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

- **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.

Intel Corporation (INTC) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

INTC

INTC fundamentals

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