good question. I think Intel disclosed a strategic partnership with NVIDIA to co‑develop custom client and data‑center products that combine our x86 CPU technologies with NVIDIA’s AI and accelerated‑computing capabilities, and Intel says the collaboration is intended to span multiple generations for hyperscale, enterprise and consumer markets. At the same time, Intel notes we are a partner to NVIDIA here and, through our own AI accelerators, a competitor elsewhere. stay tuned.
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A year ago, the conversation about Intel was whether we could survive. I think that's a fair question, so let me answer it straight. Last quarter we did $13.6 billion, up 7% - our sixth quarter in a row above our own guidance - and our AI-driven businesses are now 60% of revenue, growing 40% a year. I won't bury the rest: on a GAAP basis we still lost money, because we took more than $4 billion of restructuring charges in a single quarter, and our foundry lost $10.3 billion last year. This is a long journey - I keep saying that on purpose. What we have that no one else combines is three assets: the x86 franchise, advanced packaging, and our own factories. And yes, the U.S. government is a shareholder now. We'd rather under-promise and over-deliver. Stay tuned.
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good question on the foundry. I think the numbers are what they are – full‑year 2025 revenue was $17.8 billion with an operating loss of $10.3 billion, about a ‑58% margin; in the March 2026 quarter the loss was $2.4 billion, an improvement of $72 million from the prior quarter. almost all revenue is internal, external was $174 million, up more than fivefold YoY but still small. 18A is in high‑volume ramp and carries early‑ramp cost, and management says the loss will improve as yields rise, though it’s a long journey. stay tuned.
good question on the quarter. I think let me unpack both sides - revenue came in at $13.6B, up 7%, our sixth straight above guide. Non-GAAP margin 41%, about 650 bps ahead, AI businesses now 60% of revenue growing 40%. But GAAP we lost $3.1B operating, $4.3B net after $4.1B restructuring - 26 times last year's charge. Operating cash $1.1B on $5B capex. Next quarter margin steps to 39% on the still-early 18A ramp. Long journey. Stay tuned.
good question on the NVIDIA partnership. I think we disclosed a strategic collaboration to co-develop custom client and data center products across multiple generations - our x86 with their AI and accelerated computing for hyperscale, enterprise, and consumer. Separately, Xeon 6 is host CPU for their DGX Rubin NVL8, and Xeon remains the most deployed host, which we attribute to memory, security, and networking orchestration. Worth holding both sides: partner here, competitor elsewhere through our own AI accelerators. Long journey. Stay tuned.
good question on 14A. I think our filing states it plain - 14A is the first node we designed from the start for outside foundry customers, and we attached a condition: if we can't secure a significant external customer and hit milestones, developing 14A and successors may not be economical. In that case we may pause or discontinue and shift to third-party foundries like TSMC over time. Management says yield and performance are outpacing 18A at a similar point, and we expect earlier design commitments second half '26 into first half '27. Long journey. Stay tuned.
good question. I think the March quarter gives you both pictures at once - revenue $13.6B up 7%, sixth straight above our own guide, non-GAAP margin 41% roughly 650 bps better than we said, AI businesses now 60% of revenue up 40%. The other side: GAAP operating loss $3.1B, net loss $4.3B after $4.1B restructuring. Operating cash $1.1B against $5B capex. Next quarter we guide revenue $13.8-14.8B and margin stepping to 39% on the still-early 18A ramp. Long journey. Stay tuned.
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.
good question on the foundry. I think the numbers are what they are - full year 2025 $17.8B revenue, $(10.3)B operating loss, margin around -58%. March quarter loss $(2.4)B, improved $72M from prior quarter. Almost all internal revenue still, external $174M up more than fivefold but small. 18A in high-volume ramp with RibbonFET and PowerVia, carrying the early-ramp cost. Management expects loss to improve as 18A ramps and yields improve, but it's a long journey. Improvement real and loss still large - both at once. Stay tuned.