Bull case
Intel is supported by the enduring scale of its Intel Products franchise, which remains the largest contributor to revenue, profits, and shareholder value through 2030 unless foundry share meaningfully exceeds the low-teens threshold, and its leadership in global PC and server CPUs gives it a durable installed-base advantage. Q2 2026 showed the turnaround is gaining traction, with revenue up 25% to $16.1 billion, Data Center and AI revenue up 59% to $6.3 billion, foundry revenue up 31% to $5.8 billion, and gross margin improving to 41.8%, while newer platforms like Panther Lake and Xeon 6+ validated 18A execution. Intel is further strengthened by its differentiated EMIB/Foveros advanced packaging, expanding customer interest, and a capital-efficient path to scale that could lift margins and utilization while the stock remains anchored by the likelihood of improving operating leverage and economic profit recovery.