$5.8B of Intel Foundry revenue. But how much of it is actually external demand?
INTCB is one of the bStocks we can use to get exposure to Intel.
At first glance, Intel Foundry's Q2 revenue looks like a large foundry business:
$5.765B, up 31% YoY.
But then I looked one layer deeper.
Only $293M came from external customers.
Most of the reported Foundry revenue was intersegment — tied to Intel's own internal manufacturing activity. Intel also reported a $2.089B operating loss for the segment.
That changed how I read the headline number.
Foundry revenue ≠ external foundry demand.
A segment can be large before its external customer business is.
So when I look at INTCB, I don't just want to know:
“How big is Intel Foundry?”
I want to know:
“How much of that business is actually being bought by outside customers?”
For me, that's a much more useful way to read a foundry story.
#bstockscis @BinanceCIS
INTCB is one of the bStocks we can use to get exposure to Intel.
At first glance, Intel Foundry's Q2 revenue looks like a large foundry business:
$5.765B, up 31% YoY.
But then I looked one layer deeper.
Only $293M came from external customers.
Most of the reported Foundry revenue was intersegment — tied to Intel's own internal manufacturing activity. Intel also reported a $2.089B operating loss for the segment.
That changed how I read the headline number.
Foundry revenue ≠ external foundry demand.
A segment can be large before its external customer business is.
So when I look at INTCB, I don't just want to know:
“How big is Intel Foundry?”
I want to know:
“How much of that business is actually being bought by outside customers?”
For me, that's a much more useful way to read a foundry story.
#bstockscis @BinanceCIS
