$INTC (Bloomberg) -- Intel Corp. raised $20 billion in an upsized share sale, a third more than it was targeting when it announced the deal Monday morning. The chipmaker priced the offering at $95 per share, according to a company statement. That represents a discount of 6.5% to Friday’s closing price, according to Bloomberg calculations. The share sale drew more than $100 billion in demand, people familiar with the matter said.  Read More: Intel to Sell $15 Billion in Stock After AI Boosts Demand Intel’s deal shows the resilience of investor demand for stocks along the artificial intelligence supply chain. The year’s biggest US equity offerings have been dominated by companies riding the boom in AI spending. Alphabet Inc. is in the process of raising as much as $85 billion through equity offerings, including so-called at-the-market share sales and equity-linked deals. And Oracle Corp.’s fundraising plans include a $20 billion at-the-market sale.  Watch: Breaking Down the Billions in Nvidia Deal, Intel Sale South Korean memory chipmaker SK Hynix Inc. raised $26.5 billion in its debut offering of American depositary receipts, the largest-ever listing by a foreign company on a US exchange. Its rival CXMT Corp. raised about $9.9 billion last month in a near Chinese record initial public offering and subsequently became the largest mainland-listed company. Intel’s shares fell 1% before the market opened in New York on Tuesday, after Monday’s close of $97.52. They remain up roughly 164% this year, after Chief Executive Officer Lip-Bu Tan made cleaning up Intel’s finances a priority. The effort has included attracting outside investments from the US government and even chip rivals such as Nvidia Corp.  Intel is building up cash reserves with a goal of taking on a more central role in the artificial intelligence boom. The worldwide expansion of data centers has already bolstered demand for its general processors, but the company has struggled to compete directly with Nvidia and Advanced Micro Devices Inc. in the market for AI processors. Intel also needs funds to build out a factory network to meet its goal of serving as an outsourced manufacturing hub for the tech industry.  JPMorgan Chase & Co., Goldman Sachs Group Inc., Morgan Stanleyand Citigroup Inc. are working on the offering, according to a statement earlier. (Updates with shares in fifth paragraph.)

$LRCX Lam Research: Scaling the AI Semiconductor Infrastructure Cycle. Investment Thesis. New: 6/11/26. Lam Research is a critical supplier of wafer fabrication equipment and a primary beneficiary of the AI infrastructure supercycle, anchored by technical leadership in etch and deposition. As chip architectures migrate from planar designs toward complex 3D structures—gate-all-around logic, high-layer-count NAND, HBM stacking, and advanced packaging—the number of etch and deposition steps per wafer rises structurally, expanding Lam's served market independent of unit volume growth. We view the company as leveraged to the most architecture-driven layer of AI equipment spend, where process intensity gains compound the cyclical recovery. The financial profile reflects franchise quality: record revenues, exceptional balance sheet health, and strong through-cycle cash generation, overseen by a management team with deep technical credibility and a disciplined execution record. The shift in memory spending toward HBM and technology upgrades, rather than raw capacity additions, is particularly favorable—it tilts demand toward Lam's highest-value tools and moderates the boom-bust amplitude that has historically defined its memory exposure. The risk profile warrants discipline. China remains the principal overhang, with export controls and geopolitical escalation capable of impairing a meaningful revenue pool. Competitive pressure from other industry leaders in adjacent deposition and etch segments could contest share at key technology inflections. Most immediately, the stock's premium valuation already capitalizes much of the AI-driven growth narrative, leaving limited margin for order pushouts or cyclical disappointment. Net, Lam Research is a scarce, high-performance asset whose forward returns hinge on the durability of AI-driven memory and logic capacity investment rather than on further multiple expansion. The structural case—rising etch and deposition intensity per wafer—is intact and differentiated; the entry point is the debate. HBM and NAND upgrade momentum, advanced packaging adoption, and China policy developments are the key markers from here.