Ben Bajarin

Very good note on $INTC from Ben Reitzes at Melius. Wish I would have done this myself specific analysis myself but credit where its due. A few key nuggets. Book Value Growth: With a consolidated net PP&E of $105.7B as of June and a $20B equity raise, the foundry book value could exceed $120B by 2028. Valuation Multiple: Applying a 4x book value multiple (which is a discount to TSMC's 9x but a premium to GlobalFoundries' 2.1x) results in a valuation of $540B, or over $100 per share. Earnings Potential: A target of $4.00 EPS for the products business by 2028 is considered "very doable," requiring an operating income run rate of roughly $26-27B.

You would be hard pressed to find a better risk/reward name than $INTC since the AI moment. Lots of folks had to be patient, go through ups and down, yes there were valid concerns but long time listeners of @T_h_e_Circuit knew where I stood. Like my $AMD call when it was at $12 :)

You would be hard pressed to find a better risk/reward name than $INTC since the AI moment. Lots of folks had to be patient, go through ups and down, yes there were valid concerns but long time listeners of @T_h_e_Circuit knew where I stood. Like my AMD call when it was at $12.

Sure but the only reason to have the sensitivity is to show the variables that lead to each. Therefore, anyone tracking can see which direction its headed early. That's the unique part about having good assumptions tied to forecasts :) NVIDIA is a big part yes, and hypers yes, but the latter is in a wafer allocation challenge despite their ambition.

This @DiligenceStack note is free, just needed to get this out of my head and into something. Still a lot of misunderstanding, I think, on both these topics. CPU:GPU Ratios and the Race to the Scale Up Domain https://t.co/ZPFt1sEpKj $intc $AMD $NVDA $Arm $QCOM

This @DiligenceStack note is free, just needed to get this out of my head and into something. Still a lot of misunderstanding, I think, on both these topics. CPU:GPU Ratios and the Race to the Scale Up Domain https://t.co/ZPFt1sEpKj $intc $AMD $NVDA $Arm $QCOM

This @DiligenceStack note is free, just needed to get this out of my head and into something. Still a lot of misunderstanding, I think, on both these topics. CPU:GPU Ratios and the Race to the Scale Up Domain https://t.co/ZPFt1sEpKj $intc $AMD $NVDA $Arm $QCOM

This @DiligenceStack note is free, just needed to get this out of my head and into something. Still a lot of misunderstanding, I think, on both these topics. CPU:GPU Ratios and the Race to the Scale Up Domain https://t.co/ZPFt1sEpKj $intc $AMD $NVDA $Arm $QCOM

This @DiligenceStack note is free, just needed to get this out of my head and into something. Still a lot of misunderstanding, I think, on both these topics. CPU:GPU Ratios and the Race to the Scale Up Domain https://t.co/ZPFt1sEpKj $intc $AMD $NVDA $Arm $QCOM

None of what’s going on in CPU demand land will surprise readers of the @DiligenceStack We were very early to calling and forecasting this demand :) $INTC $AMD $NVDA $arm $qcom $TSM