Intelreason 02 of 4it owns a thing that cannot be built or permitted twicederived 2026-09-11accession 0000050863-26-000157
Intel Foundry is ramping its most advanced nodes (18A, Intel 3/4) and beginning to convert internal output to higher-ASP wafers, while simultaneously onboarding its first meaningful external revenue stream via Altera. If 18A yields mature and external design wins materialize, Intel could own a scarce U.S.-based leading-edge foundry asset with captive demand plus strategic value.
the thesis · admitted · the reason above is the thesis, not printed twice
no findingread · nothing bore on it
It held on this filing. No finding was written because nothing in it bore on the reason — the sentences it was read against are below.
the evidence · every sentence checkedfive sentences · whole, uncut
the claims it rests on
“Intel Foundry intersegment revenue was $5.5 billion in Q2 2026, up $1.1 billion from Q2 2025, primarily driven by higher wafer volumes from Intel 18A, Intel 3, and Intel 4 process nodes, which carry higher ASPs relative to predecessor process nodes”
“Intel Foundry external revenue was $293 million in Q2 2026, up $271 million from Q2 2025, primarily due to Altera's transition to an external customer”
“We continue to innovate and advance leading-edge semiconductor process technology and manufacturing in the U.S., where we are the only company conducting both leading-edge logic R&D and high-volume manufacturing”
what it was checked against
18A/Intel 3/4 ASP uplift
“Intersegment revenue was $5.5 billion in Q2 2026, up $1.1 billion from Q2 2025, and $10.7 billion in YTD 2026, up $1.7 billion from YTD 2025, primarily driven by higher wafer volumes from Intel 18A, Intel 3, and Intel 4 process nodes, which carry higher ASPs relative to predecessor process nodes.”
Altera as external foundry revenue
“External revenue was $293 million in Q2 2026, up $271 million from Q2 2025, and $467 million in YTD 2026, up $414 million from YTD 2025, primarily due to Altera's transition to an external customer following the deconsolidation of Altera in Q3 2025.”