【MSX Research Institute·US Stock RWA Daily Observation】 is a flagship daily report produced by the leading RWA trading platform MSX Maitu. Relying on strong macro research capabilities, we capture the core pulse of the global traditional US stock market, liquidity changes, and the RWA tokenization market, helping you proactively position in quality assets.

Today's Observation

Intel recorded nearly its fastest revenue growth in over a decade this season, which the market generally views as a sign that the company's transformation is beginning to show results. The financial report shows a considerable GAAP net loss, but this is not due to the deterioration of the main business; rather, it is a non-cash accounting item: the portion of shares held in trust for the US government under the Chips and Science Act, with the company's stock price rising significantly, corresponding accounting obligations have also intensified and been accounted for in the current profit and loss, resulting in an accounting loss; in other words, the stronger the stock price, the larger the accounting loss. Excluding this factor, the company is actually in a profitable state, and its operating profit has turned from loss to profit.

More noteworthy this season is the significant rebound in data center and AI business. Management stated that the demand for server CPUs has exceeded supply and has signed multiple long-term supply agreements this season, indicating that this wave of AI not only boosts GPUs but also re-ignites traditional CPU demand, which is precisely Intel's home turf. Meanwhile, the company's guidance for the next quarter is also stronger than market expectations.

However, the other side of the transformation remains unchanged: the foundry business continues to lose money, capital expenditures remain high, free cash flow is negative, and management expects further increases in investment next year. Overall, the direction of improvement has been established, but whether the foundry can reach breakeven and when cash consumption will converge are still key points to observe moving forward.

Data in One Minute

• Revenue of $16.128 billion, up 25% year-on-year, exceeded expectations of $14.431 billion, marking the fastest growth since Q3 2011
• Adjusted EPS $0.42, exceeding expectations of $0.21; GAAP reported a net loss of $11.033 billion, almost entirely from the $12.529 billion "trust shares" non-cash revaluation
• Data center and AI business saw a year-on-year surge of 59%, the highlight of the season; management claims server CPU demand has "exceeded supply," signing 10 long-term supply contracts this season
• Client computing revenue $8.877 billion, up 13% year-on-year; foundry revenue $5.765 billion, up 31% year-on-year
• Q3 guidance: revenue median of $16.3 billion, adjusted EPS $0.38, both significantly exceeding expectations
• Foundry operating loss remains at $2.089 billion; capital expenditures are high, adjusted free cash flow is negative (-$8.419 billion), management expects capital expenditures in 2027 to be higher than in 2026

MSX View

The real story of this financial report is not in the GAAP loss. It is a non-cash accounting byproduct: the higher the stock price rises, the greater the book loss of the trust shares, which has nothing to do with the profits earned from advertising, cloud, or CPUs. What reflects the core business viability and sustainable comparability is Non-GAAP returning to profitability, GAAP operating profit turning positive, and the growth rate of data center and AI business: management explicitly states that server CPU demand "exceeds supply," signing 10 long-term contracts in one season, indicating that this wave of AI not only boosts GPUs but also reignites CPU demand, which is Intel's stronghold. On the other hand, the foundry still loses $2.089 billion in a single quarter, adjusted free cash flow stands at -$8 billion, and capital expenditures will rise further in 2027, indicating that the heavy investment in transformation is far from the harvest period. The story is improving, but the foundry's breakeven point and cash consumption are the two signals that should be monitored next; in the short term, one should guard against a "profit-taking" retreat.

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Risk Warning: The macro economy and US stock market are highly volatile; the content of this article is for academic and research reference by the Maitu Research Institute only and does not constitute any investment advice.

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