Overview
- Intel posted Q3 revenue of $13.7 billion, up 3% year over year, with gross margin improving and operating margin turning positive; Q4 revenue is guided to $12.8–$13.8 billion with GAAP gross margin around 34.5%.
- The 18A process is now in high‑volume production at Fab 52 and will underpin at least three future client and server generations, with yields sufficient for supply but not yet at target profitability.
- Intel said Intel 10 and Intel 7 capacity is constrained and will not be expanded, and it expects supply to be tighter through Q1 2026 despite deliveries exceeding internal plans.
- The CFO said chip inventory is being rapidly consumed and could be exhausted by early 2026, and Intel is adjusting pricing and product allocation, including reported increases for Raptor Lake CPUs, to prioritize demand.
- Intel reported strong early progress on its 14A node for external foundry customers, targeting late‑2026 production with High‑NA EUV and second‑generation RibbonFET, and it highlighted new external funding and partnerships with the U.S. government, Nvidia and SoftBank.