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L5a

Digital IDM

Integrated device manufacturers in the digital/logic domain. Design and manufacture their own chips. Intel is the primary constituent — a company in structural transition from PC/server CPUs toward foundry services.

contraction↓
HYPOTHESIS

INTC is its own story — geopolitical relevance (CHIPS Act), Intel Foundry Services pivot, and PC cycle exposure make it uncorrelated with analog IDMs. Separating it from L5b is the right call.

CAPITAL CYCLE
Capex/Depreciation: 1.6x

Intel is in a painful capex contraction — spending heavily on new fabs while core business margins compress. Classic capital cycle overhang.

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BETA SPY
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BETA SOXX
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CONSTITUENTS
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INTRA-LAYER CORRELATION

Single constituent — intra-layer correlation not applicable.

CONSTITUENTS
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TICKERCOMPANYLASTCHG%β SPYβ SOXXSIGNALSTAGS
INTC
Intel Corporation
Legacy CPU giant in structural transition. Intel Foundry Services is a strategic bet on recapturing ...
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OPTIONS
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SEMILENS v0.1 · Data via Tradier Production API · Not financial adviceBeta research: 5Y daily · Loading...