Intel

Liquidity is solid with cash and short‑term investments of about $31 billion as of Q3 2025, against total debt of roughly $46.6 billion, implying net debt near $15.6 billion. TTM free cash flow is negative given capex, but nine‑month 2025 operating cash flow improved.

The finalized CHIPS incentives and related funding help, as did asset monetizations (Altera deconsolidation, Mobileye secondary). Nonetheless, continued large capex and foundry losses keep financial risk above our comfort for top‑tier quality.