Intel remains a Hold as its valuation now prices in a rapid margin recovery and major foundry wins that are not yet proven. The DCAI segment shows strong growth, but foundry revenue from external customers remains limited, with Q2 foundry operating loss at $2.089 billion. Q3 guidance implies only modest sequential growth, and gross margins remain well below long-term targets, while capital spending is set to exceed $20 billion in 2026.
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