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Back of Napkin

Intel Corp. INTC

Three-pass checkedFresh as companies report

Intel made $1.80B of operating profit last quarter and reported an $11.03B net loss.

The difference is a $12.53B mark-to-market charge on shares it escrowed to the United States government, whose value moves against Intel when the stock goes up.

INTC · price with moving averages

Daily · 6MWeekly · 3Y
$10$43$76$110$143 Sep '23Apr '24Nov '24Jun '25Jan '26Aug '26 BID
EMAs82140

Source: market data.

The business

Intel designs the x86 processors that run most personal computers and a large share of servers, and separately owns the factories. Those factories are now a reported segment, Intel Foundry, which is supposed to manufacture chips for outside customers as well as for Intel itself.

That second ambition is the whole strategy and it is barely started. Of Foundry's $17.8B of revenue last year, $307M came from external customers. Everything else was Intel selling to itself.

Inside the complete Back of Napkin

  1. 01The business
  2. 02The numbers
  3. 03Management
  4. 04How it fails or surprises you
  5. 05The shape of the payoff
  6. 06Closing thoughts
  7. 07Methodology

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