Intel plummets on earnings
Speakers
Summary
Vijay Rakesh, senior semiconductor analyst at Mizuho, joins the show to discuss Intel's post-earnings selloff and his neutral view. He says better server demand is a tailwind, but 18A yield problems and the PC roadmap remain key constraints. Foundry customer wins could add revenue by 2028-29, though customers are waiting for Intel to prove yields and margins first.
- Intel fell about 15% after earnings guidance disappointed.
- Rakesh has a neutral rating on Intel.
- Server-side demand is a tailwind, but 18A yields lag.
- Intel must stabilize server share and improve Panther Lake PC roadmap.
- Foundry is a long-term 2028-29 revenue opportunity if yields and customers are secured.
- Rakesh agrees with Intel's CEO that yield and margin proof must come before customer commitments.
Ideas
Intel neutral until 18A yield milestones.
Rakesh has a neutral stance on Intel: the server-side outlook is a tailwind, but the crux is that 18A yields remain behind on server and PC products and need more work, limiting capacity. Intel must stabilize server share, improve the PC roadmap with Panther Lake, improve 18A yields to raise capacity and stabilize margins, and prove its long-term foundry roadmap by showing good yields and locking in customers, a 2028-29 opportunity. Foundry could be significant incremental revenue, but only once customers commit. Until these milestones are hit, the valuation may be attractive but the setup is not a clear buy; he agrees with the CEO that Intel should not put the cart before the horse.
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This CNBC video, published January 23, 2026, features Vijay Rakesh discussing INTC. 1 trade idea extracted by AI with direction and confidence scoring.
Speakers: Vijay Rakesh · Tickers: INTC