AI Earnings Gauntlet | INTC Signal Yesterday's INTC print offered markets a signal on the AI buildout appetite - they beat + raised their spend👇 INTC Earnings Print ○ Revenue $16.1B vs. $14.4B est ○ EPS $0.42 vs. $0.11 est. ~4x ○ AI revenue $6.3B vs. $5.5B est. ○ Gross margin 42% vs. 39% est. Q3 Guidance Signal ○ Revenue $16.4B vs. $15.1B est. ○ EPS $0.38 vs. $0.27 est. ○ 2026 capex $18B → $20B. 2027 "up meaningfully" Cashburn & Capex Questions ○ The capex raise reopens the cash-burn question. ○ More out the door before external foundry demand is proven ○ Street still wants an anchor customer on 18A, not just a guide Bottom line: bullish beat for market Key Market Takeaways ○ $NVDA $AMD: Intel's own AI line at $6.3B -the compute pull is broadening, not narrowing ○ $KLAC $AMAT: a capex raise from the one foundry that was supposed to cut - process tools stay strong ○ $TSM: "demand outstripping supply" now has a second foundry raising Demand validated supply twice today — $GOOGL and $INTC in the same day. Next week, we turn our attention to $MSFT $META $AMZN capex + Fed monetary policy at the July FOMC