Major Bank Ratings | Goldman Sachs: Maintains "Neutral" Rating on Intel; Long-term Transformation Still Faces Multiple Challenges

Golden Longhui, July 25th｜Intel announced a significant increase in its 2026 capital expenditure from the previous approximately $17 billion to over $20 billion, and also indicated that investment will continue to rise in 2027. According to the latest research report from Goldman Sachs, this move shows that Intel is making a full-scale bet on the long-term growth of advanced process technologies, advanced packaging, AI server demand, and wafer foundry business, officially starting a new round of large-scale capital expenditure cycle. However, Goldman Sachs maintains its “Neutral” rating and a target price of $150 for Intel, believing that while there is obvious improvement in short-term operations, there are still a number of challenges to overcome for Intel’s long-term transformation.