Intel Corp at Goldman Sachs Communacopia & Technology Conference Summary

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

Question: James Schneider, Ph.D. - Goldman Sachs Group Inc - Analyst : <_ALACRA_META_ABSTRACT>Appreciate it. Thank you. I want to bring it sort of up to a high-level question for a second. Your CEO, Lip-Bu Tan, has been Head of Intel for about six months now. I think you've been pretty clear about the types of changes Lip-Bu wants to bring from a sharpened focus to more internal accountability to more outcome-based view on CapEx. Can we talk a little bit about the most important changes that he's brought to the company and maybe what are some of the most important changes internally at the company that investors might have trouble seeing?

Question: James Schneider, Ph.D. - Goldman Sachs Group Inc - Analyst : Maybe one of the top two or three priorities for Intel's leadership over the next 18 months or so, and which of these items would you say are truly make or break from an execution perspective?

Question: James Schneider, Ph.D. - Goldman Sachs Group Inc - Analyst : That's a lot of stuff, yeah, but which is the most one or maybe two? 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 08, 2025 / 10:45PM, INTC.OQ - Intel Corp at Goldman Sachs Communacopia & Technology Conference

Question: James Schneider, Ph.D. - Goldman Sachs Group Inc - Analyst : Fair enough. I want to get to that too. He talked about the government stake, the 10% stake. Is that a financial investment purely? And I guess more importantly, is there any kind of strategic impact to that investment in terms of shaping what you're likely to do or not do with respect to the Foundry?

Question: James Schneider, Ph.D. - Goldman Sachs Group Inc - Analyst : And maybe, can you also discuss your sort of broader capital plans, including the SoftBank investment you announced? Help us understand what's the purpose and the use of these funds? Is this purely to shore up the balance sheet? Is it to bolster the dry power for the Foundry business for prospective acquisitions you might make in AI or otherwise? Maybe just talk about the broad plan from a capital perspective.

Question: James Schneider, Ph.D. - Goldman Sachs Group Inc - Analyst : How do you think about Intel's business portfolio in the long run? How important is software strategy, what capabilities does Intel need to add, and sort of how do you plan to get there?

Question: James Schneider, Ph.D. - Goldman Sachs Group Inc - Analyst : Maybe shifting to your AI strategy for a second. You mentioned architecture products coming from Intel at some point soon. Do you have all the necessary capabilities for that to happen? Are there other capabilities you'd like to have and how much would you expect you to use M&A to get there?

Question: James Schneider, Ph.D. - Goldman Sachs Group Inc - Analyst : Okay, well, I did have a question about sort of merchant versus custom solutions and that, maybe I'll table that one, but maybe just ask you broadly speaking. Big picture five years out, what role does Intel One have or you want to play in terms of the AI accelerator market?

Question: James Schneider, Ph.D. - Goldman Sachs Group Inc - Analyst : A couple kind of short- to medium-term business trends, looking at the future results, I think the revenue performance was really positive relative to what most investors thought, but I think clearly margins of possibility are still a little bit challenged. So maybe talk to us about your thoughts around the things that need to happen for your gross margins to improve from here in your visibility and confidence level that those things are actually going to happen? 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 08, 2025 / 10:45PM, INTC.OQ - Intel Corp at Goldman Sachs Communacopia & Technology Conference

Question: James Schneider, Ph.D. - Goldman Sachs Group Inc - Analyst : And in terms of OpEx, what's the philosophy sort of near or medium term, giving you kind of addressed some the capital structure concerns? Is cutting OpEx from here a desired outcome or not? And what are the areas that you're prioritizing?

Question: James Schneider, Ph.D. - Goldman Sachs Group Inc - Analyst : Fair enough. Maybe kind of shifting to Intel foundries for a second. Can we maybe kind of address CapEx up front? What's the base case you're planning to in terms of the 2026 CapEx? And can you maybe share any kind of guideline in terms of your thinking about steady state capital intensity once 18A is fully ramped? 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 08, 2025 / 10:45PM, INTC.OQ - Intel Corp at Goldman Sachs Communacopia & Technology Conference

Question: James Schneider, Ph.D. - Goldman Sachs Group Inc - Analyst : For your 14A node, your message I think has beenn, you see volume commitments from external customers before putting new CapEx dollars to work. So maybe speak to what you believe customers are focused on for 14A in terms of technology proof points and volume readiness?

Question: James Schneider, Ph.D. - Goldman Sachs Group Inc - Analyst : So from an investment (inaudible) perspective, like what are the key developments and milestones that investors should be tracking to determine whether a 14A is on track or not?

Question: James Schneider, Ph.D. - Goldman Sachs Group Inc - Analyst : Okay, very good. I'll get into that right away. Maybe can you give us details on your strategy to make Intel Foundry profitable? What are the milestones you think about internally and is there any shot at 2027 breakeven being based case?

Question: James Schneider, Ph.D. - Goldman Sachs Group Inc - Analyst : Yeah. Okay, I think on your last conference call, I think you sort of opened the door to your product groups having a little more latitude to use Foundry partners for an open-ended period of time, which I think is a bit of a tone change. 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 08, 2025 / 10:45PM, INTC.OQ - Intel Corp at Goldman Sachs Communacopia & Technology Conference Maybe help us understand the pros and cons of keeping external Foundry as a separate business and even the idea of keeping manufacturing in-house? So what are some of the options the Board may be weighing? Is there a scenario where Intel exists as an independent design company?

Question: James Schneider, Ph.D. - Goldman Sachs Group Inc - Analyst : If you think about the sort of the data center and enterprise business for a second, how are you seeing the sort of server CPU market in terms of growth rates and key drivers of that? Are we thinking about replacement cycles, core count, pricing, things like this? Is that the main driver of it or how do you think the growth is structured going to track for the next few years?

Question: James Schneider, Ph.D. - Goldman Sachs Group Inc - Analyst : And then maybe just more broadly, if you think about your server CPU, portfolio and roadmap, help us understand what customers are asking of you? What are they like, what are the customers' conversations like? What are they asking you for in terms of future product developments, both on the hyperscale and enterprise side?

Question: James Schneider, Ph.D. - Goldman Sachs Group Inc - Analyst : Yeah. On PCs, I think the market has been a little bit better for a little bit longer than many people thought. How would you describe how the company views the demand outlook for the next 12 to 18 months both from Macquarie PCs and the contribution of AI PCs, both in the enterprise and on the consumer side?

Question: James Schneider, Ph.D. - Goldman Sachs Group Inc - Analyst : And then sort of how do you think your market share position in PCs kind of like cracked out over the next year or so? I mean, it seems like it's been also a little bit better than people had thought, so kind of curious how you think of that trend.

Question: James Schneider, Ph.D. - Goldman Sachs Group Inc - Analyst : I think with that, we're almost out of time. So I want to thank John for being here and appreciate you all being here as well.