Bernstein's Intel road notes: servers sold out through 2027, real test comes in 2028
BenBajarin · x · 2026-09-22
Bernstein's notes from management meetings on Intel ($INTC): margins beat on mix, volume, and price — but the turnaround isn't done. Legacy plants remain very profitable while new 18A fabs won't until they reach huge scale. Management isn't chasing 60% margins, aiming for growth and profit adding to roughly 45.
Key points:
- Servers: Intel can sell every chip it can make into 2027.
- Packaging and custom silicon will grow fast but pressure margins at first.
- PCs still print cash, though expensive memory is slowing buyers.
- The real test is 2028, when industry-wide new capacity arrives.
Analyst Ben Bajarin shared the notes suggesting he already has a view on how it plays out.
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