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Intel (NASDAQ: INTC) Is the Only Semiconductor to Experience “Gross Margin Contraction” Over the Next Few Years, According to Goldman Sachs

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Intel (NASDAQ:INTC), long regarded the uncontested leader in the silicon sphere, has been on the receiving end of a litany of adverse developments lately. Goldman Sachs (NYSE:GS) became the latest prognosticator of bad news today as it took a proverbial cudgel to Intel’s medium-term prospects.

While citing channel checks that reveal a weak demand for PCs, Goldman Sachs downgraded Intel today from ‘Neutral’ to a ‘Sell’ rating. The Wall Street behemoth also lowered the target price for Intel’s stock to $54 from an earlier peg at $65, translating to a downside potential of 8.44 percent relative to the current price level of $58.98, as of 09:38 a.m. ET.

Goldman analyst Toshiya Hari observed in the latest investment note:

“[Channel checks show] “a slowdown in PC builds in 2H20 and continued share loss for Intel in the client and server CPU markets.”

The analyst also pointed to the “competitive dynamics headwinds” that Intel continues to face across a number of its business segments, with AMD emerging as a major threat to Intel’s domination.

While conceding that Intel looks “cheap” relative to the valuation of its competitors, Hari asserted that Intel is “the only company where we forecast gross margin contraction over the next few years.”

Of course, today’s downgrade follows a serious blow that Intel suffered in late June when Apple (NASDAQ:AAPL) officially announced a shift away from Intel-sourced processors for its Mac lineup. While the transition is expected to take as many as two years, Apple will eventually move the entirety of its Mac offerings to custom ARM-based processors, eviscerating an important revenue source for Intel in the process. Of course, the strategy serves to benefit Apple as the iPhone maker will be able to optimize these custom processors to extract the maximum benefit when it comes to the performance and energy efficiency of the Mac lineup.

Apart from changing industry dynamics, Intel is also being affected by the ongoing multi-faceted spat between the U.S. and China. As an illustration, on the 01st of July, Intel was forced to halt the shipment of its server products to the Inspur Group following a directive from the U.S. administration. Bear in mind that Inspur, headquartered in the Shandong province of China, is responsible for providing its customers with Enterprise Resource Planning (ERP), servers, artificial intelligence, big data, and other solutions requiring high-end silicon chips. Though Intel was able to resume normal business dealings with Inspur by the 04th of July, the development highlights the vulnerability of American tech giants to the escalating geopolitical tensions between the two largest economies of the world.

Even so, Intel appears to be focusing on its 10nm product lineup to maintain its market share. As an illustration, Intel’s Tiger Lake family of

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By: Rohail Saleem
Title: Intel (NASDAQ: INTC) Is the Only Semiconductor to Experience “Gross Margin Contraction” Over the Next Few Years, According to Goldman Sachs
Sourced From: wccftech.com/intel-nasdaq-intc-is-the-only-semiconductor-to-experience-gross-margin-contraction-over-the-next-few-years-according-to-goldman-sachs/
Published Date: Mon, 06 Jul 2020 14:06:21 +0000

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Intel Confirms Sapphire Rapids Processors In 2021 With DDR5, PCIe 5.0 And CXL 1.1

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At their Architecture Day 2020, Intel also confirmed the launch of its upcoming Sapphire Rapids CPU platform in 2021. Sapphire Rapids will feature support for DDR5 memory and PCIe 5.0 and will truly be a “next-generation” data center chip with the addition of the CXL 1.1 interconnect. The company has also plans to release the OneAPI (going gold) later this year which should tie up their master plan of a unified datacenter ecosystem quite nicely.

Intel Sapphire Rapids, Alder Lake and 144 Layer QLC confirmed at Intel Architecture Day 2020

While the company did not reveal the exact process Saphire Rapids is based on, we can infer that it will likely be based on the company’s 10nm SuperFin Enhanced process because it succeeds Ice Lake processors (which are based on vanilla 10nm) and because it uses TME. Total Memory Encryption is an architectural design that encrypts the memory completely so even if someone dumps the RAM – they would just get garbage data. This feature is also present in Tiger Lake – which is based on 10nm SuperFin – which lends credence to Sapphire Rapids being based on the same (or more advanced) process as well.

The company also confirmed that they will be shipping a new 144 layer QLC later in 2020 which should be higher than the industry average and offers a 50% density increase over the third generation QLC that Intel produced. This is something that once again ties in with their datacenter unification efforts. The entire platform would be competing against AMD’s Zen 4 based EPYC Genoa lineup which would also be moving to a newer platform known as SP5.

AMD has promised new memory along with new capabilities for the Genoa lineup which would include support for DDR5, PCIe 5.0,

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By: Usman Pirzada
Title: Intel Confirms Sapphire Rapids Processors In 2021 With DDR5, PCIe 5.0 And CXL 1.1
Sourced From: wccftech.com/intel-confirms-sapphire-rapids-processors-in-2021-with-ddr5-pcie-5-0-and-cxl-1-1/
Published Date: Thu, 13 Aug 2020 13:41:10 +0000

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Intel Announces 10nm SuperFin Transistor – Roughly The Same Level Of Performance Uplift As A Node Shrink

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Intel held its Architecture Day 2020 for the press on August 11 and revealed quite a few technological innovations but the star of the show for architecture fans was the company’s SuperFin process enhancement. Intel joked about their ++++ improvements on 14nm and revealed a new FinFET type for 10nm called SuperFin which allowed them to gain several plusses worth of improvement in one go. According to Intel and the benchmarks they provided, the improvement in performance is roughly equal to one node shrink.

Intel’s 10nm SuperFin transistor achieves ~17.5% performance uplift and significantly higher clock speeds compared to vanilla 10nm

Intel’s 10nm has gained quite a reputation for being broken but it looks like the company has not only managed to fix problems with the original 10nm process but improve it to get several iterations worth of performance uplift in a single go. A single “+” iteration previously gave a performance uplift of around 5% but with 10nm SuperFin enhanced, the intranode performance uplift is roughly 17.5% when compared to vanilla 10nm.

Before we go any further, here is an introduction to Intel’s 10nm SuperFin from Ruth Brian herself:

We are redefining [the FinFET] to deliver an unprecedented level of performance uplift. We achieve this through a combination of innovations across the entire process stack from the bottom of the transistor channel all the way to the top interconnect metal layers. Within the transistor, we improved epitaxial growth of crystal structures on the source and drain, increasing the strain and reducing resistance. It allowed more current to flow through the channel.

We had an enhanced source drain architecture driving additional higher channel mobility and enabling charge

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By: Usman Pirzada
Title: Intel Announces 10nm SuperFin Transistor – Roughly The Same Level Of Performance Uplift As A Node Shrink
Sourced From: wccftech.com/intel-10nm-superfin-transistor/
Published Date: Thu, 13 Aug 2020 13:00:01 +0000

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Intel Tiger Lake CPU Details Leak Out: 10nm SuperFin Architecture, Willow Cove CPU & Xe GPU Cores, DDR5 Memory Support & Higher Efficiency Than Ice Lake

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Intel’s Tiger Lake is the second biggest tech launch happening in the month of September. The 11th Generation CPU lineup is going to bring big updates in the laptop and notebook segment, featuring a brand new chip architecture and several new features for the consumer space. Now we get a first look at what lies under the hood of Intel’s Tiger Lake family from Videocardz who have detailed the chip architecture in the latest leak.

Intel Tiger Lake 10nm SuperFin CPUs Detailed – Willow Cove CPU & Xe GPU Cores, DDR5 / PCIe 4.0 Memory Support, Improved Efficiency Over The Ice Lake Chips

The Intel Tiger Lake CPUs will be branded under the 11th Generation Core family branding. There have been several leaks regarding the family and we know almost every SKU that will be launched next month. However, the slides and details presented by Intel (leaked by Videocardz) point out that Intel still has a few surprises to talk about.

Intel Tiger Lake 10nm 11th Generation CPUs With Willow Cove & Xe cores.

Intel has already announced a pre-launch seminar during Hot Chips 2020 where its Chief Architect, Raja Koduri, will be presenting the first details of the Tiger Lake CPUs and more specifically, the Xe GPU architecture.

Intel Tiger Lake vs AMD Renoir Mobility CPU Comparisons:

CPU Family NameIntel Tiger Lake-UAMD Renoir U-SeriesFamily BrandingIntel 11th Gen Core (U-series)AMD Ryzen 4000 (U-Series)Process Node10nm7nmCPU Core ArchitectureWillow CoveZen 2CPU Cores/Threads (Max)4/88/16Max CPU ClocksTBD (Core i7-1185G7)4.2 GHz (Ryzen 7 4800U)GPU Core ArchitectureXe Graphics EngineVega Enhanced 7nmMax GPU Cores96 EUs (768 cores)8 CUs (512 cores)Max GPU Clocks1300 MHz?1750 MHzTDP (cTDP Down/Up)15W (12W-28W)15W (10W-25W)LaunchMid 2020March 2020

Intel’s 10nm SuperFin & SuperMIM Design For Tiger Lake

Tiger Lake CPUs will be fabricated on an enhanced version of the 10nm process node. According to Intel, Tiger Lake CPUs make use of its 10nm Enhanced SuperFin architecture. This new

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By: Hassan Mujtaba
Title: Intel Tiger Lake CPU Details Leak Out: 10nm SuperFin Architecture, Willow Cove CPU & Xe GPU Cores, DDR5 Memory Support & Higher Efficiency Than Ice Lake
Sourced From: wccftech.com/intel-tiger-lake-cpu-details-leak-out-10nm-superfin-architecture-with-willow-cove-cpu-xe-gpu-cores-ddr5-memory-pcie-gen-4-support/
Published Date: Wed, 12 Aug 2020 14:47:41 +0000

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