Chief Financial Officer, Intel
“For 2027, we're planning for the PC unit TAM to decline roughly 10%... Make no mistake, we are not optimistic about next year in terms of memory. We think that it is going to impact the TAM. We think TAM will be down 10% on a units basis next year, and then we'll have to see in '28 whether things improve.”
Intel also guided the 2026 PC unit TAM down about 12%, with second-half units down more than 20%; resolves against 2027 industry PC unit shipment data.
“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.