This earnings call might tell investors how much Intel made last quarter, but what they’re really listening for is whether the company can manufacture its own comeback.
Intel is attempting to rewrite its business model entirely. The pivot toward foundry services, which is producing chips for other tech companies, is one of the boldest shifts in Intel’s modern history. It is also, frankly, a necessary one.
For years, Intel has fallen behind in both design innovation and manufacturing scale. Even though Nvidia, AMD, and Apple have already made their chip designs and are using TSMC to build them, Intel was caught in a loop of missed deadlines and competitive gaps. The company’s
plan to catch up was to offer the same top tier fabrication services that once left it behind.
Intel’s foundry dream leans heavily on a single promise: that it can beat or match TSMC’s capabilities, all while based in the U.S. The appeal for customers like Microsoft and Amazon is obvious, closer supply chains, national security assurances, and reduced reliance on Asia. The issue is Intel has to prove it can actually deliver.
There are still technical hurdles. The 18A process node, which was once delayed, is now being promised on a new timeline. Intel says it’s on track. But investors will want to hear it in detail, including who’s buying, how far along the orders are, and whether Intel is winning repeat customers.
The CHIPS Act money, the federal contracts, and the alignment with U.S. defense priorities mean Intel is being positioned as the American semiconductor champion. But that also means that there’s no room for error.
Intel’s transformation into a global foundry isn’t guaranteed. It’s a race between execution and expectation, between what Intel wants to be and what it still has to prove. Today’s earnings may show signs of progress, but the matter to watch is if Intel can convince the market and its clients that this reinvention is more than just talk.
