On Friday, we looked at Qualcomm’s custom ASIC business. Qualcomm has two hyperscaler programs shipping, and they make up most of its $5B FY27 data center target.
Today it’s Intel. Intel talks about custom ASICs on every earnings call, and that business more than doubled year over year last quarter. But what is Intel actually building? Is any of it an AI accelerator? What IP is Intel missing, and should it buy its own Alphawave? And why does Intel Foundry need all of this to work?