Intel Corporation (INTC): Business Model Canvas [Dec-2025 Updated]

You're looking at a company in the middle of a massive, capital-intensive pivot, trying to reclaim its semiconductor crown. Intel Corporation is betting its future on the IDM 2.0 strategy, specifically targeting process leadership with its 18A node by 2025, which requires a huge outlay-we're talking a $18 billion CapEx target for 2025 alone. This transformation means juggling the legacy Client Computing Group and Data Center sales with the ambitious build-out of Intel Foundry Services, which already saw $4.4 billion in revenue in Q2 2025. Honestly, seeing how they align key partnerships, like securing ASML's latest tools and early IFS customers, with this massive cost structure is the real story here, so let's break down the full canvas below.

Intel Corporation (INTC) - Canvas Business Model: Key Partnerships

The U.S. Government is a key partner through the CHIPS Act, with the Department of Commerce awarding Intel up to $7.86 billion in direct funding for commercial semiconductor manufacturing and advanced packaging projects in Arizona, New Mexico, Ohio, and Oregon. This is in addition to a separate $3 billion contract for the Secure Enclave program. An amended deal secured an early payout of $5.7 billion of the CHIPS Act Fund. Overall, Washington's total backing through equity and grants has increased to $11.1 billion.

Intel Foundry Services (IFS) secured Qualcomm and Amazon as early customers. Amazon Web Services (AWS) is noted as the first customer to use Intel Foundry Services' packaging solutions. Qualcomm is targeting Intel's advanced process technology, specifically the 20A node, which was expected to ramp in 2024.

The collaboration with ASML for High Numerical Aperture (High NA) Extreme Ultraviolet (EUV) lithography tools is critical for future nodes. Intel has reportedly raised its order of High-NA EUV machines from one unit to two units, underscoring commitment to the 14A process node. A single High-NA EUV machine is priced at approximately $370-380 million, with estimates also placing the cost around $300-400 million. Intel is likely to spend between $1 billion to $2 billion on lithography equipment alone based on these orders.

Strategic capital investments from NVIDIA and SoftBank provided a significant financial boost. NVIDIA invested $5 billion for a stake of about 4%, while SoftBank contributed $2 billion. This totals $7 billion in capital from these two partners, which injected confidence and liquidity into Intel's balance sheet.

Electronic Design Automation (EDA) firms like Synopsys and Cadence are essential for process enablement. Synopsys announced its certified AI-driven digital and analog design flows are production-ready for Intel's 18A process node and 18A-P variant. These collaborations are focused on optimizing design and processes for nodes like 18A and the future 14A nodes.

Here is a summary of the major external financial commitments and support:

The enablement partnerships with EDA firms involve technical co-optimization, not direct capital injections of the scale seen above.

• Synopsys: Certified digital and analog design flows for Intel 18A and 18A-P.
• Cadence: Working closely to develop certified design flows and IP for 18A and 14A nodes.
• Qualcomm: Early customer for process technology, targeting 20A.
• Amazon: First customer for Intel Foundry Services packaging solutions.

Intel Corporation (INTC) - Canvas Business Model: Key Activities

You're looking at the core engine driving Intel Corporation's massive, multi-year turnaround effort, which is all about execution on the factory floor and in the design labs. This is where the capital is being deployed and where the future revenue is supposed to be won back. Honestly, the numbers show a company in deep transition, balancing aggressive spending with necessary cost controls.

Executing the IDM 2.0 strategy to regain process leadership by 2025 with Intel 18A

The central activity here is hitting the process node targets laid out in the IDM 2.0 strategy, specifically the 18A node. Intel confirmed that high-volume manufacturing (HVM) for its first 18A product, the notebook processor codenamed Panther Lake, is set to commence in the second half of 2025. This timing puts Intel on a path to compete directly with rivals like TSMC, whose equivalent 2nm node production is also targeted for the second half of 2025. The Fab 52 facility in Arizona has already completed tape-out for Intel 18A. This is the make-or-break moment for regaining process leadership, as the strategy hinges on delivering a competitive node to both internal product groups and external foundry customers.

Massive capital expenditure and construction of new fabs in Arizona and Ohio

This activity involves the physical realization of the IDM 2.0 vision through enormous, long-term capital commitments. The planned investments across the megafabs in Ohio and Arizona alone are reported to exceed $50 billion. To manage the immediate financial strain, Intel has adjusted its spending plans. For the 2025 fiscal year, the gross capital expenditures target was reduced to $18 billion, down from an earlier forecast of $20 billion. Still, the construction timelines for these massive projects are fluid, reflecting the scale and complexity involved.

Here's a look at the context for the major US fab construction efforts:

The company is definitely spending money to build capacity outside of Taiwan.

Research and development (R&D) on next-gen process nodes and AI accelerators

Intel is simultaneously funding the development of future nodes like 14A while pushing 18A into high-volume production, alongside developing its AI portfolio, like the Gaudi 3 accelerators. This R&D spending is under intense scrutiny, as the company has been aggressively cutting costs elsewhere. For the twelve months ending September 30, 2025, Intel's research and development expenses totaled $14.431B, representing a 13.36% decline year-over-year. This follows a reported 13% year-over-year slash in R&D and marketing expenses to $4.8 billion by Q2 2025. The key action is ensuring these cuts don't derail the 18A roadmap.

Manufacturing and selling Client Computing Group (CCG) and Data Center (DCAI) processors

These two groups remain the core revenue drivers, though their performance in 2025 has been mixed as the market stabilizes post-PC downturn and AI adoption ramps. For the third quarter of 2025, the results showed a return to growth for the PC side, but the data center segment lagged slightly.

• Client Computing Group (CCG) Q3 2025 Revenue: $8.5 billion, showing 5% YoY growth.
• Data Center and AI (DCAI) Q3 2025 Revenue: Dipped 1% YoY.
• CCG Q2 2025 Revenue was $7.9 billion, down 3% YoY.
• DCAI Q2 2025 Revenue was $3.9 billion, up 4% YoY.

The overall company revenue for Q3 2025 was $13.7 billion, marking a 3% YoY increase, the first YoY increase since Q1 2024. Still, the DCAI segment is facing intense competition in the AI space.

Building the Intel Foundry Services (IFS) business for external customers

This is the most transformative activity, aiming to turn Intel into a major contract manufacturer. However, the financial reality in 2025 shows the business is still in its nascent, high-cost phase. External foundry revenue for the full calendar year 2025 is projected to be only about $120 million. This figure is reportedly 1,000 times lower than TSMC's revenue for the same period. Segment-wise, the Intel Foundry revenue for Q3 2025 was $4.2 billion, down 2% YoY. The good news is the operating loss is narrowing significantly; the Q3 2025 operating loss for the Foundry division was $2.3 billion, a substantial improvement from the $5.8 billion loss in the year-ago quarter. Companies like Tesla, Broadcom, and Microsoft are reportedly evaluating Intel's upcoming 18A and 14A processes, which could be key for future traction.

Finance: draft 13-week cash view by Friday.

Intel Corporation (INTC) - Canvas Business Model: Key Resources

You're looking at the foundational assets Intel Corporation is leaning on as it navigates its transformation-the stuff that underpins their entire operation, from the chip design to the factory floor.

Intel Corporation's Intellectual Property (IP) is a massive moat, especially the architecture that powers most of the world's PCs and servers. While competitors have gained ground, the core x86 instruction set remains a critical resource. As of the third quarter of 2025, Intel still held a majority share of the server CPU market at 63.3%, with AMD at 36.5%. This dominance is backed by a deep patent portfolio, with its share in Wi-Fi patent ownership increasing from about 7% for Wi-Fi 6 to nearly 10% for Wi-Fi 7.

The Integrated Device Manufacturer (IDM) model relies on a global network of owned fabrication and assembly plants, but this network is actively being optimized. Intel has paused construction on planned facilities in Germany and Poland. However, manufacturing progress continues, with Fab 52 in Arizona successfully running its first wafer.

Advanced packaging is where Intel is making significant technical headway to compete. Technologies like Foveros and Embedded Multi-die Interconnect Bridge (EMIB) are key differentiators. New offerings include EMIB-T for high bandwidth memory needs, and two additions to the Foveros architecture: Foveros-R and Foveros-B. This is attracting attention; major players like Apple and Qualcomm are reportedly seeking engineers with expertise in these specific Intel packaging technologies.

Financial discipline is a stated resource priority, heavily influencing where capital is allocated. The company has a targeted non-GAAP operating expense budget for 2025 of $17 billion. This figure encompasses Research & Development (R&D) and Marketing, General, and Administrative (MG&A) costs. For context, Intel's research and development expenses for the twelve months ending September 30, 2025, totaled $14.431B. The company recognized $1.9 billion in restructuring charges in the second quarter of 2025 related to these efficiency drives.

The core workforce is being streamlined to focus resources. Following Q2 2025 restructuring actions, Intel plans to end the year with a core workforce of approximately 75,000 employees. This reduction is part of a plan to make the organization flatter and more agile.

Here's a quick look at the key figures driving the resource base:

The company is also leveraging specific advanced packaging technologies:

• Foveros Direct for 3D stacking using through-silicon vias
• EMIB for 2.5D bridging via a small silicon bridge
• New variants like EMIB-T, Foveros-R, and Foveros-B

Finance: review the Q3 2025 capital expenditure forecast against the $18 billion gross CapEx target for the year by next Tuesday.

Intel Corporation (INTC) - Canvas Business Model: Value Propositions

Process Leadership: Targeting performance parity by 2024 and leadership by 2025 with Intel 18A.

Intel Corporation is targeting a return to process performance leadership by 2025, having aimed for performance-per-watt parity with the industry leader in 2024. The Intel 18A node is scheduled for production in the first half of 2025.

Products built on Intel 18A, such as the next-generation desktop platform Panther Lake and the Xeon 7 Clearwater Forest chips, are set to arrive in 2025.

AI PC: Integrated Core Ultra processors, aiming to ship over 100 million AI PC CPUs by end of 2025.

Intel Corporation is aiming to ship more than 100 million AI PC chips cumulatively by the end of 2025. This follows a projected shipment volume of over 40 million AI PC CPUs for 2024. Shipments of the initial Core Ultra (Meteor Lake) in 2024 were projected to reach 20 million units.

• The Intel Core Ultra 200V series (Lunar Lake) features a Neural Processing Unit (NPU) with four times the performance of its predecessor.
• Notebooks are expected to account for 75% to 85% of the 100 million AI PC units shipped in 2025.

Supply Chain Resilience: Geographically diverse, U.S.-based manufacturing for Western governments and clients.

Intel Corporation is expanding its U.S. operations with plans to invest more than $100 billion in the U.S.. This expansion is supported by significant U.S. government funding, including a finalized $7.86 billion award under the CHIPS Act, in addition to a $3 billion contract for the Secure Enclave program to expand trusted manufacturing for the U.S. government.

The company's secure chip supply chain program, set to launch in the second half of 2025, includes the following locations:

• Included Regions: U.S., Ireland, Taiwan, Vietnam, and Malaysia.
• Excluded Locations: Israel, China, and Costa Rica.

Full-Stack Solutions: Silicon, software, and systems for data center and AI workloads (e.g., Xeon, Gaudi).

Intel Corporation is delivering solutions like the Xeon 6 processor and Gaudi 3 accelerator to optimize data center and AI workloads.

A Dell AI platform featuring Gaudi 3 includes eight Intel Gaudi 3 accelerators, each with 128 gigabytes (GB) HBM memory and 3.7 terabytes/second (TB/s) bandwidth.

Foundry Flexibility: Offering both x86 and ARM/RISC-V manufacturing services to external clients.

Intel Corporation has stated its commitment to its foundry model, declaring, 'We will manufacture any of the RISC-V, ARM, x86, and GPU alternatives for the industry'. The Intel 18A process node is expected to be primarily used for Intel's own products, with the CFO noting it 'probably won't get a lot [of customers] in wave one'. The Foundry division is targeting to break-even by 2027, which requires securing low to mid-single digit billions of revenue from external sources.

Intel Corporation (INTC) - Canvas Business Model: Customer Relationships

You're looking at how Intel Corporation keeps its massive customer base engaged and growing, especially as the company pivots hard into foundry services and AI. It's all about deep partnership now, not just shipping boxes.

Dedicated sales and engineering support for major OEM and cloud hyperscale customers remains foundational. This support is critical for high-volume, high-value segments like the Data Center and AI (DCAI) group. While the specific revenue for DCAI in Q3 2025 is not broken out separately from the total Intel Products revenue of $12.7 billion, we know the scale of the prior generation's success, with Intel having sold more than 2 million 4th Generation Intel Xeon Scalable processors as of the end of 2023, setting the stage for current hyperscaler refresh cycles.

For strategic, long-term contracts with government and defense agencies for secure supply, the relationship is less about public sales figures and more about trust in the IDM 2.0 strategy to provide a resilient, domestic manufacturing option. The market sentiment reflects this trust, with SoftBank Group making a $2.0 billion investment in Intel common stock, and NVIDIA investing $5.0 billion, signaling confidence in Intel's role in securing advanced supply chains.

The ecosystem development and co-engineering with IFS customers to ensure design-in success is where the future credibility is being built. Intel is aggressively pursuing this, with more than five internal products currently being developed on its leading-edge 18A process technology, which is expected to see volume manufacturing start in late 2025. This co-engineering effort is designed to help Intel achieve its goal of securing $8 billion to $10 billion in cost savings exiting 2025, partly by proving out the manufacturing process with internal and external designs.

When it comes to retail and channel partner programs for Client Computing Group product distribution, the focus is on the massive PC refresh cycle. The Client Computing Group (CCG) posted revenue of $8.5 billion in Q3 2025. A major driver for this relationship is the October 14, 2025, end-of-life for Windows 10, pushing partners to refresh hardware. To support this, Intel's Global Channel Chief confirmed that the company is increasing funding for partners in 2025 over what was invested in 2024, even while reducing direct partner coverage. Partners are instrumental in delivering solutions across client computing, data center, and AI markets.

Direct engagement with developers via software and AI toolkits is centered on the AI PC. Intel aims for developers to be able to provide AI software to more than 100 million Intel-based AI PCs by the end of 2025. The AI PC Developer Program offers tools and kits based on the Intel Core Ultra processor to help developers optimize their applications. This developer base already showed significant engagement, with 64% of AI developers using Intel tools back in 2023, from a community of 6.2 million active developers. Furthermore, co-development with partners is showing results, such as Softtek increasing its software development life cycle speed by up to 40% using an Intel Gaudi-powered AI platform.

Here is a snapshot of some of the key relationship-driven metrics:

The channel strategy is shifting to solution-focused sales, meaning Intel sales staff must approach every interaction through the eyes of the partner and customer to solve problems, rather than just pushing a silicon road map.

Intel Corporation (INTC) - Canvas Business Model: Channels

You're looking at how Intel Corporation gets its silicon and solutions into the hands of end-users and manufacturers as of late 2025. The channel strategy is a complex mix of direct engagement with massive hyperscalers and relying on established global partners for volume distribution.

The Client Computing Group (CCG) remains Intel Corporation's largest revenue generator, focusing on platforms for notebooks, desktops, tablets, and wireless connectivity products, which heavily relies on the OEM and retail channels. The Data Center and AI segment channels its products to Cloud Service Providers (CSPs) and enterprise customers.

Here's a look at the revenue distribution based on the latest segment reporting available, which was for the second quarter of fiscal year 2025:

The overall company revenue for the third quarter of 2025 was $13.7 billion, showing a 3% year-over-year increase, indicating positive momentum across the channels heading into the end of the year.

Original Equipment Manufacturers (OEMs) like Dell, HP, and Lenovo for PC and server sales

This remains the backbone for the Client Computing Group. Intel Corporation markets and sells these products directly and indirectly through OEM channels globally. While specific revenue percentages for Dell, HP, and Lenovo aren't itemized, the success of this channel is reflected in the overall CCG performance, which faces mounting pressure from ARM-based competitors.

Direct sales to Cloud Service Providers (CSPs) like Amazon and Google for data center chips

The Data Center and AI segment directly targets hyperscale CSPs. Intel Corporation's strategy includes offering purpose-built ASICs and accelerators alongside its traditional server processors to maintain share in this critical market, which has seen prioritization of specialized AI processors over standard server CPUs in some spending cycles.

Global distributor network and retail channels for consumer products

Intel Corporation uses a global distributor, reseller, and retail network to reach consumers and smaller businesses. This indirect channel is essential for volume distribution of its Client Computing Group products. The company is focused on driving greater accountability across the company while making it easier for customers to do business with Intel Corporation through these partners.

Intel Foundry Services (IFS) direct sales team for external chip design companies

Intel Foundry Services (IFS) operates a direct sales team to attract external foundry customers. The external revenue contribution remains nascent but is a key strategic focus. One analyst projection for 2025 external foundry revenue was only about $120 million, which is roughly 0.1% of TSMC's revenue for the same period. Another report indicated external revenue was $53 million per half-year as of June 28, 2025. Despite this, IFS has over $100 billion of property, plant, and equipment, net on the balance sheet as of June 28, 2025, supporting this channel's future. As of a July 2025 10Q filing, IFS had zero "significant" external customers.

Mobileye subsidiary for direct sales to automotive Tier 1 suppliers and OEMs

Mobileye Global, where Intel Corporation remains the majority shareholder after selling 51% of its shares in July 2025 for approximately $922 million, uses a direct sales approach to automotive Tier 1 suppliers and OEMs. Mobileye raised its fiscal 2025 revenue outlook to a range between $1.77 billion and $1.89 billion. The company projected EyeQ volumes between 32M and 34M units for 2025. The EyeQ6 Lite system targeted integration into 46 million vehicles by 2025. Mobileye reported revenue of $506 million in the second quarter of 2025.

The channel strategy for Mobileye is clearly showing growth:

• Q1 2025 revenue surged 83% year-over-year to $438 million.
• The 'All Other' segment, which includes Mobileye, saw revenue up 20% in Q2 2025.

Finance: draft 13-week cash view by Friday.

Intel Corporation (INTC) - Canvas Business Model: Customer Segments

You're looking at the core buyers for Intel Corporation's diverse product and service portfolio as of late 2025. The customer base is clearly segmented across the company's major reporting units, reflecting a strategic pivot away from pure PC dominance toward data center, AI, and foundry services.

The Client Computing Group (CCG) still serves a massive, though somewhat stagnant, base of PC and Laptop OEMs. For the second quarter of 2025, CCG revenue was reported at $7.9 billion, which was a 3% decline year-over-year. This segment is feeling the pressure, though Q3 2025 saw a reported consumer chip sales rebound to $8.5 billion.

For Cloud Hyperscalers and Enterprise Data Centers, the Data Center and AI Group (DCAI) is the key interface. DCAI revenue in Q2 2025 reached $3.9 billion, showing a 4% increase from the prior year. This customer group shows very little loyalty and focuses heavily on performance per watt and performance per dollar when making purchasing decisions.

Intel Foundry Services (IFS) targets Chip Design Companies (Fabless) seeking advanced foundry services, though traction has been slow. The total IFS revenue for Q2 2025 was $4.4 billion, but external customer revenue for the first three months of 2025 was only $31 million. Projections for the full 2025 calendar year for external IFS revenue are estimated at just $120 million. Intel still targets the IFS division to reach break-even by the end of 2027.

Government and Defense Agencies are served through contracts aligned to the sponsoring operating segment, often through IFS for specialized needs. The small external IFS revenue suggests that defense-related chip designers, mandated to manufacture on US soil, represent a portion of these early foundry customers.

The Automotive Manufacturers and Tier 1 Suppliers segment is primarily addressed through Mobileye, which remains majority-owned by Intel Corporation. Mobileye reported Q3 2025 revenue of $504.00 million, a 4% year-over-year growth. The company has raised its full-year 2025 revenue guidance to a range of $1.845 billion to $1.885 billion. Mobileye shipped 9.2 million systems in Q3 2025, with an Average System Price of $51.7. Following a secondary offering in July 2025, Intel's beneficial ownership in Mobileye dropped below 80%.

Here's a quick look at the revenue performance across the primary customer-facing segments for the second quarter of 2025:

The customer base for Intel Corporation is actively being managed through strategic focus areas:

• PC and Laptop OEMs (CCG) are seeing new product series like Panther Lake targeted for late 2025.
• Cloud Hyperscalers are a focus for DCAI and IFS, with Microsoft and Amazon noted as interested IFS clients.
• Fabless companies are being courted by IFS for advanced nodes like 18A and 14A.
• Government contracts are aligned to the sponsoring operating segment, such as DCAI or IFS.
• Automotive Tier 1 Suppliers drive Mobileye's EyeQ system volumes, reaching 9.2 million units in Q3 2025.

The company is also managing its workforce to align with these segments, planning to end 2025 with a core workforce of about 75,000 employees.

Intel Corporation (INTC) - Canvas Business Model: Cost Structure

You're looking at the cost side of Intel Corporation's business as of late 2025. It's a structure dominated by massive, long-term investments, which is typical for a leading-edge semiconductor manufacturer. Honestly, the numbers show a company in heavy transition, spending big to secure future process technology leadership.

High Capital Intensity

Intel Corporation's cost structure is fundamentally defined by its need to build and equip the most advanced manufacturing facilities, or fabs. This is high capital intensity in action. For the full year 2025, the company is targeting gross capital expenditures (CapEx)-that's GAAP additions to property, plant, and equipment-of $18 billion. This spending is directed toward new fabs and the cutting-edge equipment needed for nodes like Intel 18A, which is critical for their foundry strategy.

The net CapEx target for 2025 is narrower, projected to be between $8 billion and $11 billion, reflecting expected offsets from government incentives and partner contributions. This massive outlay is a necessary cost to compete in the leading-edge space.

Fixed Costs

A global manufacturing footprint means significant fixed costs, primarily driven by the depreciation and amortization (D&A) of these expensive assets. For the twelve months ending September 30, 2025, Intel Corporation's total Depreciation and Amortization was reported at $28.419 billion. This represents a 9.28% increase year-over-year from the prior twelve-month period. This D&A expense is a non-cash charge, but it heavily impacts GAAP profitability, reflecting the sheer scale of the physical assets on the books.

Research & Development (R&D)

Research & Development is another non-negotiable, major cost component. Intel Corporation is working to fund its roadmap, targeting a total non-GAAP operating expense (OpEx) for 2025 of $17 billion. This OpEx figure includes R&D, as well as Marketing, General, and Administrative (MG&A) costs. For context on the R&D spend, the reported Research and Development Expenses for the second quarter of 2025 were $3.68 billion, a decrease from $4.24 billion in Q2 2024.

Restructuring Charges

To manage the transition and align costs with the new strategy, Intel Corporation incurred substantial one-time charges. In the second quarter of 2025, the company recognized $1.9 billion in restructuring charges, which were excluded from non-GAAP results. These charges stemmed from a planned 15% reduction in the core workforce, which is designed to create a flatter, more agile organization. The impact on GAAP Earnings Per Share (EPS) from these charges alone in Q2 2025 was $(0.45) per share.

Raw Materials and Manufacturing Costs

The cost of actually making the chips remains high, especially when ramping new process nodes. The Cost of Sales (COGS) for the second quarter of 2025 increased to $9.32 billion, up from $8.29 billion year-over-year. This increase in the cost of sales, coupled with other charges, led to a decline in Gross Profit to $3.54 billion in Q2 2025, a 22% drop from $4.55 billion in Q2 2024. This reflects the expense tied to early-stage node ramp-up and associated impairments.

Here's a quick look at some of the key cost-related financial data points from the 2025 reporting period:

The company is actively trying to manage these outflows, setting a lower non-GAAP OpEx target of $16 billion for 2026. Finance: draft 13-week cash view by Friday.

Intel Corporation (INTC) - Canvas Business Model: Revenue Streams

You're looking at how Intel Corporation actually brings in the cash flow in late 2025. It's a story of shifting focus, where the legacy business is stabilizing while new ventures start to contribute, all while government support plays a role. Honestly, the revenue streams are getting more complex as the company executes its turnaround.

The core of the revenue still comes from the traditional segments, though their relative importance is changing. For instance, the Client Computing Group (CCG), which handles your PC processors, posted a Q1 2025 revenue of $7.6 billion. That was actually down 8% year-over-year for that quarter, showing the PC market pressures are still real.

Contrast that with the growth engine, the Data Center and AI (DCAI) group. For Q1 2025, DCAI brought in $4.1 billion, marking an 8% increase year-over-year, clearly fueled by demand for AI server CPUs and storage compute. By Q2 2025, the revenue picture shifted slightly, with CCG hitting $7.9 billion and DCAI contributing $3.9 billion.

Here's a quick look at how the main product groups stacked up in the first half of 2025, based on reported figures:

The foundry business, Intel Foundry Services (IFS), is showing early traction as Intel seeks external manufacturing customers. The revenue for IFS was reported at $4.4 billion in Q2 2025, which was up 3% sequentially. This is a critical part of the long-term strategy, moving from just selling chips to selling manufacturing capacity.

You also have revenue streams from more specialized areas, which are important for diversification. This includes Mobileye and Altera (FPGA) Sales. In Q1 2025, the 'All Other' category, which covers these, generated $0.9 billion, up 47% year-over-year. To be fair, some of the cash flow in Q2 was also boosted by non-core asset monetization, specifically noting $922 million in proceeds from Mobileye share sales during that quarter.

Finally, government support acts as a significant, albeit non-operational, financial inflow. Intel received an accelerated $5.7 billion from the U.S. CHIPS Act in Q3 2025, which directly supports the massive capital expenditure required for their manufacturing expansion. This is part of the larger finalized award, which totals up to $7.86 billion in direct funding, complementing a separate $3 billion contract for the Secure Enclave program.

These revenue components show a clear split in focus:

• Client Computing Group (CCG) Product Sales: $7.6 billion (Q1 2025).
• Data Center and AI (DCAI) Product Sales: $4.1 billion (Q1 2025).
• Intel Foundry Services (IFS) Revenue: $4.4 billion (Q2 2025).
• Mobileye and Altera (FPGA) Sales: Contributed to the $0.9 billion 'All Other' revenue in Q1 2025.
• Government Subsidies/Grants: Accelerated $5.7 billion received in Q3 2025.

Finance: draft 13-week cash view by Friday incorporating the Q3 subsidy inflow.