“NCI is still expected to grow meaningfully in fiscal year 2026.”

In context

“Intel Foundry revenue down slightly quarter-over-quarter due to capacity constraints in Intel 7, which we expect to persist through the second half of the year and reduced expectations for external advanced packaging revenue. For All Other, we expect revenue for the sum of those parts to be roughly flat sequentially. At the midpoint of $13.1 billion, we expect a gross margin of approximately 36% on an increased mix of outsourced products, the early ramp of Panther Lake and increased costs associated with tariffs. We forecast a tax rate of 12% and breakeven EPS, all on a non-GAAP basis. We're forecasting 2025 OpEx of $17 billion with a 2026 OpEx target of $16 billion. We expect noncontrolled income, or NCI, to be approximately $250 million to $300 million in both Q3 and Q4 on a GAAP basis. NCI is still expected to grow meaningfully in fiscal year 2026. In Q2, we took tangible steps to increase focus on our core business while leveraging noncore assets to shore up the balance sheet. We raised approximately $900 million through the Mobileye offering, and we are on track to complete the stake sale of Altera in Q3. Our guidance includes Altera for the full quarter, but we will deconsolidate at deal close. Once the deconsolidation is complete, we will recognize our remaining Altera investment within equity investments on the balance sheet. On the income statement, we will recognize our proportional share of Altera's net income on a 1-quarter lag through gains and losses on equity investments net, which is excluded from our non-GAAP results. As a result, it is likely our Q3 non-GAAP results will reflect only a portion of the financial results”