Ming-Chi Kuo: Intel's (INTC.US) Panther Lake production has been delayed until the second half of this year.

Apple analyst Ming-Chi Kuo released his latest industry investigation, stating that Intel's Panther Lake (PTL) mass production time has been delayed from early September 2025 to mid-4Q25. The chip and finished product (PC/NB) delivery time is about 2-4 weeks apart, so PTL NB may not be popular until 2026, meaning intel (INTC.US) will miss the 2025 year-end sales peak and face a downward risk in 2H25 revenue and profit.Kuo noted that although Intel announced that PTL is expected to be mass-produced in 2H25, the delay is still within its announced forecast, but it would not make such a decision without encountering serious production problems. Because the PTL delay is not conducive to Intel's 2H25 revenue and profit, as well as the most important organizational morale and supply chain trust.According to Kuo's investigation on Intel's advanced process materials shipments, there is no significant change compared with the current situation in 3Q25, verifying the possibility of PTL's delay. Intel mainly relies on Arrow Lake (ARL) to face competition from AMD and Qualcomm in 2H25. As ARL is below 40TOPs, and brands are not willing to promote Lunar Lake (LNL), it means Intel is at a disadvantage in the 2H25 AI PC competition.Kuo said that more positive brand companies have planned to adopt the PTL QS (Qualification sample) produced in small quantities in late September to gain priority listing. However, due to the limited number of QS, it is of little help to Intel. It is difficult for Intel to gain external IC design customers' trust and actually invest a lot of resources in cooperating with Intel to develop 18A chips before its own chips produced by 18A process are successfully shipped.