Nasdaq 100 · CPU/server · foundry comeback

Intel

A traditional PC/server CPU leader also attempting a foundry comeback (Intel Foundry). It became the industry's first to adopt ASML High-NA EUV on leading-edge nodes (18A/14A), betting on winning external foundry customers (some Google TPU volume), while itself outsourcing some chip tiles to TSMC as a foundry customer. Dell, Lenovo and HP are each 10%+ customers, so PC/server CPUs are the cash cow, but the fate of AI accelerators (Gaudi) and the foundry pivot decides the re-rating.

Business categories CPUs & SoCs · Semiconductor Supply Chain · primary Semiconductor Foundries · Semiconductor Supply Chain AI Accelerators · AI Compute Infrastructure

INTC Updated Sep 24, 2026 6 AI consumers· 5 recurring

Per the valuechain.wiki graph, Intel is directly linked to 38 companies (29 supply, 8 revenue, 1 investment relationships) and reaches 86 companies within two hops; the links are backed by 54 dated sources, 10 of them primary filings (as of 2026-09-24).

Annual return · 2026-09-04'21+6.1%'22-46.6%'23+94.6%'24-59.6%'25+84%YTD+159.6%
Money in ▸Lenovo●Dell Technologies●ASUSTeK Computer●HP Inc◐Microsoft◐Alphabet (Google)◐F5, Inc.◐Mercury Systems○
Intel$52.9bn
▸ Money outTSMC●ASML●Siemens EDA●HPSP●Shinko Electric Industries●Ibiden●Simmtech◐SCREEN Holdings◐Applied Materials◐Lasertec◐KLA◐Tokyo Ohka Kogyo (TOK)◐ASM International◐JSR Corporation◐Entegris◐BESI◐PSK Inc◐Tokyo Electron (TEL)◐Shin-Etsu Chemical◐SUMCO Corporation◐Synopsys◐Cadence Design Systems◐GlobalWafers◐Unimicron◐AT&S◐Linde◐Merck KGaA (EMD)◐Photronics◐Nikon◐

Financials & Segments

  • Total revenue · $52.9bn (FY2025, ~flat)
  • Customer concentration · Dell and Lenovo are each 10%+ customers (10-K). Winning external foundry customers is the key question.
  • Segments · Client Computing · Data Center & AI · Intel Foundry

Revenue from

  • Lenovo High confidence
    Major PC CPU customer (10%+ in the 10-K).
    Confirms EN SEC 10-K Published Jan 23, 2026: SEC 10-K — intel results
  • Dell Technologies High confidence
    One of the largest PC/server CPU customers (10%+ in the 10-K).
    Confirms EN SEC 10-K Published Jan 23, 2026: SEC 10-K — intel results
    Confirms EN SEC EDGAR Published Oct 23, 2025: Intel FY2025 Q3 results (8-K)
  • ASUSTeK Computer High confidence
    Supplies x86 CPUs and chipsets for PCs, notebooks and servers to ASUS — a core upstream component for ASUS-branded PCs.
    Confirms EN ASUSTeK Computer Published Mar 30, 2025: ASUSTeK Computer — 2024 Annual Report (official IR)
  • HP Inc Medium confidence
    Major PC CPU OEM customer.
    Mentions EN SEC 10-K Published Jan 23, 2026: SEC 10-K — intel results
  • Microsoft Medium confidence
    Supplies Xeon CPUs for Azure servers; the ND MI300X v5 VM uses 4th-gen Xeon as host.
    Confirms EN AMD Investor Relations Published May 21, 2024: AMD Instinct MI300X Accelerators Power Microsoft Azure OpenAI Service Workloads
  • Alphabet (Google) Medium confidence
    Won foundry orders for part of Google’s next-gen TPU volume (alternative to TSMC).
    Confirms KO Herald Economy Published Jun 10, 2026: TSMC at capacity: Intel wins Google AI-chip foundry orders
  • F5, Inc. Medium confidence
    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 EN F5 Published Mar 27, 2026: F5 rSeries Appliance Data Sheet
    Mentions EN F5 Published Apr 24, 2025: F5 Modern Slavery, Forced Labor and Human Trafficking Statement, 2025 Registry Year
  • Mercury Systems Low confidence
    Supplies embedded processors for defense.
    Confirms EN MatrixBCG Published Jan 1, 2026: Mercury Systems business model

Pays to

  • TSMC High confidence
    Outsources some chip tiles (e.g. compute) to TSMC; a foundry customer alongside running its own foundry.
    Confirms EN SEC 10-K Published Jan 23, 2026: SEC 10-K — intel results
  • ASML High confidence
    Key supplier of EUV and High-NA EUV for leading-edge nodes (18A, 14A). Intel was first in the industry to adopt High-NA.
    Confirms KO Korea Economic Daily Published Apr 23, 2026: Taiwan's TSMC holds off on adopting ASML's latest equipment
    Mentions EN SEC 10-K Published Jan 23, 2026: SEC 10-K — intel results
    Confirms KO ETNews Published Oct 16, 2024: ASML develops High-NA EUV for finer scaling
  • Siemens EDA High confidence
    Pays for Siemens EDA (Calibre etc.) licenses.
    Confirms EN SemiWiki Published Jun 1, 2025: Siemens EDA (Mentor Graphics) wiki
    Confirms EN Siemens Published Jan 1, 2025: Siemens Calibre physical verification
  • HPSP High confidence
    Buys high-pressure hydrogen annealing tools from HPSP (sole supplier).
    Confirms KO Korea Economic Daily Published Jul 13, 2025: HPSP holds a monopoly in high-pressure hydrogen annealing
  • Shinko Electric Industries High confidence
    Uses FC-BGA package substrates from Shinko Electric.
    Confirms EN Shinko Published May 1, 2025: Shinko Electric
    Confirms EN MGR Published Jan 1, 2025: Unimicron leads IC-substrate revenue
  • Ibiden High confidence
    Buys FC-BGA package substrates from Ibiden.
    Confirms KO Jabon Published Feb 1, 2026: Ibiden bets ¥500B to expand NVIDIA AI substrates
    Confirms EN Ibiden Published May 1, 2025: Ibiden Investor Relations
    Confirms EN DigiTimes Published Jan 2, 2025: Ibiden’s exclusive AI-substrate position with Intel and NVIDIA
  • Simmtech Medium confidence
    Purchases memory package substrates from Simmtech.
    Confirms EN Simmtech Published May 1, 2025: Simmtech IR
    Confirms KO TheElec Published Jan 1, 2025: Substrate makers grow
  • SCREEN Holdings Medium confidence
    Buys cleaning and track equipment from SCREEN Holdings.
    Confirms EN SCREEN Published May 1, 2025: SCREEN Holdings IR
    Confirms KO Komachine Published Jan 1, 2025: SCREEN cleaning No.1 47%
  • Applied Materials Medium confidence
    Buys Applied Materials logic-fab tools.
    Mentions EN PatentPC Accessed Jun 20, 2026: Top chip-making equipment companies: ASML, Applied Materials, Lam Research
  • Lasertec Medium confidence
    Buys EUV mask inspection equipment from Lasertec.
    Confirms EN Lasertec Published Aug 8, 2025: Lasertec FY2025 (year ended June 2025) IR results
    Confirms KO TheElec Published Jan 1, 2025: Lasertec 100% EUV mask inspection
  • KLA Medium confidence
    Buys KLA inspection and metrology tools.
    Confirms KO KIPOST Accessed Jun 20, 2026: KLA unveils EUV defect-inspection tools (supplies Intel, Samsung, SK)
  • Tokyo Ohka Kogyo (TOK) Medium confidence
    Buys EUV photoresist from Tokyo Ohka Kogyo.
    Confirms KO JK Daily Published Jun 1, 2025: TOK leads EUV PR at 25%
    Confirms EN TOK Published May 1, 2025: Tokyo Ohka Kogyo IR
  • ASM International Medium confidence
    Buys ALD deposition equipment from ASM International.
    Confirms EN ASM Published May 1, 2025: ASM International IR
    Confirms KO TheElec Published Jan 1, 2025: ASM, the ALD originator
  • JSR Corporation Medium confidence
    Buys photoresist from JSR.
    Confirms EN JSR Published May 1, 2025: JSR IR
    Confirms KO Digital Daily Published Jan 1, 2025: Samsung sources EUV PR from JSR/Shin-Etsu, TOK
  • Entegris Medium confidence
    Buys high-purity materials and CMP slurry from Entegris.
    Confirms EN SEC EDGAR Published Feb 12, 2025: Entegris Form 10-K
    Confirms EN MatrixBCG Published Jan 1, 2025: Entegris serves TSMC, Samsung, Intel
  • BESI Medium confidence
    Buys hybrid-bonding and die-attach tools from BESI.
    Confirms EN Yole Group Published Aug 1, 2025: Advanced packaging back-end equipment: TCB and hybrid bonding lead
  • PSK Inc Medium confidence
    Buys dry-strip tools from PSK.
    Confirms KO TheElec Accessed Jun 21, 2026: PSK launches metal etcher; customers Samsung, SK, Intel
  • Tokyo Electron (TEL) Medium confidence
    Buys coater, etch, deposition and clean tools from Tokyo Electron.
    Confirms KO Sisa Journal e Accessed Jun 21, 2026: Foreign toolmakers including TEL ramp investment to court Samsung and SK
  • Shin-Etsu Chemical Medium confidence
    Buys 300mm silicon wafers from Shin-Etsu Chemical under LTA.
    Confirms KO ICN Magazine Published Jan 15, 2026: HBM4’s hidden bottleneck — special polished wafers
  • SUMCO Corporation Medium confidence
    Buys 300mm silicon wafers from SUMCO Corporation under LTA.
    Confirms KO ICN Magazine Published Jan 15, 2026: HBM4’s hidden bottleneck — special polished wafers
  • Synopsys Medium confidence
    Uses/buys EDA tools and IP from Synopsys.
    Confirms EN SemiAnalysis Published Sep 1, 2025: EDA Market Primer
    Confirms KO Seoul Economic Daily Published Jul 1, 2025: China conditionally approves Synopsys-Ansys merger
    Confirms EN SEC EDGAR Published Dec 18, 2024: Synopsys Form 10-K
  • Cadence Design Systems Medium confidence
    Uses/buys EDA tools and IP from Cadence Design Systems.
    Confirms EN SemiAnalysis Published Sep 1, 2025: EDA Market Primer
    Confirms KO Seoul Economic Daily Published Mar 1, 2025: Cadence, an AI chip-design leader, reignites growth
    Confirms EN SEC EDGAR Published Feb 24, 2025: Cadence Form 10-K
  • GlobalWafers Medium confidence
    Uses/buys 300mm silicon wafers from GlobalWafers.
    Confirms EN GlobalWafers Published Mar 1, 2025: GlobalWafers Investor Relations
    Confirms EN Mordor Intelligence Published Jan 1, 2025: Silicon Wafer Market (top-five oligopoly)
    Confirms KO TheElec Published Jun 1, 2024: GlobalWafers’ Siltronic bid (blocked by Germany)
  • Unimicron Medium confidence
    Uses FC-BGA and IC package substrates from Unimicron.
    Confirms EN Unimicron Published May 1, 2025: Unimicron IR
    Confirms EN MGR Published Jan 1, 2025: Unimicron leads IC-substrate revenue
  • AT&S Medium confidence
    Uses high-end IC substrates from AT&S.
    Confirms EN AT&S Published May 1, 2025: AT&S IR
    Confirms EN IMR Published Jan 1, 2025: Package substrate market (AT&S HBM/3D)
  • Linde Medium confidence
    Sources industrial/specialty gases from Linde.
    Confirms EN SEC EDGAR Published Oct 30, 2025: Linde quarterly report (10-Q)
    Confirms KO Pressian Published Jan 3, 2023: Linde to produce semiconductor rare gases in Pyeongtaek
  • Merck KGaA (EMD) Medium confidence
    Sources thin-film/CMP/gas materials from Merck KGaA.
    Confirms EN Merck KGaA Published Mar 6, 2026: Merck KGaA Electronics annual report 2025
  • Photronics Medium confidence
    Supplies photomasks to Intel.
    Confirms KO KIPOST Accessed Jun 20, 2026: KLA unveils EUV defect-inspection tools (supplies Intel, Samsung, SK)
  • Nikon Medium confidence
    ArF lithography tool supplier (historically major, orders sharply down).
    Mentions EN Tom's Hardware Published Nov 1, 2025: Nikon weaponizes lower prices against ASML's monopoly

Investments

  • Mobileye Medium confidence
    Holds controlling stake in Mobileye (~77% stock, ~97% voting).
    Confirms EN SEC EDGAR (Mobileye 10-K) Published Feb 12, 2026: Mobileye Global Inc. Form 10-K (FY2025)

Value-chain ripple (2 tiers)

Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.

CompanyChain'21'22'23'24'25YTD
eBay Inc.lead2+33.8-36.5+7.7+44.8+42.7+30
IRENlead2·-92.3+472+37.3+284.6+18.3
Colgate-Palmolive Companylead2+2.1-5.4+3.8+16.6-11+14.4
Waters Corporationlead2+50.6-8.1-3.9+12.7+2.4+14.2
Lockheed Martinlead2+3.2+40.5-4.3+10+2.5+10.6
Costco Wholesalelead2+51.8-19+49+39.6-5.4+10.3
Cintas Corporationlead2+26.5+3+34.8+22.2+3.8+7.4
Recursion Pharmaceuticalslead2·-55+27.9-31.4-39.5+6.6
The Kraft Heinz Companylead2+8+18.2-5-13-16.3+6.1
Expedia Group, Inc.lead2+36.5-51.5+73.3+22.8+53.3+5.8
Omnicom Group Inc.lead2+21.9+15.7+9.6+2.5-2.6+4.4
Honeywell Technologieslead2-0.3+4.9+0+10-6.4+3.8
RTXlead2+23.3+20-14.4+40.8+61.4+2.5
Walmart Inclead2+2-0.5+12.9+74+24.5+0.6
Ingersoll Rand Inc.lead2+35.8-15.4+48.2+17.1-12.3-0.5
MercadoLibre, Inc.lead2-19.5-37.2+85.7+8.2+18.5-1.8
DoorDash, Inc.lead2·-67.2+102.6+69.6+35-6.5
Uberlead2-17.8-41+149-2+35.5-7.3
Planet Labslead2·-29.3-43.2+63.6+388.1-8.1
Workday, Inc.lead2+14-38.7+65-6.5-16.8-8.8
Booking Holdings Inc.lead2+7.7-16+76+41.3+8.6-9.3
AutoZonelead2+76.8+17.6+4.8+23.8+5.9-12
Salesforce, Inc.lead2+14.2-47.8+98.5+27.8-20.2-12.9
Stryker Corporationlead2+10.2-7.4+23.8+21.3-1.5-20.4
McDonald'slead2+27.8+0.5+15.1+0.1+7.9-21.5
LVMH Moet Hennessy Louis Vuittonlead2+46.6+12.7-1.8-7.3-20.4-29.4
Intuit Inc.lead2+70.3-39.1+61.8+1.2+6.1-53.7
AppLovin Corporationlead2·-88.8+278.4+712.6+108.1-58.9
Dell Technologieslead1+51.2-26.6+95.9+53+11.2+320.2
Lenovolead1-4.6-20.9+36.2+18.2-0.6+274.8
ASUSTeK Computerlead1+35.5-12.9+72+41.1-14.1+119.8
F5, Inc.lead1+39.1-41.4+24.7+40.5+1.5+88
HP Inc.lead1+57.2-26.4+16.1+12.1-28.7+50.7
Mercury Systemslead1-37.5-18.7-18.3+14.8+73.8+12.9
Alphabet (Google)lead1+65.3-39.1+58.3+36+66+8.3
Intelnode+6.1-46.6+94.6-59.6+84+159.6
AT&Sbenef1+57.5-22-27.6-41.3+188.9+464.3
Unimicronbenef1+133.5-30.2+35.2-19.7+175.7+236.2
Simmtechbenef1+119.6-34.6+12.4-63.3+392.9+185.6
Ibidenbenef1+30.4-19.6+51.6-38.6+261+149.3
PSK Incbenef1+22.7-19.6+14.2-2.6+228.2+105.7
TSMCbenef1+12.1-36.7+42.3+92.6+55.9+50.3
Merck KGaA (EMD)benef1+42.2-0.4-19.1-2.5-12.7+12
Nikonbenef1+46.2+10.9+23.1+13.7+19.7-2.4
Mobileyebenef1··+23.6-54-47.6-18
Global Unichipbenef2+21.4+67.6+99.4-13.7+101.4+122.8
SUMCO Corporationbenef2-4.3-3.9+21.3-48.1+41.7+112.8
STMicroelectronicsbenef2+32.4-26.8+41.7-49.7+5.3+102.2
GlobalWafersbenef2+26.9-29.9+14.3-39+48.9+98.1
Applied Materialsbenef2+83.6-37.5+68+1.1+59.6+98
Resonacbenef2-2.6-4+37.5+30.3+137.9+96.4
Tower Semiconductorbenef2+53.7+8.9-29.4+68.8+128+89.4
Lam Researchbenef2+53.7-40.7+88.6-6.8+139.2+86.8
Onto Innovationbenef2+112.9-32.7+124.6+9-5.3+86.6
Teradynebenef2+36.8-46.3+24.8+16.5+54.4+84.6
Entegrisbenef2+44.6-52.5+83.5-17.1-14.6+65.1
ASMLbenef2+64.1-30.5+39.9-7.7+55.8+61.1
Tokyo Electron (TEL)benef2+40.4-14.5+89.8-4.4+61.6+57.4
Qnity Electronicsbenef2·····+55.3
KLAbenef2+68-11.2+56+9.4+94.5+53.3
Ajinomotobenef2+31+36+44.5+4+14.1+47.8
EO Technicsbenef2+7.6-28.2+130.5-16.2+163.2+39.4
HPSPbenef2··+216.5-30.4+54.7+38.9
SCREEN Holdingsbenef2+40.7-13.2+220.1-24.1+84.9+33.7
Advantestbenef2+17-2.3+155.7+49.5+196+29.9
Tokyo Ohka Kogyo (TOK)benef2-2.7-3+63.8+4.3+111.5+28.7
ASM Internationalbenef2+44.2+2.9+68.7+10.3+25.9+25
Fujimi Incorporatedbenef2+64.7-1.6+40.4-24.2+28.4+23.4
Veeva Systemsbenef2-6.2-36.8+19.3+9.2+6.2+23.2
Air Liquidebenef2+14.3+8.1+21.1+8.7-4.6+20.7
Lindebenef2+33.4-4.4+27.7+3.2+3.2+14.6
Shin-Etsu Chemicalbenef2+6.3+3.1+57.8-15.6+7.6+13.8
Cadence Design Systemsbenef2+36.6-13.8+69.6+10.3+4+12.9
Sony Semiconductor Solutionsbenef2+27.2-8.4+27.8+17.9+1+11.4
BESIbenef2+33.7-6.1+121.8-9.3+35+9.8
Synopsysbenef2+42.1-13.4+61.3-5.7-3.2+8.6
Ebarabenef2+58.1+2.3+76.1+41+84+3.3
Lasertecbenef2+78.9+2.4+57-60.6+138.9-8.5
Photronicsbenef2+68.9-10.7+86.4-24.9+35.8-9
Leeno Industrialbenef2+21-5.3+18.3+9.5+150.1-17
Disco Corporationbenef2-6.6+27.7+218.5+11.6+49.6-17.3

YTD as of 2026-09-04 · source: Yahoo Finance

Intel operates across Nasdaq 100, CPU/server, foundry comeback. It is up +159.6% in 2026. Demand side (avg +179.5%), the stock (+159.6%) and supply side (avg +65.4%) are moving in step. Propagation has completed a lap, so the next leg depends on individual results more than chain direction. Among connected nodes the furthest ahead is Dell Technologies (+320.2%) and the furthest behind is Alphabet (Google) (+8.3%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. Dell, Lenovo and HP are each 10%+ customers, so PC/server CPUs are the cash cow, but the fate of AI accelerators (Gaudi) and the foundry pivot decides the re-rating.

Analysis generated from returns as of 2026-09-04

Analyst ratings

Consensus: Buy 2 · Hold 2 · Sell 0 · Avg. target $118 · Price $95.8 (09-04) · Upside +23%

BrokerRatingTargetPublished
Cantor Fitzgerald · C.J. MuseNeutral$150Jun 29, 2026Report ↗
Bank of America · Vivek AryaBuy$135Jun 11, 2026Report ↗
Citi · Atif MalikBuy$130May 19, 2026Report ↗
Morgan Stanley · Joseph MooreEqual-Weight$56Apr 20, 2026Report ↗

Kept Neutral but sharply raised target $90→$150 on 2026 compute strength and smaller-player outperformance; still screens as overvalued.

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