Here's what I said on @SquawkStreet with @SaraEisen and @carlquintanilla on $INTC, down ~28% at $66.16: 1. Does the reaction make sense? It really doesn't. People bought Intel in the $120s for foundry, and nothing changed there, though execution questions are fair. Everyone knew PCs would be way down; Intel could have flagged it sooner. 2. Does PC weakness slow foundry and AI? In 2027, server and PC chips align on 18A and 18A-P, and that's where Intel makes a lot more money. PC demand doesn't go away. Memory relief looks like 2028, not 2027. 3. $AMD has handily beaten Intel over six months. Risk in AMD's quarter? Less. Both face the same PC inventory issues, but TSMC is going out of its way to supply AMD wafers. It's $TSMC's foundry vs Intel's. 4. How long is the turnaround? Lip-Bu never promised a couple of years. It's multiyear, with some execution hiccups. If $AMD shows the same substrate pain next week, Intel's problems are the market's. I don't think it will. @intel $INTC