What guidance did Intel's management provide for the next earnings period?

What is the market's earnings forecast for Intel next quarter?

What were the key takeaways from Intel’s earnings call?

What factors drove the changes in Intel's revenue and profit?

Did Intel beat or miss consensus estimates last quarter?

What is Intel's latest dividend and current dividend yield?

What is Intel's gross profit margin?

What is the revenue and EPS growth rate for Intel year over year?

- **Revenue Growth & Balance Sheet Strength**: Q3 $13.7B revenue (+6% QoQ), $30.9B cash from strategic partnerships and U.S. government funding.
- **AI-Driven Innovation**: NVIDIA collaboration to create next-gen compute platforms; 100M AI PCs shipped by year-end.
- **Foundry Momentum**: Intel 18A yields improving, 14A external customer engagement, and 10x AI capacity growth by 2030.
- **2026 Outlook**: Client TAM to 290M units, server CPU TAM expansion, but gross margin challenges from new product ramps.
- **Supply Constraints**: Q4 and Q1 2026 shortages due to Intel 10/7 node constraints, easing in H2 2026.

**【CEO Summary Section】**
- Delivered Q3 revenue of $13.7B, up 6% sequentially, driven by AI adoption and core x86 franchise strength.
- Balance sheet strengthened with $30.9B cash, including $5.7B from U.S. government and $5B NVIDIA investment.
- AI collaboration with NVIDIA via NVLink to create next-gen compute platforms for hyperscale and consumer markets.
- Foundry progress: Intel 18A yields improving, Fab 52 operational, and Intel 14A engagement with external customers.
- 2026 outlook: Client TAM growth to 290M units, server CPU TAM expansion due to AI inference demand.

**【CFO Financial Commentary】**
- Q3 non-GAAP EPS of $0.23 vs. breakeven guidance, driven by 40% gross margin (up 400bps) and $2.5B operating cash flow.
- Supply constraints on Intel 10/7 nodes limited Q3 upside; Lunar Lake and Arrow Lake ramps driving cost headwinds.
- Q4 guidance: $12.8-13.8B revenue, 36.5% gross margin (down 3.5pts vs. Q3) due to product mix and Core Ultra 3 costs.
- 2025 CapEx $18B, with focus on Intel 18A/14A and external foundry demand.
- Noncontrolling interest expense expected $1.2-1.4B in 2026.

**【Q&A Key Highlights】**
- **Foundry Confidence**: CEO cites 10x AI capacity growth by 2030, with Intel Foundry uniquely positioned for advanced packaging (EMIB-T) and wafers.
- **Gross Margin Challenges**: CFO warns 2026 gross margin headwinds from Lunar Lake, Core Ultra 3 ramps, and Altera deconsolidation.
- **Supply Constraints**: Client and server demand outpacing supply; Q1 2026 shortages likely to persist before easing.
- **AI Product Adoption**: 100M AI PCs shipped by end-2025, with enterprise Windows 11 refresh driving CPU demand.
- **NVIDIA Collaboration**: Multi-year roadmap to integrate x86 with NVIDIA GPUs via NVLink, targeting hyperscale and consumer AI workloads.

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