“The increase in capital cost at Intel 14A, make it clear that we need both Intel products, and a meaningful external customer to drive acceptable returns on our deployed capital, and I will only invest when I'm confident those returns exist.”

In context

“ts and address a broadened segment of the market. This work is being driven and informed by direct input from large external customers and from our own internal product teams. A key aspect of prudently pursuing our foundry ambition is also making sure we maintain sensible optionality for our internal product teams. They will continue to work closely with both internal and external foundry partners. They will do their homework and make process and supplier decisions based on what is best for our end customers against criteria of performance, cost, yield and time to market. Our external foundry strategy has always been rooted in the economic reality of semiconductor manufacturing. Up to and through Intel 18A, we could generate a reasonable return on our investments with only Intel Products. The increase in capital cost at Intel 14A, make it clear that we need both Intel products, and a meaningful external customer to drive acceptable returns on our deployed capital, and I will only invest when I'm confident those returns exist. I'm intimately familiar with the foundry and fabless ecosystem. Having helped create it over the last 2 decades, I'm using that experience to put our Intel Foundry on a more solid footing for the future. I will do so while being prudent with our capital and ensure we can deliver attractive returns on the investment we make. I do not subscribe to the belief that if you build it, they will come. Under my leadership, we will build what customers need, when they need it and earn their trust through consistent execution. Next, on to our core x86 franchise. In client, our top priority is delivering our first Panther Lake SKU by year-end. followed by additional SKUs in the first half of 2026. The successful launch of the Panther Lake will solidify our strong share in the notebook market across c”