🚀 Abstract of Intel (INTC) Update • On Aug 11, share offering upsized to $20B (from $15B), priced at $95 (only ~2.6% discount). Institutional demand reportedly >$100B. • CEO + family member subscribed ~$12M → strong signal of confidence. • Foundry progress solid: 18A yields ~80% in 2Q26, CWF ramping. Strong external customer engagement (esp. Apple mass-volume 14A). • EMIB customer pipeline expanding – Google + AWS + and likely more ASICs. Back-end revenue forecast lifted to $1.1B/$7B in FY27/FY28. • EMIB has obtained substrate suppliers support, and to enhance supply, we expect it to in-house Silicon Capacitor (rather than replying on external)! • Still expect foundry OP breakeven by 4Q27, followed by meaningful margin leverage in 2028. • TP maintained at $136 after dilution. Equity raise funds capex growth; CEO confidence + advancing foundry/EMIB = constructive. #INTC# #INTEL# #EMIB#