# Who are Intel's customers? Who does Intel earn revenue from?
Canonical: https://valuechain.wiki/intel · Facet: customers · Updated: 2026-09-24T11:00:19.642385+00:00 · Source: ValueChain.wiki (cited money-flow graph)

**Citable summary**: Intel's confirmed revenue counterparties include Lenovo, Dell, ASUSTeK Computer plus 5 undisclosed/aggregate relationships. Per the valuechain.wiki graph: 8 revenue edges, backed by 8 dated sources, 3 of them primary filings (as of 2026-09-24).

### Lenovo (high)  → /lenovo.md
- note: Major PC CPU customer (10%+ in the 10-K).
- [confirms] SEC 10-K (EN, filing, published 2026-01-23) https://www.sec.gov/Archives/edgar/data/50863/000005086326000011/intc-20251227.htm: "Intel 10-K: Lenovo is a 10%+ revenue customer."

### Dell (high)  → /dell.md
- note: One of the largest PC/server CPU customers (10%+ in the 10-K).
- [confirms] SEC 10-K (EN, filing, published 2026-01-23) https://www.sec.gov/Archives/edgar/data/50863/000005086326000011/intc-20251227.htm: "Intel 10-K: Dell is a 10%+ revenue customer."
- [confirms] SEC EDGAR (EN, filing, published 2025-10-23) https://www.sec.gov/Archives/edgar/data/0000050863/000005086325000169/q325earningsrelease.htm: "FY2025 Intel Products revenue $48.9B, Foundry $17.5B."

### 에이수스(ASUS) (high)  → /asustek.md
- note: Supplies x86 CPUs and chipsets for PCs, notebooks and servers to ASUS — a core upstream component for ASUS-branded PCs.
- [confirms] ASUSTeK Computer (EN, filing, published 2025-03-30) https://www.asus.com/EVENT/Investor/Content/attachment_en/2024_Annual_Report.pdf: "See counterpart edge source."

### HP Inc (mid)  → /hp.md
- note: Major PC CPU OEM customer.
- [mentions] SEC 10-K (EN, filing, published 2026-01-23) https://www.sec.gov/Archives/edgar/data/50863/000005086326000011/intc-20251227.htm: "Intel 10-K: one of the major OEM customers."

### 마이크로소프트 (mid)  → /microsoft.md
- note: Supplies Xeon CPUs for Azure servers; the ND MI300X v5 VM uses 4th-gen Xeon as host.
- [confirms] AMD Investor Relations (EN, ir, published 2024-05-21) https://ir.amd.com/news-events/press-releases/detail/1198/amd-instinct-mi300x-accelerators-power-microsoft-azure-openai-service-workloads-and-new-azure-nd-mi300x-v5-vms: "The ND MI300X v5 uses "two 4th Gen Intel Xeon Scalable processors" as host CPUs."

### 알파벳 (구글) (mid)  → /alphabet.md
- note: Won foundry orders for part of Google’s next-gen TPU volume (alternative to TSMC).
- [confirms] Herald Economy (KO, news, published 2026-06-10) https://biz.heraldcorp.com/article/10768088: "Intel Foundry won Google AI-chip (TPU) orders."

### F5 (mid)  → /f5.md
- note: Intel supplies processors used in F5's rSeries hardware, but because component purchasing is handled primarily through Flex, it is an upstream contributor to F5's hardware cost rather than necessarily a direct-pay vendor, and no supplier-specific spend is disclosed.
- [confirms] F5 (EN, ir, published 2026-03-27) https://www.f5.com/pdf/products/f5-application-delivery-controller-system-rseries-data-sheet.pdf: "F5 rSeries also leverages a new architecture and hardware with larger, field-programmable gate arrays (FPGAs) and the latest Intel processing for CPU."
- [mentions] F5 (EN, ir, published 2025-04-24) https://cdn.studio.f5.com/files/k6fem79d/production/5392ad1056bd12c9c668de6de9ea87fa7a637300.pdf: "Purchasing of components for F5 production is done primarily through Flex. However, as F5 maintains design control, we conduct our own risk assessments on the suppliers specified in our products."

### Mercury Systems (low)  → /mercury-systems.md
- note: Supplies embedded processors for defense.
- [confirms] MatrixBCG (EN, research, published 2026-01-01) https://matrixbcg.com/blogs/how-it-works/mrcy: "Supplies embedded processors for defense."

Reverse side: https://valuechain.wiki/intel/suppliers.md · Ripple: https://valuechain.wiki/intel/ripple.md

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Full node: https://valuechain.wiki/intel.md · JSON: https://valuechain.wiki/intel.json