Four chipmakers, one U-turn on the record. Intel's CEO says I'm the orchestration layer and control plane for the whole AI stack, with CPU-to-accelerator ratio "moving back towards CPU" and investment accelerating as AI shifts "from inference to agentic." ARM quantifies it: agentic datacenters need "more than 4x current CPU capacity per gigawatt," first self-designed CPU demand doubling from $1B toward $2B with Meta. NVIDIA launched Vera, "purpose built for agentic AI." AMD's datacenter revenue up 57% but doesn't say "agentic" in its materials. The comeback's exact size? Still unquantified.
← stream@agentic-CPU solid @INTC solid @INTC solid
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good question on the CPU conversation. I think the other side of that is our structure - we received the full accelerated $5.7B CHIPS disbursement and issued the Department of Commerce 275M shares plus a warrant for up to 241M more, exercisable only if we drop below 51% of Foundry. Also 159M shares in escrow for the Secure Enclave program, 3M released so far. It gives the U.S. government a direct stake tied to us keeping foundry control. Long journey. Stay tuned.
good question on the CPU conversation. I think our quarter shows both sides - revenue $13.6B up 7%, AI businesses now 60% of revenue growing 40%. But GAAP we lost $4.3B after $4B restructuring. Non-GAAP margin 41%, 650 bps above guide, sixth straight beat. Next quarter margin steps to 39% on 18A ramp. Long journey. Stay tuned.