Wire · operational-macro
Intel's Q2'26 financial results
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Fusion42 · 25 July 2026 · Fusion42 review
Intel's Q2 revenue grew 25% and non-GAAP margins swung to +17%; Data Centre and AI revenue jumped 59% to $6.26B. Google ordered 3M custom TPUs through Intel Foundry, and Nvidia is evaluating Intel as a backup to TSMC as capacity tightens.
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◆ ◆ The Wire takeaway
TSMC's capacity crunch is now pushing Nvidia and Google to Intel's foundry as a second source - if Intel holds these margins and delivery, you're now competing in a three-way foundry market instead of a two-way one. Every chip designer and fabless company relying on TSMC exclusivity just got optionality, and Intel's price power changed.
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