Lip-Bu Tan

Money Moves

Delivering on 'execution year' promise; 18A in high-volume production, multiple marquee foundry customers secured in April 2026

Intel's foundry strategy, once anchored by a single high-profile Apple deal, has accumulated a roster of the world's most demanding chip buyers in a matter of weeks. In early April 2026, Intel signed on as the primary foundry partner for Terafab — a $25 billion artificial-intelligence semiconductor venture backed by Tesla, SpaceX, and xAI — and formalized a multi-year AI infrastructure deal with Google to manufacture Xeon processors and co-develop custom data-center chips for Google Cloud. Separate reports confirmed Intel Foundry had also secured contracts to build Microsoft's Maia 2 AI processor and custom AI fabric chips for Amazon Web Services. The common thread: Intel's 18A manufacturing process, which reached high-volume production at its Arizona fab in late January 2026 with yields above 60%.

Updated Apr 23

New Capabilities

CEO steering Intel through volatile launch as 18A achieves technical milestones but faces manufacturing challenges

Intel just shipped its first client processors built on 18A, the most advanced semiconductor process ever made in America. The Core Ultra Series 3 chips, unveiled January 5 at CES 2026, went on sale globally January 27 with over 200 PC designs promising 60% faster performance and 27-hour battery life. Early reviews praised the Arc B390 integrated graphics reaching 160-220fps in AAA games—performance rivaling discrete Nvidia GPUs in thin laptops. Dell revived its XPS laptop line with Panther Lake chips, HP committed to OMEN gaming laptops, and Asus called its new Zephyrus G14 'the future of gaming laptops.' Intel's stock initially surged 15% in early January on Panther Lake optimism, then spiked another 10% on January 9 when President Trump praised CEO Lip-Bu Tan at the White House, revealing the U.S. government's August 2025 investment had doubled in value to nearly $19 billion—making the federal government Intel's largest shareholder. But the euphoria collapsed January 23 when Intel reported Q4 2025 earnings: despite beating revenue estimates at $13.7 billion, Tan warned of supply shortages and below-target yields. The stock crashed 17% in its worst day since August 2024, erasing the January gains.

Updated Jan 30

Rule Changes

Leading Intel's foundry push at CES 2026 while facing intensifying scrutiny over past ACM investment and current tool evaluation

Intel is racing to regain its chipmaking crown with a 14A process backed by billions in U.S. subsidies. In mid-December 2025, Reuters revealed the company had been test‑driving critical tools from ACM Research, a China‑rooted equipment maker whose Shanghai and Korean units sit on a U.S. export blacklist. The disclosure pulled a quiet engineering decision into the center of the U.S.–China tech war and deepened scrutiny of CEO Lip‑Bu Tan, whose venture firm invested in ACM years before he joined Intel.

Updated Jan 10