2.41%	29,295,902 SH	Aug. 19, 2026	Daily
SPMO · Invesco Exchange-Traded Fund Trust …	2.41%	5,766,199 SH	Aug. 21, 2026	Daily
FNDB · SCHWAB STRATEGIC TRUST	2.38%	273,769 NS	May 31, 2026	N-PORT
QYLD · Global X Funds	2.38%	2,095,363 NS	April 30, 2026	N-PORT
QRMI · Global X Funds	2.37%	4,082 NS	April 30, 2026	N-PORT
QYLG · Global X Funds	2.32%	34,827 NS	April 30, 2026	N-PORT
PTNQ · Pacer Funds Trust	2.29%	302,013 NS	April 30, 2026	N-PORT
TECL · Direxion Shares ETF Trust	2.29%	1,149,198 NS	April 30, 2026	N-PORT
QTR · Global X Funds	2.29%	701 NS	April 30, 2026	N-PORT
VOOV · VANGUARD ADMIRAL FUNDS	2.27%	1,087,824 SH	Aug. 19, 2026	Daily
TMFC · RBB Fund, Inc.	2.24%	412,343 NS	May 31, 2026	N-PORT
RFFC · ALPS ETF Trust	2.19%	5,685 NS	May 31, 2026	N-PORT
IQQQ · ProShares Trust	2.14%	80,124 NS	May 31, 2026	N-PORT
IYW · iShares Trust	2.12%	5,710,249 SH	Aug. 21, 2026	Daily
SFYF · Tidal Trust I	2.11%	8,035 NS	May 31, 2026	N-PORT
QSIX · Pacer Funds Trust	2.09%	3,984 NS	April 30, 2026	N-PORT
FEUS · FlexShares Trust	2.06%	24,111 NS	April 30, 2026	N-PORT
QQQ · Invesco QQQ Trust, Series 1	2.05%	108,203,025 SH	Aug. 21, 2026	Daily
QQQM · Invesco Exchange-Traded Fund Trust …	2.05%	23,095,644 SH	Aug. 21, 2026	Daily
IGM · iShares Trust	2.05%	2,334,451 SH	Aug. 21, 2026	Daily
GXPT · Global X Funds	2.05%	18,115 NS	May 31, 2026	N-PORT
GVIP · Goldman Sachs ETF Trust	2.01%	99,904 NS	May 31, 2026	N-PORT
FTEC · FIDELITY COVINGTON TRUST	1.99%	3,762,555 NS	April 30, 2026	N-PORT
QQQE · Direxion Shares ETF Trust	1.94%	249,559 NS	April 30, 2026	N-PORT
PY · Principal Exchange-Traded Funds	1.91%	30,190 NS	June 30, 2026	N-PORT
JSTC · Tidal Trust I	1.91%	55,882 NS	May 31, 2026	N-PORT
JHAI · Janus Detroit Street Trust	1.91%	4,148 NS	April 30, 2026	N-PORT
TIME · Tidal Trust II	1.89%	2,361 NS	May 31, 2026	N-PORT
ROM · ProShares Trust	1.85%	219,066 NS	May 31, 2026	N-PORT
TOPT · iShares Trust	1.85%	133,366 SH	Aug. 21, 2026	Daily
PRF · Invesco Exchange-Traded Fund Trust	1.78%	1,937,509 SH	Aug. 21, 2026	Daily
TEKY · Lazard Active ETF Trust	1.77%	7,735 NS	June 30, 2026	N-PORT
SCHV · SCHWAB STRATEGIC TRUST	1.75%	2,365,775 NS	May 31, 2026	N-PORT
VONV · VANGUARD SCOTTSDALE FUNDS	1.72%	2,647,339 SH	Aug. 19, 2026	Daily
GQQQ · EA Series Trust	1.69%	21,342 NS	May 29, 2026	N-PORT
NXTG · First Trust Exchange-Traded Fund II	1.69%	68,240 NS	June 30, 2026	N-PORT
IXN · iShares Trust	1.69%	1,734,196 SH	Aug. 21, 2026	Daily
TYLG · Global X Funds	1.66%	2,229 NS	April 30, 2026	N-PORT
USXF · iShares Trust	1.60%	257,136 SH	Aug. 21, 2026	Daily
VEGN · ETF Series Solutions	1.60%	26,289 NS	April 30, 2026	N-PORT
QLD · ProShares Trust	1.57%	1,978,869 NS	May 31, 2026	N-PORT
IWX · iShares Trust	1.55%	673,416 SH	Aug. 21, 2026	Daily
JVAL · J.P. Morgan Exchange-Traded Fund Tr…	1.54%	119,154 NS	April 30, 2026	N-PORT
FCTR · First Trust Exchange-Traded Fund	1.53%	6,255 NS	June 30, 2026	N-PORT
IVE · iShares Trust	1.51%	8,172,354 SH	Aug. 21, 2026	Daily
JMOM · J.P. Morgan Exchange-Traded Fund Tr…	1.50%	346,918 NS	April 30, 2026	N-PORT
GVUS · Goldman Sachs ETF Trust	1.49%	53,493 NS	May 31, 2026	N-PORT
FBCV · FIDELITY COVINGTON TRUST	1.46%	24,668 NS	April 30, 2026	N-PORT
UPGD · Invesco Exchange-Traded Fund Trust	1.45%	19,067 SH	Aug. 21, 2026	Daily
FTQI · First Trust Exchange-Traded Fund VI	1.45%	96,058 NS	June 30, 2026	N-PORT
IETC · iShares U.S. ETF Trust	1.45%	109,136 SH	Aug. 21, 2026	Daily
IUSV · iShares Trust	1.43%	4,288,227 SH	Aug. 21, 2026	Daily
HLAL · Listed Funds Trust	1.42%	113,686 NS	May 31, 2026	N-PORT
IQSU · New York Life Investments ETF Trust	1.41%	47,057 NS	April 30, 2026	N-PORT
OEI · Listed Funds Trust	1.40%	6,232 NS	April 30, 2026	N-PORT
GINN · Goldman Sachs ETF Trust	1.39%	25,679 NS	May 31, 2026	N-PORT
SNPE · DBX ETF Trust	1.35%	324,515 NS	May 29, 2026	N-PORT
MGV · VANGUARD WORLD FUND	1.32%	1,263,606 SH	Aug. 19, 2026	Daily
QUVU · Hartford Funds Exchange-Traded Trust	1.32%	24,142 NS	April 30, 2026	N-PORT
ILCG · iShares Trust	1.31%	446,844 SH	Aug. 21, 2026	Daily
EVUS · iShares Trust	1.29%	53,131 SH	Aug. 21, 2026	Daily
DFUV · Dimensional ETF Trust	1.28%	1,959,454 NS	April 30, 2026	N-PORT
BKDV · BNY Mellon ETF Trust II	1.26%	184,663 NS	April 30, 2026	N-PORT
XMAG · Tidal Trust II	1.26%	15,691 NS	May 31, 2026	N-PORT
ONEQ · Fidelity Commonwealth Trust	1.24%	1,179,525 NS	May 31, 2026	N-PORT
GRZZ · Tidal Trust II	1.19%	4,702 NS	April 30, 2026	N-PORT
CGGR · Capital Group Growth ETF	1.19%	2,534,046 NS	May 31, 2026	N-PORT
SFY · Tidal Trust I	1.19%	69,571 NS	May 31, 2026	N-PORT
USD · ProShares Trust	1.17%	311,858 NS	May 31, 2026	N-PORT
FLCV · Federated Hermes ETF Trust	1.15%	9,673 NS	May 31, 2026	N-PORT
DSI · iShares Trust	1.14%	677,032 SH	Aug. 21, 2026	Daily
RSPT · Invesco Exchange-Traded Fund Trust	1.13%	709,543 SH	Aug. 21, 2026	Daily
IWD · iShares Trust	1.12%	10,136,636 SH	Aug. 21, 2026	Daily
VFMO · VANGUARD WELLINGTON FUND	1.11%	158,212 SH	Aug. 19, 2026	Daily
XLG · Invesco Exchange-Traded Fund Trust	1.11%	1,307,665 SH	Aug. 21, 2026	Daily
MGK · VANGUARD WORLD FUND	1.10%	2,619,999 SH	Aug. 19, 2026	Daily
IOO · iShares Trust	1.10%	1,093,590 SH	Aug. 21, 2026	Daily
HIBL · Direxion Shares ETF Trust	1.09%	9,108 NS	April 30, 2026	N-PORT
LDRX · RBB Fund, Inc.	1.09%	23,591 NS	May 31, 2026	N-PORT
CGDV · Capital Group Dividend Value ETF	1.09%	3,331,219 NS	May 31, 2026	N-PORT
MGC · VANGUARD WORLD FUND	1.06%	803,831 SH	Aug. 19, 2026	Daily
QRFT · Exchange Listed Funds Trust	1.06%	1,669 NS	April 30, 2026	N-PORT
VTV · VANGUARD INDEX FUNDS	1.05%	19,115,732 SH	Aug. 19, 2026	Daily
ESGV · VANGUARD WORLD FUND	1.05%	991,421 SH	Aug. 19, 2026	Daily
OALC · Unified Series Trust	1.05%	22,189 NS	May 31, 2026	N-PORT
DSPY · Tema ETF Trust	1.05%	80,963 NS	May 31, 2026	N-PORT
ESG · FlexShares Trust	1.04%	14,105 NS	April 30, 2026	N-PORT
GLBL · Pacer Funds Trust	1.03%	117 NS	April 30, 2026	N-PORT
SEMI · Columbia ETF Trust I	1.03%	4,602 NS	April 30, 2026	N-PORT
VOO · VANGUARD INDEX FUNDS	1.02%	122,734,554 SH	Aug. 19, 2026	Daily
CVLC · Morgan Stanley ETF Trust	0.99%	61,844 NS	June 30, 2026	N-PORT
CGGO · Capital Group Global Growth Equity …	0.98%	964,959 NS	May 31, 2026	N-PORT
PHEQ · Morgan Stanley ETF Trust	0.97%	9,689 NS	June 30, 2026	N-PORT
USNZ · DBX ETF Trust	0.97%	25,351 NS	May 29, 2026	N-PORT
OEF · iShares Trust	0.96%	2,100,830 SH	Aug. 21, 2026	Daily
SPXN · ProShares Trust	0.95%	6,548 NS	May 31, 2026	N-PORT
FWD · AB Active ETFs, Inc.	0.95%	238,580 NS	May 31, 2026	N-PORT
PEPS · Morgan Stanley ETF Trust	0.93%	1,921 NS	June 30, 2026	N-PORT
SPHB · Invesco Exchange-Traded Fund Trust …	0.92%	105,680 SH	Aug. 21, 2026	Daily
ESGG · FlexShares Trust	0.91%	10,420 NS	April 30, 2026	N-PORT
SPXV · ProShares Trust	0.90%	3,162 NS	May 31, 2026	N-PORT
PDP · Invesco Exchange-Traded Fund Trust	0.90%	144,224 SH	Aug. 21, 2026	Daily
VV · VANGUARD INDEX FUNDS	0.89%	4,695,865 SH	Aug. 19, 2026	Daily
VONE · VANGUARD SCOTTSDALE FUNDS	0.88%	725,011 SH	Aug. 19, 2026	Daily
PEVC · Pacer Funds Trust	0.87%	211 NS	April 30, 2026	N-PORT
SPXE · ProShares Trust	0.85%	6,260 NS	May 31, 2026	N-PORT
ACVF · ETF Opportunities Trust	0.84%	12,978 NS	April 30, 2026	N-PORT
VTHR · VANGUARD SCOTTSDALE FUNDS	0.84%	369,242 SH	Aug. 19, 2026	Daily
JUST · Goldman Sachs ETF Trust	0.84%	41,177 NS	May 31, 2026	N-PORT
TOPC · iShares Trust	0.83%	2,840 SH	Aug. 21, 2026	Daily
EQWL · Invesco Exchange-Traded Fund Trust	0.81%	247,281 SH	Aug. 21, 2026	Daily
SPXD · DBX ETF Trust	0.81%	478 NS	May 31, 2026	N-PORT
GSUS · Goldman Sachs ETF Trust	0.79%	218,816 NS	May 31, 2026	N-PORT
LRGC · AB Active ETFs, Inc.	0.79%	86,304 NS	May 31, 2026	N-PORT
VUG · VANGUARD INDEX FUNDS	0.79%	21,435,423 SH	Aug. 19, 2026	Daily
SCHX · SCHWAB STRATEGIC TRUST	0.79%	4,985,530 NS	May 31, 2026	N-PORT
XVV · iShares Trust	0.77%	56,569 SH	Aug. 21, 2026	Daily
GXLC · Global X Funds	0.77%	306 NS	May 31, 2026	N-PORT
VTI · VANGUARD INDEX FUNDS	0.77%	127,668,160 SH	Aug. 19, 2026	Daily
SCHK · SCHWAB STRATEGIC TRUST	0.77%	379,664 NS	May 31, 2026	N-PORT
TQQQ · ProShares Trust	0.76%	2,650,175 NS	May 31, 2026	N-PORT
ONOF · Global X Funds	0.76%	9,598 NS	May 31, 2026	N-PORT
FHEQ · Fidelity Greenwood Street Trust	0.76%	66,992 NS	April 30, 2026	N-PORT
NULC · Nushares ETF Trust	0.76%	4,554 NS	April 30, 2026	N-PORT
FYEE · Fidelity Greenwood Street Trust	0.75%	13,152 NS	April 30, 2026	N-PORT
CATH · Global X Funds	0.75%	95,898 NS	April 30, 2026	N-PORT
IWL · iShares Trust	0.74%	176,424 SH	Aug. 21, 2026	Daily
SCHB · SCHWAB STRATEGIC TRUST	0.74%	2,780,600 NS	May 31, 2026	N-PORT
QVML · Invesco Exchange-Traded Fund Trust …	0.73%	122,088 SH	Aug. 21, 2026	Daily
XYLD · Global X Funds	0.73%	240,271 NS	April 30, 2026	N-PORT
XRMI · Global X Funds	0.73%	3,781 NS	April 30, 2026	N-PORT
BSCR · Invesco Exchange-Traded Self-Indexe…	0.73%	33,435,500	Aug. 21, 2026	Daily
LQAI · Exchange Listed Funds Trust	0.73%	163 NS	April 30, 2026	N-PORT
CHRI · Global X Funds	0.72%	392 NS	April 30, 2026	N-PORT
GUSA · Goldman Sachs ETF Trust II	0.72%	148,408 NS	May 31, 2026	N-PORT
PTLC · Pacer Funds Trust	0.72%	244,084 NS	April 30, 2026	N-PORT
XYLG · Global X Funds	0.72%	4,861 NS	April 30, 2026	N-PORT
XCLR · Global X Funds	0.71%	245 NS	April 30, 2026	N-PORT
ACIO · ETF Series Solutions	0.71%	171,680 NS	April 30, 2026	N-PORT
PBP · Invesco Exchange-Traded Fund Trust	0.71%	28,975 SH	Aug. 21, 2026	Daily
ISPY · ProShares Trust	0.71%	79,773 NS	May 31, 2026	N-PORT
ADME · ETF Series Solutions	0.70%	19,524 NS	April 30, 2026	N-PORT
XTR · Global X Funds	0.69%	262 NS	April 30, 2026	N-PORT
IVV · iShares Trust	0.69%	66,554,972 SH	Aug. 21, 2026	Daily
SUSA · iShares Trust	0.68%	304,442 SH	Aug. 21, 2026	Daily
VOXP · Advisors Series Trust	0.68%	402 NS	April 30, 2026	N-PORT
DFUS · Dimensional ETF Trust	0.68%	1,423,439 NS	April 30, 2026	N-PORT
BKLC · BNY Mellon ETF Trust	0.68%	375,915 NS	April 30, 2026	N-PORT
AVSU · AMERICAN CENTURY ETF TRUST	0.67%	27,397 NS	May 31, 2026	N-PORT
GDE · WisdomTree Trust	0.67%	34,583 NS	May 31, 2026	N-PORT
NBCR · Neuberger Berman ETF Trust	0.66%	51,248 NS	May 31, 2026	N-PORT
BBUS · J.P. Morgan Exchange-Traded Fund Tr…	0.66%	549,079 NS	April 30, 2026	N-PORT
TOV · EA Series Trust	0.66%	15,985 NS	April 30, 2026	N-PORT
VOTE · TCW ETF Trust	0.66%	72,273 NS	April 30, 2026	N-PORT
SPUU · Direxion Shares ETF Trust	0.65%	15,759 NS	April 30, 2026	N-PORT
APUE · Trust for Professional Managers	0.65%	144,032 NS	May 31, 2026	N-PORT
QDPL · Pacer Funds Trust	0.65%	107,158 NS	April 30, 2026	N-PORT
FBUF · Fidelity Greenwood Street Trust	0.65%	1,293 NS	April 30, 2026	N-PORT
IYY · iShares Trust	0.64%	211,777 SH	Aug. 21, 2026	Daily
ILCB · iShares Trust	0.63%	89,491 SH	Aug. 21, 2026	Daily
BSCT · Invesco Exchange-Traded Self-Indexe…	0.63%	19,601,000	Aug. 21, 2026	Daily
ESGU · iShares Trust	0.63%	1,227,034 SH	Aug. 21, 2026	Daily
BSCS · Invesco Exchange-Traded Self-Indexe…	0.63%	22,409,000	Aug. 21, 2026	Daily
DFLV · Dimensional ETF Trust	0.62%	385,762 NS	April 30, 2026	N-PORT
PBUS · Invesco Exchange-Traded Fund Trust …	0.61%	779,121 SH	Aug. 21, 2026	Daily
ITOT · iShares Trust	0.61%	6,411,674 SH	Aug. 21, 2026	Daily
SZNE · Pacer Funds Trust	0.61%	862 NS	April 30, 2026	N-PORT
FFLC · FIDELITY COVINGTON TRUST	0.60%	71,945 NS	April 30, 2026	N-PORT
IWB · iShares Trust	0.60%	3,149,218 SH	Aug. 21, 2026	Daily
KOKU · DBX ETF Trust	0.59%	41,441 NS	May 29, 2026	N-PORT
AVLC · AMERICAN CENTURY ETF TRUST	0.59%	64,379 NS	May 31, 2026	N-PORT
PHDG · Invesco Actively Managed Exchange-T…	0.58%	3,916 SH	Aug. 20, 2026	Daily
FXL · First Trust Exchange-Traded AlphaDE…	0.58%	91,502 NS	April 30, 2026	N-PORT
AVUS · AMERICAN CENTURY ETF TRUST	0.58%	669,459 NS	May 31, 2026	N-PORT
IWV · iShares Trust	0.57%	1,247,001 SH	Aug. 21, 2026	Daily
GLOV · Goldman Sachs ETF Trust	0.56%	83,235 NS	May 31, 2026	N-PORT
SSO · ProShares Trust	0.54%	397,283 NS	May 31, 2026	N-PORT
DYNF · BlackRock ETF Trust	0.54%	2,393,937 SH	Aug. 21, 2026	Daily
VT · VANGUARD INTERNATIONAL EQUITY INDEX…	0.52%	3,670,018 SH	Aug. 19, 2026	Daily
DFAU · Dimensional ETF Trust	0.51%	624,207 NS	April 30, 2026	N-PORT
SPXL · Direxion Shares ETF Trust	0.51%	317,638 NS	April 30, 2026	N-PORT
ROBT · First Trust Exchange-Traded Fund VI	0.50%	26,307 NS	June 30, 2026	N-PORT
MSLC · MORGAN STANLEY PATHWAY FUNDS	0.49%	171,087 NS	May 31, 2026	N-PORT
CGUS · Capital Group Core Equity ETF	0.49%	463,417 NS	May 31, 2026	N-PORT
USCA · DBX ETF Trust	0.47%	133,238 NS	May 29, 2026	N-PORT
TOK · iShares Trust	0.47%	12,959 SH	Aug. 21, 2026	Daily
GEW · EA Series Trust	0.45%	5,586 NS	May 29, 2026	N-PORT
URTH · iShares, Inc.	0.44%	392,907 SH	Aug. 21, 2026	Daily
PFIG · Invesco Exchange-Traded Fund Trust …	0.43%	537,000	Aug. 21, 2026	Daily
TILT · FlexShares Trust	0.43%	93,324 NS	April 30, 2026	N-PORT
DCOR · Dimensional ETF Trust	0.41%	128,851 NS	April 30, 2026	N-PORT
CSM · ProShares Trust	0.41%	18,806 NS	May 31, 2026	N-PORT
CRBN · iShares Trust	0.40%	50,545 SH	Aug. 21, 2026	Daily
GSLC · Goldman Sachs ETF Trust	0.40%	538,207 NS	May 31, 2026	N-PORT
ACWI · iShares Trust	0.39%	1,402,492 SH	Aug. 21, 2026	Daily
LRGF · iShares Trust	0.38%	152,898 SH	Aug. 21, 2026	Daily
USCL · iShares Trust	0.38%	116,055 SH	Aug. 21, 2026	Daily
UPRO · ProShares Trust	0.37%	180,594 NS	May 31, 2026	N-PORT
FLCC · Federated Hermes ETF Trust	0.37%	3,888 NS	May 31, 2026	N-PORT
GSY · Invesco Actively Managed Exchange-T…	0.35%	13,493,000	Aug. 21, 2026	Daily
BSCU · Invesco Exchange-Traded Self-Indexe…	0.34%	9,064,000	Aug. 21, 2026	Daily
DFSU · Dimensional ETF Trust	0.32%	70,868 NS	April 30, 2026	N-PORT
DFAC · Dimensional ETF Trust	0.31%	1,481,780 NS	April 30, 2026	N-PORT
IUS · Invesco Exchange-Traded Self-Indexe…	0.30%	31,981 SH	Aug. 21, 2026	Daily
HCMT · Direxion Shares ETF Trust	0.29%	16,681 NS	April 30, 2026	N-PORT
DFVE · DoubleLine ETF Trust	0.24%	559 NS	June 30, 2026	N-PORT
HDUS · Lattice Strategies Trust	0.24%	4,532 NS	April 30, 2026	N-PORT
FDG · AMERICAN CENTURY ETF TRUST	0.24%	8,525 NS	May 31, 2026	N-PORT
RWL · Invesco Exchange-Traded Fund Trust …	0.23%	245,267 SH	Aug. 21, 2026	Daily
GSEW · Goldman Sachs ETF Trust	0.20%	31,242 NS	May 31, 2026	N-PORT
BRCE · MFS Active Exchange Traded Funds Tr…	0.19%	560 NS	May 31, 2026	N-PORT
FEX · First Trust Exchange-Traded AlphaDE…	0.18%	27,839 NS	April 30, 2026	N-PORT
DXUV · Dimensional ETF Trust	0.17%	7,353 NS	April 30, 2026	N-PORT
CGNG · Capital Group New Geography Equity …	0.16%	33,788 NS	May 31, 2026	N-PORT
RSP · Invesco Exchange-Traded Fund Trust	0.16%	1,744,572 SH	Aug. 21, 2026	Daily
GLOF · iShares Trust	0.15%	3,547 SH	Aug. 21, 2026	Daily
EUSA · iShares, Inc.	0.15%	30,953 SH	Aug. 21, 2026	Daily
JOYT · J.P. Morgan Exchange-Traded Fund Tr…	0.15%	1,336 NS	April 30, 2026	N-PORT
QARP · DBX ETF Trust	0.14%	897 NS	May 29, 2026	N-PORT
SIZE · iShares Trust	0.13%	6,426 SH	Aug. 21, 2026	Daily
EQL · ALPS ETF Trust	0.11%	13,700 NS	May 31, 2026	N-PORT
LGDX · Tidal Trust III	0.09%	1,352 NS	April 30, 2026	N-PORT
EBI · RBB Fund Trust	0.07%	3,963 NS	May 31, 2026	N-PORT
EQAL · Invesco Exchange-Traded Fund Trust …	0.04%	4,100 SH	Aug. 21, 2026	Daily
OCIO · ETF Series Solutions	0.03%	491 NS	May 31, 2026	N-PORT
HFSI · Hartford Funds Exchange-Traded Trust	0.02%	2,000 NS	April 30, 2026	N-PORT
GTOS · Invesco Actively Managed Exchange-T…	0.02%	29,000	Aug. 20, 2026	Daily
GTO · Invesco Actively Managed Exchange-T…	0.02%	510,000	Aug. 21, 2026	Daily
BTAL · AGF Investments Trust	-0.42%	-8,602 NS	June 30, 2026	N-PORT
BIV · VANGUARD BOND INDEX FUNDS	—	—	July 15, 2026	Daily
BLV · VANGUARD BOND INDEX FUNDS	—	—	July 15, 2026	Daily
BSV · VANGUARD BOND INDEX FUNDS	—	—	July 15, 2026	Daily
BND · VANGUARD BOND INDEX FUNDS	—	—	July 15, 2026	Daily
VUSB · VANGUARD BOND INDEX FUNDS	—	—	July 15, 2026	Daily
VCRB · VANGUARD MALVERN FUNDS	—	—	July 15, 2026	Daily
VPLS · VANGUARD MALVERN FUNDS	—	—	July 15, 2026	Daily
VSDB · VANGUARD MALVERN FUNDS	—	—	July 15, 2026	Daily
VGMS · VANGUARD MALVERN FUNDS	—	—	July 15, 2026	Daily
VCSH · VANGUARD SCOTTSDALE FUNDS	—	—	July 15, 2026	Daily
VCIT · VANGUARD SCOTTSDALE FUNDS	—	—	July 15, 2026	Daily
VCLT · VANGUARD SCOTTSDALE FUNDS	—	—	July 15, 2026	Daily
VTC · VANGUARD SCOTTSDALE FUNDS	—	—	July 30, 2026	Daily
BNDW · VANGUARD SCOTTSDALE FUNDS	—	—	July 30, 2026	Daily
VCEB · VANGUARD WORLD FUND	—	—	July 30, 2026	Daily