Intel Corp at Citi TMT Conference Summary

The following is excerpted from the question-and-answer section of the transcript.

Question: Chris Danely - Citi - Analyst : Well, all right. Let's get to the good stuff.

Question: Chris Danely - Citi - Analyst : <_ALACRA_META_ABSTRACT>Okay. So I have to ask the three or four obligatory government SoftBank investment questions before we get to the fun stuff. So the government recently took a stake in Intel, maybe give us sort of the synopsis of how and why that happened and the advantages and disadvantages?

Question: Chris Danely - Citi - Analyst : Okay. And is the government going to be a silent partner or is Donald Trump going to go on the board? Or what the -- what are you going to change?

Question: Chris Danely - Citi - Analyst : Right. Well, you guys must be doing something right, because you got the government SoftBank, a lot of people want to give you money. Maybe talk about the SoftBank investment as well, how that came about, why do that? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 04, 2025 / 1:50PM, INTC.OQ - Intel Corp at Citi TMT Conference

Question: Chris Danely - Citi - Analyst : Can you just swipe it out because all this cash in here?

Question: Chris Danely - Citi - Analyst : Could other semi companies joined the investment parade, either straight in until now or the foundry whenever you spin out the foundry? Is that on the table?

Question: Chris Danely - Citi - Analyst : Now one thing -- one famous statement by Lip-Bu. He said, no more blank checks if there's no 14A customers on the foundry side. So it obviously caused a big stir. What exactly did that mean. Will Intel, like, go fabless or --

Question: Chris Danely - Citi - Analyst : Okay. Just a few clarifications. So when you said no 14A customers that's obviously just merchant, right? That's not Intel internal manufacturing, correct?

Question: Chris Danely - Citi - Analyst : Yeah. And you've been saying that for a while. Can you just run us through the math what changes at 14A, where you need that extra capacity or that extra units to run through the fabs? Is there like something changing? And why doesn't it exist at like 18A or something like that?

Question: Chris Danely - Citi - Analyst : Yeah. And so you guys have -- are already using TSMC for tiles that sort of thing. I mean, certainly, a big change from 10 years ago. How do you see that dynamic or that relationship going forward? Will you use more or less? Or will it sort of vacillate depending on how Intel foundry does with Intel products or maybe give us --

Question: Chris Danely - Citi - Analyst : Can you give us a sense of roughly what percentage of your manufacturing is done at TSMC now? And what would be the reported range going forward? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 04, 2025 / 1:50PM, INTC.OQ - Intel Corp at Citi TMT Conference

Question: Chris Danely - Citi - Analyst : Has that done anything to your capital intensity up for now?

Question: Chris Danely - Citi - Analyst : Okay. Just on the 14A and Lip-Bu's comments, when will Intel know if 14A is going to work or not?

Question: Chris Danely - Citi - Analyst : And then just real quick on the separation of Intel design and foundry. How is that going from like an operational standpoint, from a financial standpoint? And then what are the next steps and maybe give us a timeline of what should happen over the next year?

Question: Chris Danely - Citi - Analyst : Intel. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 04, 2025 / 1:50PM, INTC.OQ - Intel Corp at Citi TMT Conference

Question: Chris Danely - Citi - Analyst : Okay. And so some of us were expecting some newer customers for the merchant foundry to be announced. We haven't seen that yet. Why do you think it hasn't happened yet? Was this all by design? And then what has changed where you feel more confident that these things are coming in what would be the potential timing for large --

Question: Chris Danely - Citi - Analyst : Great. So for 18A, for Intel product, still out by the end of the year, correct that comes there.

Question: Chris Danely - Citi - Analyst : And then the rest of it comes out first half '25 or something like that?

Question: Chris Danely - Citi - Analyst : How do you think that changes the competitive dynamic between you guys and your neighbor across the highway on CPUs -- not merchant family, your own CPUs.

Question: Chris Danely - Citi - Analyst : Great. So that's 18A -- 14A for Intel product. When can we expect an introduction there?

Question: Chris Danely - Citi - Analyst : Okay. And how do you think that changes the competitive landscape? I think it's an even bigger step-up or leap up for you guys versus 18A?

Question: Chris Danely - Citi - Analyst : Great. I have a lot more questions, but we've got a packed house here. So I'd be remiss if I didn't open it up to the audience right over here. Please wait for the microphone and no singing. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 04, 2025 / 1:50PM, INTC.OQ - Intel Corp at Citi TMT Conference Unidentified Participant Hi, thanks for taking my question. So as you try to right size the cost structure of the company, can you just talk about your engineering talent turnover, especially on the foundry side? How does that compare to a year ago or two years ago, voluntary or involuntary? And then how is the workforce reduction split between products and foundry?

Question: Chris Danely - Citi - Analyst : Great. I have another question that a bunch of people have said, you have to ask Dave about the AI strategy. I think Jaguar Shores is supposed to come out pretty soon. Maybe expand on the AI strategy these days.

Question: Chris Danely - Citi - Analyst : Great. Just one more on the core business CPUs. How do you feel about your share in desktop notebook server? And then how do you see that going forward and the catalyst to gains for market share.

Question: Chris Danely - Citi - Analyst : Last question, just refresh us on the margin targets and timelines for the company.

Question: Chris Danely - Citi - Analyst : Got it. Okay. Great. We're out of time. Thanks, everyone. Dave, appreciate it.