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What has to happen in All Other

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This page changes All Other inside the complete INTC model. Every other vertical, corporate programme and valuation assumption stays in the selected portfolio case.

INTC forward model
Horizon
Consolidated fair value $13.93 all other verticals held in this portfolio case
Final-quarter revenue $646M 4% of company revenue
Explicit segment contribution $1.99B EBITDA less segment capex, before corporate items

Scarcity pricing unwinds and the capital programme keeps rising into it. Intel itself says client supply constraints ease over the second half of 2026, and client volume is already falling 8% year over year, so if the 27% ASP gain reverses there is no unit growth underneath it - this case steps client revenue down 8% from 2027 Q1 and server revenue down 12% from 2027 Q3, as price events that leave wafer volume, and therefore Intel Foundry, untouched. Foundry's 2026 Q2 loss improvement was $1.4B of lower period charges against $340M of lower product profit on costlier 18A wafers. Revenue ends 2030 at about $60B, below 2026. The capital programme is held at the base-case schedule in every case, which Intel would not do in this world, so the free cash flow path here is harsher than reality.

All Other

Basis quarter$701M
Final quarter$646M
Implied CAGR−2%
Final revenue mix4%

A residual bucket of unlike businesses rather than a business: Mobileye at $507M in 2026 Q2, IMS multi-beam mask writing tools, and start-ups. The line halved when Altera was deconsolidated on 12 September 2025, which is why the 2025 Q4 print of $574M sits so far below the $1,113M of 2024 Q4. The projection starts from the post-Altera base and grows with Mobileye, not with Intel.

Last four quarters
2025 Q3 $993M Reported
2025 Q4 $574M Reported
2026 Q1 $628M Reported
2026 Q2 $701M Reported
MobileyeIMS multi-beam mask writing toolsStart-up businessesAltera, consolidated through 11 September 2025
Sequential growth +0.8%/qtr decaying toward +0.8% +0.8% into 2026 Q3. Mobileye revenue was flat year over year at $507M; nothing here is compounding.
All Other

Latest: $646M (2031Q2E)

Period Value
2024Q1 $643M
2024Q2 $881M
2024Q3 $964M
2024Q4 $1.11B
2025Q1 $943M
2025Q2 $1.05B
2025Q3 $993M
2025Q4 $574M
2026Q1 $628M
2026Q2 $701M
2026Q3E $698M
2026Q4E $695M
2027Q1E $692M
2027Q2E $690M
2027Q3E $687M
2027Q4E $684M
2028Q1E $681M
2028Q2E $678M
2028Q3E $676M
2028Q4E $673M
2029Q1E $670M
2029Q2E $667M
2029Q3E $665M
2029Q4E $662M
2030Q1E $659M
2030Q2E $656M
2030Q3E $654M
2030Q4E $651M
2031Q1E $648M
2031Q2E $646M

Assumptions & reasoning

  • The 2025 Q4 fall is a structural break from the Altera deconsolidation, not a seasonal trough; any growth path has to start from the post-Altera base of $574M to $701M a quarter.
  • Mobileye is separately listed and consolidated, so this line carries a business whose product cycle Intel does not control and whose margins are cyclical.
  • The 32.8% EBITDA margin is the disclosed 33% segment operating margin ($230M on $701M) and glides down to an assumed 18%, because one quarter at 33% on a residual bucket is not a run rate.
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