reply Intel Foundry inflected on execution. Yields, cycle times, and scale across Intel 4, Intel 3, and 18A narrowed the operating loss by $348M q/q, external revenue rose 68% q/q to $293M, and the Aug-11 $20B stock offering removed the capital question, funding FY26 capex above $20B and a committed 2028 14A ramp. New entrants are spending because sovereign capital and vertical integration now fund fabs that markets would not. Rapidus (2nm pilot line running, working GAA devices) and Tata Electronics add to 2026 capex on top of the core industry's record $100B (+41% y/y). VSMC's first lot yielded 99%. Tesla-SpaceX Terafab is a $119B four-phase Texas plan putting logic, memory, and packaging under one roof. The industry is now three markets. AI leading edge, Chinese localization, and the rest of mature. (5/6)

reply Intel Foundry inflected on execution. Yields, cycle times, and scale across Intel 4, Intel 3, and 18A narrowed the operating loss by $348M q/q, external revenue rose 68% q/q to $293M, and the Aug-11 $20B stock offering removed the capital question, funding FY26 capex above $20B and a committed 2028 14A ramp. New entrants are spending because sovereign capital and vertical integration now fund fabs that markets would not. Rapidus (2nm pilot line running, working GAA devices) and Tata Electronics add to 2026 capex on top of the core industry's record $100B (+41% y/y). VSMC's first lot yielded 99%. Tesla-SpaceX Terafab is a $119B four-phase Texas plan putting logic, memory, and packaging under one roof. The industry is now three markets. AI leading edge, Chinese localization, and the rest of mature. (5/6)

Source:https://x.com/SemiAnalysis_/status/2090907006848655718