[GF Securities: Intel Expands Offering Size to $20 Billion, Management's Subscription Signals Confidence, Maintains $136 Target Price] BlockBeats News, August 14, GF Securities maintained a "Buy" rating and a $136 target price for Intel, stating that the equity financing sends a positive signal. Intel has increased its offering size from the originally planned $15 billion to $20 billion, with institutional demand reportedly exceeding $100 billion. The offering price is set at $95, and the overallotment option has been fully exercised. Intel CEO Lip-Bu Tan and his family subscribed for approximately $12 million at the offering price, which GF Securities believes demonstrates management's confidence in the company's prospects and is expected to support capital expenditures for fiscal year 2027. GF Securities predicts that Intel's foundry business will achieve breakeven in Q4 2027, with profit margin leverage fully realized by 2028. The firm notes steady progress in the 18A process yield and external customer expansion, particularly with Apple, while the EMIB customer base continues to grow, with Google and AWS advancing related collaborations. GF Securities maintains its estimate of an approximately 80% yield for the 18A process by Q2 2026 and highlights that Clearwater Forest (CWF) has entered the production ramp-up phase, with Apple's high-volume production of 14A being particularly noteworthy. If the foundry business breakeven is delayed to 2028, the primary reason is expected to be increased investment requirements. In the EMIB business, GF Securities has raised its revenue forecasts for Intel's backend business in 2027 and 2028 to $1.1 billion and $7 billion, respectively, primarily driven by AWS's expected adoption of EMIB-T for Trainium3 in 2027 and Google's Humufish/Triggerfish entering production expansion from H2 2027 to 2028. GF Securities also anticipates that AWS and Microsoft's ASIC products may adopt EMIB in 2028. Intel has also secured support from Unimicron and plans to internally produce silicon capacitors. [Original Link]