Intel Raises 2026 Capex Guidance to Over $20 Billion; Q2 Earnings Beat Expectations

According to a Goldman Sachs report, Intel raised its 2026 capital expenditure guidance to over $20 billion on July 24, up from approximately $17 billion previously, and signaled continued investment increases in 2027. The move marks Intel's formal entry into large-scale equipment deployment for advanced chip manufacturing and foundry services.

Intel's second-quarter earnings exceeded expectations across metrics: revenue reached $16.1 billion versus Goldman Sachs' estimate of $14.3 billion; adjusted earnings per share hit $0.42, nearly double the consensus estimate of $0.22; and gross margin expanded to 41.8%, above expectations of 39.2%. The data center and AI business delivered the strongest growth, with revenue of $6.26 billion, up 59% year-over-year. Goldman Sachs maintained a "neutral" rating and $150 price target, citing execution risks on advanced process technology, foundry customer acquisition, and capital deployment efficiency as key determinants of long-term success.