Intel is the original poster child for AI, up 30% this year while tech index is down 10%, with spreads 50bps tighter over past 6 months.

They announced spending tens of billions on foundries (not data centers), free cash went negative, they borrowed, stock and bonds sold off, but now in major turnaround.

Intel benefits from big powerful friends: government converted grants to 10% equity stake ($8B), video wrote $5B check, SoftBank wrote couple billion, plus $10B from asset sales of non-core businesses.

Unlike others borrowing and adding leverage, Intel has been on deleveraging push while core business improves with better balance sheet and top line growth after 5 years of declines.

Intel built $37.5B cash base, using some to buy back Apollo stake - a sign of strength showing they now have financial firepower to build on their own without partners.

They pioneered creative financing with off-balance sheet SPVs for foundries (Apollo, Brookfield deals), now unwinding one shows strength. S&P called it credit neutral, Moody's credit positive for quicker deleveraging.

Every technology firm would love to have a CEO like Intel's new CEO who made these transformative changes.