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Intel Corp INTC

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Economic Moat




Intel’s Tiger Lake and 10-nm SuperFin Stand Out at 2020 Architecture Day; No Change to $70 FVE

Abhinav Davuluri, CFA Sector Strategist

Analyst Note

| Abhinav Davuluri, CFA |

On Aug. 13, Intel hosted an Architecture day at which it highlighted key updates to its chip architectures, new GPUs, packaging technologies, and other areas. While the market has been preoccupied with Intel’s recent announcement related to its 7-nanometer process delay, we haven’t been as quick to claim Intel’s competitive demise. We were glad to see Intel depart from the “+” nomenclature of its process technology iterations, dubbing its latest 10-nm offering “SuperFin,” which includes a redefined FinFET transistor that enables the largest intranode enhancement Intel has ever achieved (off the initial 10-nm process). The initial products made on this process include its upcoming Tiger Lake laptop processors and low power Xe GPU. The Tiger Lake family will be critical to enabling Intel to fend off AMD advances in the laptop CPU realm, with CFO George Davis claiming the firm expects to regain share in the second half of 2020 as a result of this release. We are maintaining our $70 fair value estimate for wide-moat, negative moat trend Intel. Despite competitive and manufacturing headwinds, we remain positive on Intel’s scale in cloud computing and opportunities in automotive, 5G, and artificial intelligence, and we think long-term investors should find current levels attractive.

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Company Profile

Business Description

Intel Corp is one of the world's largest chipmakers. It designs and manufactures microprocessors for the global personal computer and data center markets. Intel pioneered the x86 architecture for microprocessors. It is also the prime proponent of Moore's law for advances in semiconductor manufacturing. While Intel's server processor business has benefited from the shift to the cloud, the firm has also been expanding into new adjacencies as the personal computer market has declined. These include areas such as the Internet of Things, memory, artificial intelligence, and automotive. Intel has been active on the merger and acquisitions front, recently acquiring Altera, Mobileye, Nervana, Movidius, and Habana Labs in order to assist its efforts in non-PC arenas.

2200 Mission College Boulevard
Santa Clara, CA, 95054-1549
T +1 408 765-8080
Sector Technology
Industry Semiconductors
Most Recent Earnings Jun 30, 2020
Fiscal Year End Dec 28, 2020
Stock Type High Yield
Employees 110,800