Intel

Intel is prioritizing leading‑edge process catch‑up and packaging capacity, which is strategically sound but requires heavy, multi‑year capex. The internal foundry model increases transparency and should sharpen ROI discipline over time.

On portfolio moves, Intel sold a 51% stake in Altera and reduced its Mobileye stake to raise cash, which we view as pragmatic. However, dilution related to government and strategic equity arrangements, plus elevated restructuring costs, weigh on per‑share value compounding until FCF turns sustainably positive.

Buybacks are paused and the dividend remains de‑emphasized.