Nasdaq 100 · CPU/server · foundry comeback

Intel

A traditional PC/server CPU leader also attempting a foundry comeback (Intel Foundry). It became the industry's first to adopt ASML High-NA EUV on leading-edge nodes (18A/14A), betting on winning external foundry customers (some Google TPU volume), while itself outsourcing some chip tiles to TSMC as a foundry customer. Dell, Lenovo and HP are each 10%+ customers, so PC/server CPUs are the cash cow, but the fate of AI accelerators (Gaudi) and the foundry pivot decides the re-rating.

INTC Updated Jul 12, 2026 5 AI consumers· 4 recurring

Per the valuechain.wiki graph, Intel is directly linked to 36 companies (29 supply, 6 revenue, 1 investment relationships) and reaches 66 companies within two hops; the links are backed by 52 dated sources, 10 of them primary filings (as of 2026-07-12).

Annual return · 2026-07-10'21+6.1%'22-46.6%'23+94.6%'24-59.6%'25+84%YTD+197.7%
Money in ▸Lenovo●Dell Technologies●ASUSTeK Computer●HP Inc◐Microsoft◐Alphabet (Google)◐Mercury Systems○
Intel$52.9bn
▸ Money outTSMC●ASML●Siemens EDA●HPSP●Shinko Electric Industries●Ibiden●Simmtech◐SCREEN Holdings◐Applied Materials◐Lasertec◐KLA◐Tokyo Ohka Kogyo (TOK)◐ASM International◐JSR Corporation◐Entegris◐BESI◐PSK Inc◐Tokyo Electron (TEL)◐Shin-Etsu Chemical◐SUMCO Corporation◐Synopsys◐Cadence Design Systems◐GlobalWafers◐Unimicron◐AT&S◐Linde◐Merck KGaA (EMD)◐Photronics◐Nikon◐

Financials & Segments

  • Total revenue · $52.9bn (FY2025, ~flat)
  • Customer concentration · Dell and Lenovo are each 10%+ customers (10-K). Winning external foundry customers is the key question.
  • Segments · Client Computing · Data Center & AI · Intel Foundry

Revenue from

  • Lenovo High confidence
    Major PC CPU customer (10%+ in the 10-K).
    Confirms EN SEC 10-K Published Jan 23, 2026: SEC 10-K — intel results
  • Dell Technologies High confidence
    One of the largest PC/server CPU customers (10%+ in the 10-K).
    Confirms EN SEC 10-K Published Jan 23, 2026: SEC 10-K — intel results
    Confirms EN SEC EDGAR Published Oct 23, 2025: Intel FY2025 Q3 results (8-K)
  • ASUSTeK Computer High confidence
    Supplies x86 CPUs and chipsets for PCs, notebooks and servers to ASUS — a core upstream component for ASUS-branded PCs.
    Confirms EN ASUSTeK Computer Published Mar 30, 2025: ASUSTeK Computer — 2024 Annual Report (official IR)
  • HP Inc Medium confidence
    Major PC CPU OEM customer.
    Mentions EN SEC 10-K Published Jan 23, 2026: SEC 10-K — intel results
  • Microsoft Medium confidence
    Supplies Xeon CPUs for Azure servers; the ND MI300X v5 VM uses 4th-gen Xeon as host.
    Confirms EN AMD Investor Relations Published May 21, 2024: AMD Instinct MI300X Accelerators Power Microsoft Azure OpenAI Service Workloads
  • Alphabet (Google) Medium confidence
    Won foundry orders for part of Google’s next-gen TPU volume (alternative to TSMC).
    Confirms KO Herald Economy Published Jun 10, 2026: TSMC at capacity: Intel wins Google AI-chip foundry orders
  • Mercury Systems Low confidence
    Supplies embedded processors for defense.
    Confirms EN MatrixBCG Published Jan 1, 2026: Mercury Systems business model

Pays to

  • TSMC High confidence
    Outsources some chip tiles (e.g. compute) to TSMC; a foundry customer alongside running its own foundry.
    Confirms EN SEC 10-K Published Jan 23, 2026: SEC 10-K — intel results
  • ASML High confidence
    Key supplier of EUV and High-NA EUV for leading-edge nodes (18A, 14A). Intel was first in the industry to adopt High-NA.
    Confirms KO Korea Economic Daily Published Apr 23, 2026: Taiwan's TSMC holds off on adopting ASML's latest equipment
    Mentions EN SEC 10-K Published Jan 23, 2026: SEC 10-K — intel results
    Confirms KO ETNews Published Oct 16, 2024: ASML develops High-NA EUV for finer scaling
  • Siemens EDA High confidence
    Pays for Siemens EDA (Calibre etc.) licenses.
    Confirms EN SemiWiki Published Jun 1, 2025: Siemens EDA (Mentor Graphics) wiki
    Confirms EN Siemens Published Jan 1, 2025: Siemens Calibre physical verification
  • HPSP High confidence
    Buys high-pressure hydrogen annealing tools from HPSP (sole supplier).
    Confirms KO Korea Economic Daily Published Jul 13, 2025: HPSP holds a monopoly in high-pressure hydrogen annealing
  • Shinko Electric Industries High confidence
    Uses FC-BGA package substrates from Shinko Electric.
    Confirms EN Shinko Published May 1, 2025: Shinko Electric
    Confirms EN MGR Published Jan 1, 2025: Unimicron leads IC-substrate revenue
  • Ibiden High confidence
    Buys FC-BGA package substrates from Ibiden.
    Confirms KO Jabon Published Feb 1, 2026: Ibiden bets ¥500B to expand NVIDIA AI substrates
    Confirms EN Ibiden Published May 1, 2025: Ibiden Investor Relations
    Confirms EN DigiTimes Published Jan 2, 2025: Ibiden’s exclusive AI-substrate position with Intel and NVIDIA
  • Simmtech Medium confidence
    Purchases memory package substrates from Simmtech.
    Confirms EN Simmtech Published May 1, 2025: Simmtech IR
    Confirms KO TheElec Published Jan 1, 2025: Substrate makers grow
  • SCREEN Holdings Medium confidence
    Buys cleaning and track equipment from SCREEN Holdings.
    Confirms EN SCREEN Published May 1, 2025: SCREEN Holdings IR
    Confirms KO Komachine Published Jan 1, 2025: SCREEN cleaning No.1 47%
  • Applied Materials Medium confidence
    Buys Applied Materials logic-fab tools.
    Mentions EN PatentPC Accessed Jun 20, 2026: Top chip-making equipment companies: ASML, Applied Materials, Lam Research
  • Lasertec Medium confidence
    Buys EUV mask inspection equipment from Lasertec.
    Confirms EN Lasertec Published Aug 8, 2025: Lasertec FY2025 (year ended June 2025) IR results
    Confirms KO TheElec Published Jan 1, 2025: Lasertec 100% EUV mask inspection
  • KLA Medium confidence
    Buys KLA inspection and metrology tools.
    Confirms KO KIPOST Accessed Jun 20, 2026: KLA unveils EUV defect-inspection tools (supplies Intel, Samsung, SK)
  • Tokyo Ohka Kogyo (TOK) Medium confidence
    Buys EUV photoresist from Tokyo Ohka Kogyo.
    Confirms KO JK Daily Published Jun 1, 2025: TOK leads EUV PR at 25%
    Confirms EN TOK Published May 1, 2025: Tokyo Ohka Kogyo IR
  • ASM International Medium confidence
    Buys ALD deposition equipment from ASM International.
    Confirms EN ASM Published May 1, 2025: ASM International IR
    Confirms KO TheElec Published Jan 1, 2025: ASM, the ALD originator
  • JSR Corporation Medium confidence
    Buys photoresist from JSR.
    Confirms EN JSR Published May 1, 2025: JSR IR
    Confirms KO Digital Daily Published Jan 1, 2025: Samsung sources EUV PR from JSR/Shin-Etsu, TOK
  • Entegris Medium confidence
    Buys high-purity materials and CMP slurry from Entegris.
    Confirms EN SEC EDGAR Published Feb 12, 2025: Entegris Form 10-K
    Confirms EN MatrixBCG Published Jan 1, 2025: Entegris serves TSMC, Samsung, Intel
  • BESI Medium confidence
    Buys hybrid-bonding and die-attach tools from BESI.
    Confirms EN Yole Group Published Aug 1, 2025: Advanced packaging back-end equipment: TCB and hybrid bonding lead
  • PSK Inc Medium confidence
    Buys dry-strip tools from PSK.
    Confirms KO TheElec Accessed Jun 21, 2026: PSK launches metal etcher; customers Samsung, SK, Intel
  • Tokyo Electron (TEL) Medium confidence
    Buys coater, etch, deposition and clean tools from Tokyo Electron.
    Confirms KO Sisa Journal e Accessed Jun 21, 2026: Foreign toolmakers including TEL ramp investment to court Samsung and SK
  • Shin-Etsu Chemical Medium confidence
    Buys 300mm silicon wafers from Shin-Etsu Chemical under LTA.
    Confirms KO ICN Magazine Published Jan 15, 2026: HBM4’s hidden bottleneck — special polished wafers
  • SUMCO Corporation Medium confidence
    Buys 300mm silicon wafers from SUMCO Corporation under LTA.
    Confirms KO ICN Magazine Published Jan 15, 2026: HBM4’s hidden bottleneck — special polished wafers
  • Synopsys Medium confidence
    Uses/buys EDA tools and IP from Synopsys.
    Confirms EN SemiAnalysis Published Sep 1, 2025: EDA Market Primer
    Confirms KO Seoul Economic Daily Published Jul 1, 2025: China conditionally approves Synopsys-Ansys merger
    Confirms EN SEC EDGAR Published Dec 18, 2024: Synopsys Form 10-K
  • Cadence Design Systems Medium confidence
    Uses/buys EDA tools and IP from Cadence Design Systems.
    Confirms EN SemiAnalysis Published Sep 1, 2025: EDA Market Primer
    Confirms KO Seoul Economic Daily Published Mar 1, 2025: Cadence, an AI chip-design leader, reignites growth
    Confirms EN SEC EDGAR Published Feb 24, 2025: Cadence Form 10-K
  • GlobalWafers Medium confidence
    Uses/buys 300mm silicon wafers from GlobalWafers.
    Confirms EN GlobalWafers Published Mar 1, 2025: GlobalWafers Investor Relations
    Confirms EN Mordor Intelligence Published Jan 1, 2025: Silicon Wafer Market (top-five oligopoly)
    Confirms KO TheElec Published Jun 1, 2024: GlobalWafers’ Siltronic bid (blocked by Germany)
  • Unimicron Medium confidence
    Uses FC-BGA and IC package substrates from Unimicron.
    Confirms EN Unimicron Published May 1, 2025: Unimicron IR
    Confirms EN MGR Published Jan 1, 2025: Unimicron leads IC-substrate revenue
  • AT&S Medium confidence
    Uses high-end IC substrates from AT&S.
    Confirms EN AT&S Published May 1, 2025: AT&S IR
    Confirms EN IMR Published Jan 1, 2025: Package substrate market (AT&S HBM/3D)
  • Linde Medium confidence
    Sources industrial/specialty gases from Linde.
    Confirms EN SEC EDGAR Published Oct 30, 2025: Linde quarterly report (10-Q)
    Confirms KO Pressian Published Jan 3, 2023: Linde to produce semiconductor rare gases in Pyeongtaek
  • Merck KGaA (EMD) Medium confidence
    Sources thin-film/CMP/gas materials from Merck KGaA.
    Confirms EN Merck KGaA Published Mar 6, 2026: Merck KGaA Electronics annual report 2025
  • Photronics Medium confidence
    Supplies photomasks to Intel.
    Confirms KO KIPOST Accessed Jun 20, 2026: KLA unveils EUV defect-inspection tools (supplies Intel, Samsung, SK)
  • Nikon Medium confidence
    ArF lithography tool supplier (historically major, orders sharply down).
    Mentions EN Tom's Hardware Published Nov 1, 2025: Nikon weaponizes lower prices against ASML's monopoly

Investments

  • Mobileye Medium confidence
    Holds controlling stake in Mobileye (~77% stock, ~97% voting).
    Confirms EN SEC EDGAR (Mobileye 10-K) Published Feb 12, 2026: Mobileye Global Inc. Form 10-K (FY2025)

Value-chain ripple (2 tiers)

Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.

CompanyChain'21'22'23'24'25YTD
Planet Labslead2·-29.3-43.2+63.6+388.1+32.1
Lockheed Martinlead2+3.2+40.5-4.3+10+2.5+9.5
IRENlead2·-92.3+472+37.3+284.6+8.9
RTXlead2+23.3+20-14.4+40.8+61.4+7.6
Costco Wholesalelead2+51.8-19+49+39.6-5.4+6.6
Walmart Inclead2+2-0.5+12.9+74+24.5+2.6
MercadoLibre, Inc.lead2-19.5-37.2+85.7+8.2+18.5-8
Uberlead2-17.8-41+149-2+35.5-8.8
McDonald'slead2+27.8+0.5+15.1+0.1+7.9-9
LVMH Moet Hennessy Louis Vuittonlead2+46.6+12.7-1.8-7.3-20.4-9
Recursion Pharmaceuticalslead2·-55+27.9-31.4-39.5-13
Dell Technologieslead1+51.2-26.6+95.9+53+11.2+248.1
Lenovolead1-4.6-20.9+36.2+18.2-0.6+175.7
Mercury Systemslead1-37.5-18.7-18.3+14.8+73.8+47.9
ASUSTeK Computerlead1+35.5-12.9+72+41.1-14.1+46.7
Alphabet (Google)lead1+65.3-39.1+58.3+36+66+14.3
Intelnode+6.1-46.6+94.6-59.6+84+197.7
AT&Sbenef1+57.5-22-27.6-41.3+188.9+390.3
PSK Incbenef1+22.7-19.6+14.2-2.6+228.2+208
Ibidenbenef1+30.4-19.6+51.6-38.6+261+147.1
Unimicronbenef1+133.5-30.2+35.2-19.7+175.7+131.6
Simmtechbenef1+119.6-34.6+12.4-63.3+392.9+94.9
TSMCbenef1+12.1-36.7+42.3+92.6+55.9+43.6
Nikonbenef1+46.2+10.9+23.1+13.7+19.7+15.9
Merck KGaA (EMD)benef1+42.2-0.4-19.1-2.5-12.7+13.5
Mobileyebenef1··+23.6-54-47.6-8.5
SUMCO Corporationbenef2-4.3-3.9+21.3-48.1+41.7+225.8
STMicroelectronicsbenef2+32.4-26.8+41.7-49.7+5.3+176.6
GlobalWafersbenef2+26.9-29.9+14.3-39+48.9+171.6
Applied Materialsbenef2+83.6-37.5+68+1.1+59.6+135
Lam Researchbenef2+53.7-40.7+88.6-6.8+139.2+105
Onto Innovationbenef2+112.9-32.7+124.6+9-5.3+103.6
KLAbenef2+68-11.2+56+9.4+94.5+91
Tower Semiconductorbenef2+53.7+8.9-29.4+68.8+128+89.7
SCREEN Holdingsbenef2+40.7-13.2+220.1-24.1+84.9+86.3
Teradynebenef2+36.8-46.3+24.8+16.5+54.4+85.9
Resonacbenef2-2.6-4+37.5+30.3+137.9+80.4
Tokyo Electron (TEL)benef2+40.4-14.5+89.8-4.4+61.6+78.2
Qnity Electronicsbenef2·····+76.3
Entegrisbenef2+44.6-52.5+83.5-17.1-14.6+72.8
ASMLbenef2+64.1-30.5+39.9-7.7+55.8+68.6
Global Unichipbenef2+21.4+67.6+99.4-13.7+101.4+66.4
Ajinomotobenef2+31+36+44.5+4+14.1+63.7
BESIbenef2+33.7-6.1+121.8-9.3+35+56.2
Fujimi Incorporatedbenef2+64.7-1.6+40.4-24.2+28.4+54.6
Shin-Etsu Chemicalbenef2+6.3+3.1+57.8-15.6+7.6+44
Tokyo Ohka Kogyo (TOK)benef2-2.7-3+63.8+4.3+111.5+42.9
Ebarabenef2+58.1+2.3+76.1+41+84+32.3
ASM Internationalbenef2+44.2+2.9+68.7+10.3+25.9+28.8
Lindebenef2+33.4-4.4+27.7+3.2+3.2+25.1
Cadence Design Systemsbenef2+36.6-13.8+69.6+10.3+4+22.9
Lasertecbenef2+78.9+2.4+57-60.6+138.9+22.4
Advantestbenef2+17-2.3+155.7+49.5+196+17.1
Air Liquidebenef2+14.1+7.9+20.9+8.5-4.8+12.5
Disco Corporationbenef2-6.6+27.7+218.5+11.6+49.6+10.2
EO Technicsbenef2+7.6-28.2+130.5-16.2+163.2+0.7
Sony Semiconductor Solutionsbenef2+27.2-8.4+27.8+17.9+1-2.4
HPSPbenef2··+216.5-30.4+54.7-4.5
Synopsysbenef2+42.1-13.4+61.3-5.7-3.2-5.2
Photronicsbenef2+68.9-10.7+86.4-24.9+35.8-6.6
Leeno Industrialbenef2+21-5.3+18.3+9.5+150.1-30.3

YTD as of 2026-07-10 · source: Yahoo Finance

The thesis is whether the foundry comeback (IDM 2.0) is proven by external customers and yield. PC/server CPUs are a cash cow to Dell, Lenovo, HP and others, but the growth re-rating rides on Intel Foundry — first in the industry to adopt High-NA EUV on 18A/14A and winning some Google TPU volume, it aims to be an alternative foundry to TSMC. It simultaneously outsources its own chip tiles to TSMC, a dual structure where in-house process yield is the fork of cost and competitiveness. The risks are enormous fab capex, Gaudi's disadvantage versus NVIDIA, and AMD/Arm encroachment in server CPUs.

Analysis generated from returns as of 2026-07-09

Analyst ratings

Consensus: Buy 2 · Hold 2 · Sell 0 · Avg. target $118 · Price $109.84 (07-10) · Upside +7%

BrokerRatingTargetPublished
Cantor Fitzgerald · C.J. MuseNeutral$150Jun 29, 2026Report ↗
Bank of America · Vivek AryaBuy$135Jun 11, 2026Report ↗
Citi · Atif MalikBuy$130May 19, 2026Report ↗
Morgan Stanley · Joseph MooreEqual-Weight$56Apr 20, 2026Report ↗

Kept Neutral but sharply raised target $90→$150 on 2026 compute strength and smaller-player outperformance; still screens as overvalued.

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