Analyst: Intel foundry book value could top $120B by 2028, implying $540B valuation
BenBajarin · x · 2026-09-23
Citing a Melius note by Ben Reitzes, Ben Bajarin highlights: with $105.7B consolidated net PP&E as of June plus a $20B equity raise, Intel's foundry book value could exceed $120B by 2028; a 4x P/B multiple (discount to TSMC's 9x, premium to GlobalFoundries' 2.1x) implies a $540B valuation, or over $100/share; and $4.00 EPS for the products business by 2028 is seen as 'very doable', requiring a $26-27B operating income run rate.
More from Venture
- GPT-5.6 Sol and Luna now 50% off, with Luna competitive against DeepSeek — bindureddy · 2026-09-23
- YC-backed ORO launches ORO Bench, a synthetic shopping benchmark powering Bittensor SN15 — markjeffrey · 2026-09-23
- Citrini Research Revisits Agentic Disruption: From Shorting Chegg to the 'Citrini Trade' — citrini · 2026-09-23
- Snapchat built a $1B+ subscription business on 'Best Friends' and story rewatch counts — omooretweets · 2026-09-23
- Harvey turned gross margins from -50% to positive in one quarter by not forcing consumption pricing — matt_slotnick · 2026-09-23
- Cognex Acquires RealSense for $500M, 439 Days After Intel Spinout — lukas_m_ziegler · 2026-09-23