The new Intel meme
Some of you may have followed Intel’s latest reported earnings for Q1 2026, released on April 22, 2026, with revenue of $13.6 billion, up 7% year over year.
Intel reported GAAP EPS of -0.73 and non-GAAP EPS of $0.29 for the quarter.
Intel said Q1 2026 gross margin was 39.4% on a GAAP and 41.0% on a non-GAAP basis.
The company’s results were broadly viewed as a beat versus analyst expectations, with some coverage noting the strongest growth came from the data center business.
However those that dug deeper would find a few red flags:
The biggest ones are weak GAAP profitability, large foundry losses, heavy capital demands, and execution risk around future process nodes and AI supply. The 14A roadmap and the large capital investment is another major risk.
What this means in effect is that while the company has a turnaround, it's not a proven sustainable turnaround. Execution risks matter hugely in coming times.
Of late Intel has behaved more like a meme stock, from a low of 18.96 to 100.45 over a year. It has been leaping up of late driven by hype and the earnings. But we should remember the old adage the higher they climb the harder they fall.
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- GabrielleSusan·05-03Interesting take on Intel, but meme hype feels risky.1Report