Intel (INTC) Deutsche Bank 2026 Technology Conference summary

Capital investment and process technology

• Raised $23 billion in equity to fund significant CapEx increases in 2025 and 2026, targeting advanced process nodes and substrate investments to meet rising demand.

• Intel 18A and 14A nodes are progressing ahead of internal milestones, with 14A defect density outperforming previous nodes and high-volume manufacturing committed for 2028.

• Internal and external customer demand for 14A is strong, with risk production planned for 2027 and capital commitments being made to suppliers.

Advanced packaging and foundry business

• EMIB-T advanced packaging technology is highly differentiated, enabling larger reticle sizes and supporting AI needs.

• Packaging revenue expected to ramp in late 2027, becoming a multi-billion dollar business with 40% gross and 30% operating margins by 2029.

• Advanced packaging serves as an entry point for broader foundry engagements, with cross-selling opportunities already materializing.

Demand trends and supply management

• Data center CPU demand is surging due to AI-driven workloads, with double-digit unit and core count growth expected through 2028.

• Supply constraints are anticipated through 2027, with investments focused on expanding capacity in Ireland, Arizona, and Ohio.

• Client CPU allocation is being shifted toward high-demand data center products, with weakening client demand freeing up capacity.