Clearwater Forest

Following Intel’s painful Q2 earnings call and the announcement of their 2025 cost reduction plan last week, it has become increasingly evident that Intel’s future is in the hands of their foundry group. Between Intel’s IDM 2.0 initiative and their internal chip production plans, all roads lead back to Intel retaking – and retaining – fab process leadership. To win as both a chip designer and a contract chip maker, Intel needs to be able to regain the fab technology lead it once held. In many respects it’s a return to Intel’s classic (and most successful) operating model, but never has it been so risky at it is for the already weakened Intel. Intel’s do-or-die dash for process leadership means that, for the next 18...