INTC 1Q26 First Take: Results beat across the board. Revenue returned to YoY growth, and GPM rebounded meaningfully.

Revenue growth was driven by stronger server CPU demand and price increases. Margin gains reflected pricing and better yields on Intel 3 and 18A nodes.

Wafer capacity remains primarily allocated to in-house products. External foundry revenue was approx. $170 mn this quarter, or about 3% of the foundry segment.

Guidance was an even bigger positive than the print. The company guides next-quarter revenue to $13.8–14.8 bn (+7% to +15% YoY), above the Street at $13.1 bn, led by both volume and price for server CPUs.

GAAP GPM is guided to around 37.5%, down QoQ due to early-stage 18A ramp and the absence of Q1 inventory gains, but still above the Street at 34.7%. As a key indicator, the sharp recovery in margins signals better-than-expected product traction and yields on Intel 3 and 18A.

The recent share rally has been fueled by a series of positives. These include the buyback of equity in the Ireland fab and deeper collaborations with Elon Musk and Google.

The print and management outlook suggest the company is benefiting from AI-era server CPU tailwinds. They also highlight progress in process technology.

Server CPU partnerships now include both NVIDIA and Google, two core AI customers, with focus ahead on yield improvement and external foundry ramp. With TSMC capacity tight, solid execution in advanced-node foundry could capture spillover orders. 更多信息，欢迎关注海豚君后续点评及管理层交流内容。$Intel(INTC.US) $GraniteShares 2x Long INTC Daily ETF(INTW.US)