Such statements involve many risks and uncertainties that could cause our actual results to differ materially from those expressed or implied, including those associated with:

• the high level of competition and rapid technological change in our industry;

• the significant long-term and inherently risky investments we are making in R&D and manufacturing facilities that may not realize a favorable return;

• the complexities and uncertainties in developing and implementing new semiconductor products and manufacturing process technologies;

• our ability to time and scale our capital investments appropriately and successfully secure favorable alternative financing arrangements and government grants;

• implementing new business strategies and investing in new businesses and technologies;

• changes in demand for our products;

• macroeconomic conditions and geopolitical tensions and conflicts, including geopolitical and trade tensions between the US and China, the impacts of Russia's war on Ukraine, tensions and conflict affecting Israel and the Middle East, and rising tensions between mainland China and Taiwan;

• the evolving market for products with AI capabilities;

• our complex global supply chain, including from disruptions, delays, trade tensions and conflicts, or shortages;

• product defects, errata and other product issues, particularly as we develop next-generation products and implement next-generation manufacturing process technologies;

• potential security vulnerabilities in our products;

• increasing and evolving cybersecurity threats and privacy risks;

• IP risks including related litigation and regulatory proceedings;

• the need to attract, retain, and motivate key talent;

• strategic transactions and investments;

• sales-related risks, including customer concentration and the use of distributors and other third parties;

• our significantly reduced return of capital in recent years;

• our debt obligations and our ability to access sources of capital;

• complex and evolving laws and regulations across many jurisdictions;

• fluctuations in currency exchange rates;

• changes in our effective tax rate;

• catastrophic events;

• environmental, health, safety, and product regulations;

• our initiatives and new legal requirements with respect to corporate responsibility matters; and

• other risks and uncertainties described in this release, our 2023 Form 10-K, and our other filings with the SEC.

Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Readers are urged to carefully review and consider the various disclosures made in this release and in other documents we file from time to time with the SEC that disclose risks and uncertainties that may affect our business.

Unless specifically indicated otherwise, the forward-looking statements in this release do not reflect the potential impact of any divestitures, mergers, acquisitions, or other business combinations that have not been completed as of the date of this filing. In addition, the forward-looking statements in this release are based on management's expectations as of the date of this release, unless an earlier date is specified, including expectations based on third-party information and projections that management believes to be reputable. We do not undertake, and expressly disclaim any duty, to update such statements, whether as a result of new information, new developments, or otherwise, except to the extent that disclosure may be required by law.

About Intel

Intel (Nasdaq: INTC) is an industry leader, creating world-changing technology that enables global progress and enriches lives. Inspired by Moore’s Law, we continuously work to advance the design and manufacturing of semiconductors to help address our customers’ greatest challenges. By embedding intelligence in the cloud, network, edge and every kind of computing device, we unleash the potential of data to transform business and society for the better. To learn more about Intel’s innovations, go to newsroom.intel.com and intel.com.

© Intel Corporation. Intel, the Intel logo, and other Intel marks are trademarks of Intel Corporation or its subsidiaries. Other names and brands may be claimed as the property of others.

Intel Corporation
Consolidated Condensed Statements of Income and Other Information
		Three Months Ended
(In Millions, Except Per Share Amounts; Unaudited)		Jun 29, 2024				Jul 1, 2023
Net revenue		$	12,833			$	12,949
Cost of sales			8,286				8,311
Gross margin			4,547				4,638
Research and development			4,239				4,080
Marketing, general, and administrative			1,329				1,374
Restructuring and other charges			943				200
Operating expenses			6,511				5,654
Operating income (loss)			(1,964	)			(1,016	)
Gains (losses) on equity investments, net			(120	)			(24	)
Interest and other, net			80				224
Income (loss) before taxes			(2,004	)			(816	)
Provision for (benefit from) taxes			(350	)			(2,289	)
Net income (loss)			(1,654	)			1,473
Less: Net income (loss) attributable to non-controlling interests			(44	)			(8	)
Net income (loss) attributable to Intel		$	(1,610	)		$	1,481
Earnings (loss) per share attributable to Intel—basic		$	(0.38	)		$	0.35
Earnings (loss) per share attributable to Intel—diluted		$	(0.38	)		$	0.35
Weighted average shares of common stock outstanding:
Basic			4,267				4,182
Diluted			4,267				4,196
		Three Months Ended
(In Millions; Unaudited)		Jun 29, 2024				Jul 1, 2023
Earnings per share of common stock information:
Weighted average shares of common stock outstanding—basic			4,267				4,182
Dilutive effect of employee equity incentive plans			—				14
Weighted average shares of common stock outstanding—diluted			4,267				4,196

Other information:
(In Thousands; Unaudited)		Jun 29, 2024		Mar 30, 2024		Jul 1, 2023
Employees
Intel		116.5		116.4		118.1
Mobileye and other subsidiaries		5.3		5.2		4.7
NAND 1		3.5		3.6		4.0
Total Intel		125.3		125.2		126.8

1 Employees of the NAND memory business, which we divested to SK hynix on completion of the first closing on December 29, 2021 and fully deconsolidated in Q1 2022. Upon completion of the second closing of the divestiture, which remains pending and subject to closing conditions, the NAND employees will be excluded from the total Intel employee number.

Intel Corporation
Consolidated Condensed Balance Sheets
(In Millions; Unaudited)		Jun 29, 2024				Dec 30, 2023
Assets
Current assets:
Cash and cash equivalents		$	11,287			$	7,079
Short-term investments			17,986				17,955
Accounts receivable, net			3,131				3,402
Inventories
Raw materials			1,284				1,166
Work in process			6,294				6,203
Finished goods			3,666				3,758
			11,244				11,127
Other current assets			7,181				3,706
Total current assets			50,829				43,269
Property, plant, and equipment, net			103,398				96,647
Equity investments			5,824				5,829
Goodwill			27,442				27,591
Identified intangible assets, net			4,383				4,589
Other long-term assets			14,329				13,647
Total assets		$	206,205			$	191,572
Liabilities and stockholders’ equity
Current liabilities:
Short-term debt		$	4,695			$	2,288
Accounts payable			9,618				8,578
Accrued compensation and benefits			2,651				3,655
Income taxes payable			1,856				1,107
Other accrued liabilities			13,207				12,425
Total current liabilities			32,027				28,053
Debt			48,334				46,978
Other long-term liabilities			5,410				6,576
Stockholders’ equity:
Common stock and capital in excess of par value, 4,276 issued and outstanding (4,228 issued and outstanding as of December 30, 2023)			49,763				36,649
Accumulated other comprehensive income (loss)			(696	)			(215	)
Retained earnings			66,162				69,156
Total Intel stockholders' equity			115,229				105,590
Non-controlling interests			5,205				4,375
Total stockholders' equity			120,434				109,965
Total liabilities and stockholders’ equity		$	206,205			$	191,572

Intel Corporation
Consolidated Condensed Statements of Cash Flows
		Six Months Ended
(In Millions; Unaudited)		Jun 29, 2024				Jul 1, 2023
Cash and cash equivalents, beginning of period		$	7,079			$	11,144
Cash flows provided by (used for) operating activities:
Net income (loss)			(2,091	)			(1,295	)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation			4,403				3,733
Share-based compensation			1,959				1,661
Restructuring and other charges			1,291				255
Amortization of intangibles			717				909
(Gains) losses on equity investments, net			(84	)			(146	)
Changes in assets and liabilities:
Accounts receivable			272				1,137
Inventories			(116	)			1,240
Accounts payable			184				(1,102	)
Accrued compensation and benefits			(1,309	)			(1,340	)
Income taxes			(2,174	)			(2,186	)
Other assets and liabilities			(1,983	)			(1,843	)
Total adjustments			3,160				2,318
Net cash provided by (used for) operating activities			1,069				1,023
Cash flows provided by (used for) investing activities:
Additions to property, plant, and equipment			(11,652	)			(13,301	)
Proceeds from capital-related government incentives			699				49
Purchases of short-term investments			(17,634	)			(25,696	)
Maturities and sales of short-term investments			17,214				26,957
Other investing			(355	)			662
Net cash provided by (used for) investing activities			(11,728	)			(11,329	)
Cash flows provided by (used for) financing activities:
Issuance of commercial paper, net of issuance costs			5,804				—
Repayment of commercial paper			(2,609	)			(3,944	)
Payments on finance leases			—				(96	)
Partner contributions			11,861				834
Proceeds from sales of subsidiary shares			—				1,573
Issuance of long-term debt, net of issuance costs			2,975				10,968
Repayment of debt			(2,288	)			—
Proceeds from sales of common stock through employee equity incentive plans			631				665
Payment of dividends to stockholders			(1,063	)			(2,036	)
Other financing			(444	)			(453	)
Net cash provided by (used for) financing activities			14,867				7,511
Net increase (decrease) in cash and cash equivalents			4,208				(2,795	)
Cash and cash equivalents, end of period		$	11,287			$	8,349

Intel Corporation
Supplemental Operating Segment Results
		Three Months Ended
(In Millions)		Jun 29, 2024				Jul 1, 2023
Operating segment revenue:
Intel Products:
Client Computing Group
Desktop		$	2,527			$	2,370
Notebook			4,480				3,896
Other			403				514
			7,410				6,780
Data Center and AI			3,045				3,155
Network and Edge			1,344				1,364
Total Intel Products revenue		$	11,799			$	11,299
Intel Foundry		$	4,320			$	4,172
All other
Altera			361				848
Mobileye			440				454
Other			167				117
Total all other revenue			968				1,419
Total operating segment revenue		$	17,087			$	16,890
Intersegment eliminations			(4,254	)			(3,941	)
Total net revenue		$	12,833			$	12,949
Segment operating income (loss):
Intel Products:
Client Computing Group		$	2,497			$	1,986
Data Center and AI			276				469
Network and Edge			139				64
Total Intel Products operating income (loss)		$	2,912			$	2,519
Intel Foundry		$	(2,830	)		$	(1,869	)
All Other
Altera			(25	)			346
Mobileye			72				129
Other			(82	)			(120	)
Total all other operating income (loss)			(35	)			355
Total segment operating income (loss)		$	47			$	1,005
Intersegment eliminations			(291	)			(413	)
Corporate unallocated expenses			(1,720	)			(1,608	)
Total operating income (loss)		$	(1,964	)		$	(1,016	)

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