“Our 2026 gross capital expenditures remains on track to be $20 billion, and we expect 2027 gross capital spending to be up strongly... I think next year is an investment year for us as we look at the year. Probably not a dynamic where we're going to have positive free cash flow next year.”

Spending is tied to ramping Intel 18A and Intel 3, preparing Intel 14A for risk production, accelerating the Fab 62 clean-room build-out in Arizona and 'exploring opportunities to accelerate in Ohio'; resolves on Intel's reported 2027 free cash flow.