Munger Mode rating: 2 out of 5 — Sell. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
Warren here, with Charlie's ghost at my elbow keeping me honest. Let us start the way we always start: what does this company actually do, and could a bright teenager explain it? Intel today is really two companies stapled together, and the staple is the interesting part. The first company — Intel Products — designs and sells x86 microprocessors: the Client Computing and Physical AI Group (CCPG) sells chips for PCs and laptops ($8.9B revenue last quarter), and Data Center and AI (DCAI) sells server processors ($6.3B, up a remarkable 59% year over year as AI data centers hoover up host CPUs). This half of Intel earned $4.8 billion of segment operating income in the June quarter alone. It is a real business with real profits. The second company — Intel Foundry — manufactures chips, mostly for the first company.
Recent filings analysed: 8-K (2026-08-12), FWP (2026-08-10), 10-Q (2026-07-24), 8-K (2026-07-23).
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