Here's what I said on @theinformation's TITV with @akashparichha on $INTC, currently down ~29% at $65.53: 1. Is this all out of Intel's hands? Substrates are short and Windows PCs are weak; Microsoft guided Windows OEM down mid-30s. It's an industry issue, but I'll hold final judgment until AMD reports. 2. OK with no free cash flow in 2027? Yes. Foundry capex is a requirement. Data center margin is 41% vs 23% a year ago; foundry loses 28 cents per revenue dollar, similar to hyperscalers going FCF negative to build capacity. AMD doesn't have to deal with this. 3. When does foundry make money? 2029 or 2030 (my belief, not what company is saying). The customer packaging announcements Lip-Bu said are coming in the next two quarters matter. 4. Who are the customers? Likely Google and AWS on packaging. On wafers, I believe Nvidia and Apple come first: they need a second source and need more US manufacturing and capacity. 5. Read-through to $AMD? Data center is full steam ahead, and TSMC will do AMD favors. PC demand isn't gone: PCs don't live 7 to 10 years.

Great journalism goes live with Restream: @theinformation's 2026 WTF Summit (Women in Tech, Media and Finance) from Napa Valley. Two days of one-on-one CEO interviews: @bariweiss on running CBS News, @lynnmartin on the IPO pipeline at @NYSE, @KimPosnett on dealmaking at @GoldmanSachs, @SarahHeck on policy at @AnthropicAI.