The company has begun volume shipments of its first products built on the 18-angstrom (18A) process, marking a significant milestone in its turnaround strategy. These chips, aimed at high-performance computing and data center customers, began rolling off the new Fab 34 line in Chandler, Arizona, in December. Management projects that 18A products will contribute more than 10% of foundry revenue by the end of 2026, up from zero a year ago. Several hyperscale cloud clients have already signed multi-year supply agreements for 18A wafers, locking in capacity and underscoring growing confidence in Intel's advanced-node roadmap.

Last August, the U.S. government converted $52 billion in CHIPS Act grants and defense contracts into an equity stake equivalent to 9.9% ownership, purchasing 433.3 million shares at $20.47 each. Since that transaction, Intel’s share price has more than doubled, reflecting an 80% gain from the government’s entry cost. The capital infusion has strengthened Intel’s balance sheet, funded additional wafer capacity expansions in Ohio and Germany, and underscored the chipmaker’s strategic importance to national security. Analysts now forecast free cash flow exceeding $20 billion in 2026, up from $15 billion in 2024, driven largely by increased utilization of these new fabs.

Pat Gelsinger, who led Intel from 2021 to 2024, cautioned that rebuilding advanced fabrication on American soil will not happen overnight. On a financial news broadcast, he pointed out that decades of offshoring to Asia have left the U.S. responsible for less than 15% of global advanced-node wafer starts. Restoring that share will require not only new factories like those now under construction in Ohio, but also sustained commitments from major design houses to locate production domestically. He emphasized that true success will be measured by year-over-year growth in wafers processed in America, rather than by technology demonstrations alone.