{"id":59537,"date":"2024-07-18T06:00:35","date_gmt":"2024-07-18T10:00:35","guid":{"rendered":"https:\/\/www.ino.com\/blog\/?p=59537"},"modified":"2024-08-19T09:02:41","modified_gmt":"2024-08-19T13:02:41","slug":"is-intel-a-buy-deep-dive-into-software-expansion-and-ai-aspirations","status":"publish","type":"post","link":"https:\/\/wwwtest.ino.com\/blog\/2024\/07\/is-intel-a-buy-deep-dive-into-software-expansion-and-ai-aspirations\/","title":{"rendered":"Is Intel a Buy? Deep Dive into Software Expansion and AI Aspirations"},"content":{"rendered":"

Intel Corporation (INTC)<\/span><\/a>, a global leader in designing and manufacturing semiconductor products, is making headlines with its ambitious goals for software expansion. Chief Technology Officer (CTO) Greg Lavender told Reuters that Intel\u2019s push into software is progressing well, with the company potentially achieving<\/span> cumulative software revenue of $1 billion<\/span><\/a> by the end of 2027.<\/span><\/p>\n

Progress in Building a Software Business<\/b><\/p>\n

INTC has been steadily growing its software capabilities. The company generated over $100 million in software revenue in 2021, the year Greg Lavender was brought in from cloud computing firm VMware, Inc. (VMW) by CEO Pat Gelsinger to lead Intel\u2019s software strategy. Since then, the chipmaker has acquired three software companies. It highlights Intel\u2019s strategic pivot towards becoming a significant player in the software market, complementing its traditional hardware dominance.<\/span><\/p>\n

Intel, which reported $54 billion in revenue in 2023, offers a variety of software services and tools, ranging from cloud computing to artificial intelligence (AI). Lavender stated that his strategy is centered on providing services in AI, performance, and security, with the company making significant investments in all three areas.<\/span><\/p>\n

The chipmaker's investment in AI is particularly noteworthy. INTC\u2019s upcoming Gaudi 3 chip is expected to generate significant demand, potentially positioning the company as a major contender in the AI chip market. Intel said it expected over $500 million in sales from its Gaudi 3 chips in the second half of the year.<\/span><\/p>\n

Powered by the high-efficiency Intel\u00ae Gaudi\u00ae platform and boasting proven MLPerf benchmark performance,<\/span> Intel\u00ae Gaudi\u00ae 3 AI accelerators<\/span><\/a> are designed to tackle demanding training and inference tasks. Recently, Intel announced<\/span> pricing for Intel\u00ae Gaudi\u00ae 2 and Intel\u00ae Gaudi\u00ae 3 AI accelerator kits<\/span><\/a>, which redefine power, performance, and affordability.<\/span><\/p>\n

A standard AI kit, including Intel Gaudi 2 accelerators with a universal baseboard (UBB), is offered to system providers at $65,000, estimated to be one-third the cost of comparable competitive platforms. Also, a kit including eight Intel Gaudi 3 accelerators with a UBB will cost $125,000, expected to be two-thirds the cost of comparable competitive platforms.<\/span><\/p>\n

NVIDIA Corporation (NVDA)<\/span><\/a> currently dominates this space, controlling about 83% of the data center chip market in 2023. However, INTC\u2019s focus on developing versatile and efficient AI processors could challenge NVDA\u2019s dominance.<\/span><\/p>\n

Positioning as a Leader in the Tech Industry<\/b><\/p>\n

Intel\u2019s comprehensive approach to AI software development could significantly enhance its position in the technology industry. CTO Greg Lavender mentioned that Intel is backing open-source initiatives to create software and tools capable of powering a diverse array of AI chips, with further breakthroughs anticipated in the upcoming months.<\/span><\/p>\n

A crucial part of NVDA\u2019s success is attributed to its proprietary software, CUDA, which binds developers to Nvidia chips. However, France\u2019s antitrust regulator is preparing to<\/span> charge Nvidia with suspected anti-competitive practices<\/span><\/a>. The regulatory body voiced concerns about the generative AI sector\u2019s reliance on CUDA.<\/span><\/p>\n

Intel is a part of the UXL Foundation, a consortium of technology companies working on an open-source project that aims to make computer code run on any machine, regardless of the underlying chip and hardware. Other notable members of this consortium include Qualcomm Inc (QCOM), Samsung Electronics, and Arm Holdings plc (ARM).<\/span><\/p>\n

Furthermore, INTC is actively contributing to Triton, an initiative led by OpenAI to develop an open-source programming language designed to improve code efficiency across AI chips. This project is also supported by<\/span> Advanced Micro Devices, Inc. (AMD)<\/span><\/a> and<\/span> Meta Platforms, Inc. (META)<\/span><\/a>. Triton is already operational on Intel\u2019s existing graphics processing units and will be compatible with the company's next generation of AI chips.<\/span><\/p>\n

\u201cTriton is going to level the playing field,\u201d Lavender said, emphasizing the potential impact of this initiative.<\/span><\/p>\n

By contributing to open-source projects like Triton and the UXL Foundation, Intel aims to create a more inclusive and competitive AI ecosystem. This strategy boosts INTC\u2019s technological capabilities and strengthens its reputation as a forward-thinking company willing to invest in the broader tech community.<\/span><\/p>\n

Robust First-Quarter Performance but Weak Second-Quarter Forecast<\/b><\/p>\n

For the first quarter that ended March 30, 2024, INTC\u2019s net revenue increased 8.6% year-over-year to<\/span> $12.72 billion<\/span><\/a>, primarily driven by growth in its personal computing, data center, and AI business. Revenue from the company\u2019s biggest business, Client Computing Group (CCG), which is responsible for chips for PCs and laptops, grew 31% year-over-year to $7.50 billion.<\/span><\/p>\n

Intel\u2019s Data Center and AI business, which makes central processors for servers and other parts and software, reported sales of $3 billion, up 5% year-over-year. The company continues to compete for server market share against well-established chipmakers like Nvidia.<\/span><\/p>\n

Further, the company\u2019s gross margin rose 30.2% from the prior year\u2019s quarter to $5.22 billion. INTC\u2019s non-GAAP operating income came in at $723 million, compared to an operating loss of $294 million in the previous year\u2019s quarter. Its non-GAAP net income and earnings per share were $759 million and $0.18, compared to a net loss and loss per share of $169 million and $0.04, respectively, in the same period of 2023.<\/span><\/p>\n

The chipmaker gave weak guidance for the second quarter. For the quarter that ended June 2024, Intel expects its revenue to come between $12.50 billion and $13.50 billion, and its non-GAAP earnings per share is anticipated to be $0.10.<\/span><\/p>\n

Meanwhile, analysts expect INTC\u2019s revenue for the second quarter to increase marginally year-over-year to $12.99 billion. The company\u2019s EPS is expected to decline 21.6% year-over-year to $0.10 for the same period.<\/span><\/p>\n

Bottom Line<\/b><\/p>\n

Intel\u2019s strategic shift towards expanding its software capabilities, primarily focusing on AI and cybersecurity, is setting the stage for substantial future revenue growth. The company\u2019s progress in building a robust software business, evidenced by the significant revenue surge and strategic acquisitions over the years, highlights a promising growth trajectory.<\/span><\/p>\n

By focusing on AI, performance, and security areas and making significant investments, Intel is diversifying its revenue streams and positioning itself as a formidable player in the tech industry. The company\u2019s executives hinted at robust demand for its upcoming Gaudi 3 chip, which can help Intel take second place in the AI chip market.<\/span><\/p>\n

While INTC\u2019s involvement in open-source initiatives like Triton and the UXL Foundation, collaboration with industry leaders, and continuous innovation underscores its commitment to fostering a competitive and inclusive AI ecosystem, Nvidia\u2019s dominance in the data center chip market is pronounced and presents a significant challenge.<\/span><\/p>\n

Intel\u2019s solid first-quarter performance reflects the effectiveness of its strategic initiatives, but its dim second-quarter guidance indicates some short-term challenges. Analysts predict a slight year-over-year revenue increase but a notable EPS decline for the second quarter. While it may face hurdles in the immediate future, INTC\u2019s long-term prospects appear promising, driven by its software expansion and strategic investments in AI.<\/span><\/p>\n

Cantor Fitzgerald<\/span> reiterated a Neutral rating on INTC stock<\/span><\/a> while maintaining a price target of $40. Also, TD Cowen reiterated coverage on Intel with a Neutral rating and set a new price target of $40 from $45 previously. Given this backdrop, it seems wise to wait for a better entry point in INTC now.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Intel Corporation (INTC), a global leader in designing and manufacturing semiconductor products, is making headlines with its ambitious goals for software expansion. Chief Technology Officer (CTO) Greg Lavender told Reuters that Intel\u2019s push into software is progressing well, with the company potentially achieving cumulative software revenue of $1 billion by the end of 2027. Progress […]<\/p>\n","protected":false},"author":41,"featured_media":58627,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[34514,32228,34515,34518,32229,32092,31686,34517,32091,31933,34516,34513],"class_list":["post-59537","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-12-72-billion","tag-advanced-micro-devices","tag-charge-nvidia-with-suspected-anti-competitive-practices","tag-cumulative-software-revenue-of-1-billion","tag-inc-amd","tag-inc-meta","tag-intel-corporation-intc","tag-intel-gaudi-3-ai-accelerators","tag-meta-platforms","tag-nvidia-corporation-nvda","tag-pricing-for-intel-gaudi-2-and-intel-gaudi-3-ai-accelerator-kits","tag-reiterated-a-neutral-rating-on-intc-stock"],"yoast_head":"\nIs Intel a Buy? 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