Intel (INTC) 10-K risk factor changes: FY2024 vs FY2023

| | | | Critical accounting estimates | | | Pages [removed: [44](#idf7ed2de495a465caefd5bdf5ef2c708_175), [79](#idf7ed2de495a465caefd5bdf5ef2c708_268)\-[85](#idf7ed2de495a465caefd5bdf5ef2c708_343)] [added: [30](#i52fa34b6ba9248c7a0a794e31846504f_169), [62](#i52fa34b6ba9248c7a0a794e31846504f_268)\-[68](#i52fa34b6ba9248c7a0a794e31846504f_346)] | | |

| Item 7A. | | | Quantitative and Qualitative Disclosures About Market Risk | | | Pages [removed: [64](#idf7ed2de495a465caefd5bdf5ef2c708_202)\-[65](#idf7ed2de495a465caefd5bdf5ef2c708_3901)] [added: [47](#i52fa34b6ba9248c7a0a794e31846504f_199)\-[48](#i52fa34b6ba9248c7a0a794e31846504f_202)] | | |

| Item 8. | | | Financial Statements and Supplementary Data | | | Pages [removed: [70](#idf7ed2de495a465caefd5bdf5ef2c708_229)\-[114](#idf7ed2de495a465caefd5bdf5ef2c708_454)] [added: [53](#i52fa34b6ba9248c7a0a794e31846504f_229)\-[101](#i52fa34b6ba9248c7a0a794e31846504f_469)] | | |

| | | | Liquidity and capital resources | | | Pages [28](#i52fa34b6ba9248c7a0a794e31846504f_157)\-[30](#i52fa34b6ba9248c7a0a794e31846504f_169), [30](#i52fa34b6ba9248c7a0a794e31846504f_15393162793225) | | |

| | | | Results of operations | | | Pages [13](#i52fa34b6ba9248c7a0a794e31846504f_70)\-[27](#i52fa34b6ba9248c7a0a794e31846504f_154) | | |

| | | | Liquidity and capital resources | | | Pages [5](#idf7ed2de495a465caefd5bdf5ef2c708_31)\-[6](#idf7ed2de495a465caefd5bdf5ef2c708_34), [42](#idf7ed2de495a465caefd5bdf5ef2c708_166)\-[44](#idf7ed2de495a465caefd5bdf5ef2c708_175), [45](#idf7ed2de495a465caefd5bdf5ef2c708_181)\-[4](#idf7ed2de495a465caefd5bdf5ef2c708_184)7 | | |

| | | | Results of operations | | | Pages [5](#idf7ed2de495a465caefd5bdf5ef2c708_31)\-[6](#idf7ed2de495a465caefd5bdf5ef2c708_34), [21](#idf7ed2de495a465caefd5bdf5ef2c708_82)\-[42](#idf7ed2de495a465caefd5bdf5ef2c708_163), [45](#idf7ed2de495a465caefd5bdf5ef2c708_181)\-[4](#idf7ed2de495a465caefd5bdf5ef2c708_184)7 | | |

| | | | General development of business | | | Pages [removed: [3](#idf7ed2de495a465caefd5bdf5ef2c708_25)\-[9](#idf7ed2de495a465caefd5bdf5ef2c708_40), [20](#idf7ed2de495a465caefd5bdf5ef2c708_70)] [added: [3](#i52fa34b6ba9248c7a0a794e31846504f_25)\-[4](#i52fa34b6ba9248c7a0a794e31846504f_40), [13](#i52fa34b6ba9248c7a0a794e31846504f_70)] | | |

| | | | Available information | | | Page [removed: [2](#idf7ed2de495a465caefd5bdf5ef2c708_22)] [added: [2](#i52fa34b6ba9248c7a0a794e31846504f_22)] | | |

| Item 1A. | | | Risk Factors | | | Pages [removed: [48](#idf7ed2de495a465caefd5bdf5ef2c708_205)\-[6](#idf7ed2de495a465caefd5bdf5ef2c708_193)2] [added: [31](#i52fa34b6ba9248c7a0a794e31846504f_193)\-[46](#i52fa34b6ba9248c7a0a794e31846504f_196)] | | |

| | | | Description of business | | | Pages [3](#i52fa34b6ba9248c7a0a794e31846504f_25)\-[20](#i52fa34b6ba9248c7a0a794e31846504f_124), [45](#i52fa34b6ba9248c7a0a794e31846504f_196)\-[47](#i52fa34b6ba9248c7a0a794e31846504f_199), [51](#i52fa34b6ba9248c7a0a794e31846504f_223), [68](#i52fa34b6ba9248c7a0a794e31846504f_346)\-[72](#i52fa34b6ba9248c7a0a794e31846504f_346) | | |

| | | | Description of business | | | Pages [3](#idf7ed2de495a465caefd5bdf5ef2c708_25)\-[36](#idf7ed2de495a465caefd5bdf5ef2c708_124), [63](#idf7ed2de495a465caefd5bdf5ef2c708_193)\-[64](#idf7ed2de495a465caefd5bdf5ef2c708_202), [68](#idf7ed2de495a465caefd5bdf5ef2c708_223), [85](#idf7ed2de495a465caefd5bdf5ef2c708_343)\-[8](#idf7ed2de495a465caefd5bdf5ef2c708_343)6 | | |

| | | | For the fiscal year ended December [removed: 30, 2023.] [added: 28, 2024.] | | |

][added: cover.jpg](https://www.sec.gov/Archives/edgar/data/50863/000005086325000009/intc-20241228_g1.jpg)]

The aggregate market value of voting and non-voting common equity held by non-affiliates of the registrant as of June [removed: 30, 2023,] [added: 28, 2024,] based upon the closing price of the common stock as reported by the Nasdaq Global Select Market on such date, was [removed: $140.0] [added: $132.4] billion.

[removed: 4,228] [added: 4,330] million shares of common stock were outstanding as of January [removed: 19, 2024.][added: 24, 2025.]

Portions of the registrant's proxy statement related to its [removed: 2024] [added: 2025] Annual Stockholders' Meeting to be filed subsequently are incorporated by reference into Part III of this Form 10-K.

| Availability of Company Information | | | | | | [removed: [2](#idf7ed2de495a465caefd5bdf5ef2c708_22)] [added: [2](#i52fa34b6ba9248c7a0a794e31846504f_22)] | | |

| [removed: Introduction to] [added: Fundamentals of] Our Business | | | | | | [removed: [3](#idf7ed2de495a465caefd5bdf5ef2c708_25) | | |]

[removed: |] A Year in Review [removed: | | | | | | [5](#idf7ed2de495a465caefd5bdf5ef2c708_31) | | |]

| Our Strategy | | | | | | [removed: [7](#idf7ed2de495a465caefd5bdf5ef2c708_37)] [added: [3](#i52fa34b6ba9248c7a0a794e31846504f_37)] | | |

| Our Capital | | | | | | [removed: [10](#idf7ed2de495a465caefd5bdf5ef2c708_43)] [added: [5](#i52fa34b6ba9248c7a0a794e31846504f_43)] | | |

| [added: Operating] Segment Trends and Results | | | | | | [removed: [21](#idf7ed2de495a465caefd5bdf5ef2c708_82)] | | | [added: | | | | | |]

| Consolidated Results of Operations | | | | | | [removed: [37](#idf7ed2de495a465caefd5bdf5ef2c708_136)] [added: [23](#i52fa34b6ba9248c7a0a794e31846504f_127)] | | |

| Liquidity and Capital Resources | | | | | | [removed: [42](#idf7ed2de495a465caefd5bdf5ef2c708_166)] [added: [28](#i52fa34b6ba9248c7a0a794e31846504f_157)] | | |

| Critical Accounting Estimates | | | | | | [removed: [44](#idf7ed2de495a465caefd5bdf5ef2c708_175)] [added: [30](#i52fa34b6ba9248c7a0a794e31846504f_169)] | | |

| Non-GAAP Financial Measures | | | | | | [removed: [45](#idf7ed2de495a465caefd5bdf5ef2c708_181)] [added: [30](#i52fa34b6ba9248c7a0a794e31846504f_15393162793225)] | | |

| Sales and Marketing | | | | | | [removed: [63](#idf7ed2de495a465caefd5bdf5ef2c708_193)] [added: [45](#i52fa34b6ba9248c7a0a794e31846504f_196)] | | |

| Quantitative and Qualitative Disclosures About Market Risk | | | | | | [removed: [64](#idf7ed2de495a465caefd5bdf5ef2c708_202)] [added: [47](#i52fa34b6ba9248c7a0a794e31846504f_199)] | | |

| Market for Our Common Stock | | | | | | [removed: [66](#idf7ed2de495a465caefd5bdf5ef2c708_214)] [added: [49](#i52fa34b6ba9248c7a0a794e31846504f_211)] | | |

| Stock Performance Graph | | | | | | [removed: [67](#idf7ed2de495a465caefd5bdf5ef2c708_217)] [added: [50](#i52fa34b6ba9248c7a0a794e31846504f_214)] | | |

| Issuer Purchases of Equity Securities | | | | | | [removed: [67](#idf7ed2de495a465caefd5bdf5ef2c708_220)] [added: [50](#i52fa34b6ba9248c7a0a794e31846504f_217)] | | |

| Rule 10b5-1 Trading Arrangements | | | | | | [removed: [67](#idf7ed2de495a465caefd5bdf5ef2c708_3894)] [added: [50](#i52fa34b6ba9248c7a0a794e31846504f_220)] | | |

| Information About Our Executive Officers | | | | | | [removed: [68](#idf7ed2de495a465caefd5bdf5ef2c708_223)] [added: [51](#i52fa34b6ba9248c7a0a794e31846504f_223)] | | |

| Disclosure Pursuant to Section 13(r) of the Securities Exchange Act of 1934 | | | | | | [removed: [69](#idf7ed2de495a465caefd5bdf5ef2c708_226)] [added: [52](#i52fa34b6ba9248c7a0a794e31846504f_226)] | | |

| Auditor's Reports | | | | | | [removed: [71](#idf7ed2de495a465caefd5bdf5ef2c708_232)] [added: [54](#i52fa34b6ba9248c7a0a794e31846504f_232)] | | |

| Consolidated Financial Statements | | | | | | [removed: [74](#idf7ed2de495a465caefd5bdf5ef2c708_241)] [added: [57](#i52fa34b6ba9248c7a0a794e31846504f_241)] | | |

| Notes to Consolidated Financial Statements | | | | | | [removed: [79](#idf7ed2de495a465caefd5bdf5ef2c708_265)] [added: [62](#i52fa34b6ba9248c7a0a794e31846504f_265)] | | |

| Form 10-K Cross-Reference Index | | | | | | [removed: [121](#idf7ed2de495a465caefd5bdf5ef2c708_475)] [added: [108](#i52fa34b6ba9248c7a0a794e31846504f_490)] | | |

[Table of [removed: Contents](#idf7ed2de495a465caefd5bdf5ef2c708_16)][added: Contents](#i52fa34b6ba9248c7a0a794e31846504f_16)]

[removed: - our] [added: ▪our] business [removed: plans and] [added: plans,] strategy and [added: leadership and] anticipated benefits therefrom, including with respect to our [removed: IDM 2.0] [added: foundry] strategy, [removed: our] Smart Capital strategy, [removed: our partnership] [added: partnerships] with [added: Apollo and] Brookfield, [removed: the transition to an internal foundry model, updates to our reporting] [added: AI strategy, organizational] structure, and [added: management, including] our [removed: AI strategy;][added: search for a new CEO;]

[removed: - projections] [added: ▪projections] of our future financial performance, including future revenue, gross margins, capital expenditures, [added: profitability,] and cash flows;

[removed: - projected costs] [added: ▪projected manufacturing capacities, volumes, costs,] and yield trends;

[removed: - future] [added: ▪future] cash requirements, the availability, uses, sufficiency, and cost of capital resources, and sources of funding, including for future capital and R&D investments and for returns to stockholders, [removed: such as stock repurchases] and [removed: dividends, and] credit ratings expectations;

[removed: - future] [added: ▪future] products, services, and technologies, and the expected goals, timeline, ramps, progress, availability, production, regulation, and benefits of such products, services, and technologies, including future process nodes and packaging technology, product roadmaps, schedules, future product architectures, expectations regarding process performance, per-watt parity, and metrics, and expectations regarding product and process [removed: leadership;][added: competitiveness;]

[removed: - internal] [added: ▪internal] and external manufacturing plans, including [removed: future internal] manufacturing [removed: volumes, manufacturing] expansion [removed: plans] [added: projects] and the financing [removed: therefor, and external foundry usage;][added: therefor;]

[removed: - supply] [added: ▪supply] expectations, including regarding constraints, limitations, pricing, and industry shortages;

[removed: - plans] [added: ▪plans] and goals related to Intel's foundry business, including with respect to anticipated [added: governance,] customers, future manufacturing [removed: capacity] [added: capacity,] and service, technology, and IP offerings;

[removed: - expected] [added: ▪expected] timing and impact of acquisitions, divestitures, and other significant transactions, including the sale of our NAND memory business;

[removed: - expected] [added: ▪expected timing,] completion and impacts of restructuring activities and cost-saving or efficiency [removed: initiatives][added: initiatives;]

[removed: - future] [added: ▪future] social and environmental performance goals, measures, strategies, and results;

[removed: - our] [added: ▪our] anticipated growth, future market share, and trends in our businesses and operations;

| Fundamental of Our Business | | | | | | [3](#i52fa34b6ba9248c7a0a794e31846504f_25) | | |

| Operating Segment Trends and Results | | | | | | [14](#i52fa34b6ba9248c7a0a794e31846504f_4142) | | |

| Risk Factors | | | | | | [31](#i52fa34b6ba9248c7a0a794e31846504f_193) | | |

| Cybersecurity | | | | | | [48](#i52fa34b6ba9248c7a0a794e31846504f_202) | | |

| Properties | | | | | | [49](#i52fa34b6ba9248c7a0a794e31846504f_208) | | |

| Key Terms | | | | | | [100](#i52fa34b6ba9248c7a0a794e31846504f_466) | | |

| Controls and Procedures | | | | | | [102](#i52fa34b6ba9248c7a0a794e31846504f_475) | | |

| Exhibits | | | | | | [103](#i52fa34b6ba9248c7a0a794e31846504f_478) | | |

▪expectations regarding CHIPS Act funding and other governmental awards or potential future governmental incentives;

▪the ongoing need to attract, retain, and motivate key talent, including engineering and management talent, as we have undertaken multiple significant headcount reductions and had significant management changes in the last few years, including our CEO;

▪our having ceased to return capital to stockholders;

We are a global designer and manufacturer of semiconductor products.

Customers of our semiconductor products primarily include OEMs, ODMs, cloud service providers, and other manufacturers and service providers, such as industrial and communication equipment manufacturers and other cloud service providers who buy our products through distributor, reseller, retail, and OEM channels throughout the world.

We market and sell our semiconductor products directly through our global sales and marketing organizations and indirectly through channel partners.

We also develop semiconductor fabrication process and packaging technologies and manufacture many of our semiconductor product offerings at our geographically diverse network of fabrication and assembly and test facilities.

We are also seeking to expand as a third-party foundry for external customers.

| Product Competitiveness | | |

At our core is the x86 ecosystem, which has served as a foundation of modern computing for over four decades.

We continue to advance this ecosystem with x86 microarchitectures focused on performance and efficiency.

In 2024, we announced the creation of an advisory group to expand the x86 ecosystem by enabling compatibility across platforms, simplifying software development, and providing developers with a platform to identify architectural needs and features to create innovative and scalable solutions for the future.

Our strategy is to bring AI to where the data is being generated and used.

Our product offerings are predominantly manufactured in our own manufacturing facilities using our proprietary process technologies.

In recent years, however, we have strategically utilized third-party foundry manufacturing capacity where advantageous for cost, performance, schedule, or other reasons.

This provides increased flexibility and scale, including in recent years the ability to continue to offer various products at the most performant end of the product spectrum where we did not yet have comparable process technologies in-house.

We manufacture a majority of our products in our own manufacturing facilities using our proprietary process technologies.

This enables us to optimize performance, shorten time-to-market for new product introductions, and more quickly scale products in high volume.

Process technology.

We continue to develop new generations of manufacturing process technology as we seek to realize the benefits from Moore’s Law, a law of economics predicted by Intel’s cofounder Gordon Moore more than 50 years ago.

Realizing Moore’s Law results in economic benefits as we are able to either reduce a chip's cost as we shrink its size or increase functionality and performance of a chip while maintaining the same cost with higher density.

As of the end of 2024, our core products were manufactured on 300mm wafers, with a significant majority manufactured using our Intel 7 process node while we ramped our Intel 4 and Intel 3 process nodes into high volume.

We operate wafer manufacturing facilities in the United States (Oregon and Arizona), Ireland, and Israel, assembly and testing facilities in Costa Rica, China, Malaysia, and Vietnam, and packaging facilities in the United States (New Mexico), Costa Rica, Vietnam, and Malaysia.

Foundry services.

The very high capital requirements of modern leading-edge semiconductor process technology development and manufacturing, especially those nodes requiring EUV lithography such as Intel 4, Intel 3, Intel 18A and future nodes, require us to expand the use of our process technologies as they mature and grow the number of wafers produced beyond the expected growth for our own products.

To this end, we are seeking to build a world-class foundry business also serving external customers and have made significant investments in ecosystem support to enable the usage of our manufacturing network by external customers.

Our foundry offerings include four components: wafer fabrication, packaging, chiplets, and software and services.

Our SCIP program has supported the period of accelerated manufacturing investment that commenced in early 2021.

We signed our latest SCIP agreement in the second quarter of 2024 and are not contemplating further transactions in the near term.

Our foundry business works closely with potential customers to obtain advance payments to secure capacity and participate in manufacturing capacity build-outs.

Our most recent stock repurchase was in the first quarter of 2021 and we suspended the declaration of quarterly dividends starting with the fourth quarter of 2024.

We agreed under our commercial CHIPS Act agreement to forgo paying dividends for the next two years, and agreed to limitations on the payment of dividends for the three years thereafter.

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| Our Products | | | | | | [20](#idf7ed2de495a465caefd5bdf5ef2c708_70) | | |

| Risk Factors | | | | | | [48](#idf7ed2de495a465caefd5bdf5ef2c708_205) | | |

| Cybersecurity | | | | | | [65](#idf7ed2de495a465caefd5bdf5ef2c708_3901) | | |

| Properties | | | | | | [66](#idf7ed2de495a465caefd5bdf5ef2c708_211) | | |

| Key Terms | | | | | | [112](#idf7ed2de495a465caefd5bdf5ef2c708_451) | | |

| Controls and Procedures | | | | | | [115](#idf7ed2de495a465caefd5bdf5ef2c708_460) | | |

| Exhibits | | | | | | [116](#idf7ed2de495a465caefd5bdf5ef2c708_463) | | |

- investment plans and impacts of investment plans, including in the US and abroad;

- future production capacity and product supply;

- anticipated trends and impacts related to industry component, substrate, and foundry capacity utilization, shortages, and constraints;

- expectations regarding government incentives;

- the need to attract, retain, and motivate key talent;

- our significantly reduced return of capital in recent years;

*The Bluetooth®* *word mark and logos are registered trademarks owned by Bluetooth SIG, Inc. and any use of such marks by Intel Corporation is under license.*



| A Year in Review | | | | | |

| 2023 revenue was $54.2 billion, down $8.8 billion, or 14%, from 2022. CCG revenue decreased 8% due to lower notebook and desktop volume from lower demand across market segments, partially offset by increased volume in the second half of the year as customer inventory levels normalized compared to higher levels in the first half. Notebook ASPs decreased due to a higher mix of small core products combined with a higher mix of older generation products. This was partially offset by higher desktop ASPs due to an increased mix of product sales to the commercial and gaming market segments. DCAI revenue decreased 20% due to lower server volume resulting from a softening CPU data center market, partially offset by higher ASPs from a lower mix of hyperscale customer-related revenue and a higher mix of high core count products. NEX revenue decreased 31% as customers tempered purchases to reduce inventories and adjust to a lower demand environment across product lines. We invested $16.0 billion in R&D, made capital investments of $25.8 billion, and had $11.5 billion in cash from operations and $(11.9) billion of adjusted free cash flow. | | | | | | | | |

| | | | | | | | | | | | | | | | | | | | | |

| Revenue | | | | | | Gross Margin | | | | | | Diluted EPS Attributable to Intel | | | | | | Cash Flows | | |

| ■ GAAP $B | | | | | | ■ GAAP ■ Non-GAAP | | | | | | ■ GAAP ■ Non-GAAP | | | | | | ■ Operating Cash Flow $B ■ Adjusted Free Cash Flow1 $B | | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| $54.2B | | | | | | | | | 40.0% | | | | | | 43.6% | | | | | | $0.40 | | | | | | $1.05 | | | | | | $11.5B | | | | | | $(11.9)B | | |

| GAAP | | | | | | | | | GAAP | | | | | | non-GAAP1 | | | | | | GAAP | | | | | | non-GAAP1 | | | | | | GAAP | | | | | | non-GAAP1 | | |

| Revenue down 14% from 2022 revenue | | | | | | | | | Gross margin down 2.6 ppts from 2022 | | | | | | Gross margin down 3.7 ppts from 2022 | | | | | | Diluted EPS down $1.54 or 79% from 2022 | | | | | | Diluted EPS down $0.62 or 37% from 2022 | | | | | | Operating cash flow down $4.0B or 26% from 2022 | | | | | | Adjusted free cash flow down $7.8B or 191% from 2022 | | |

| Lower revenue in CCG, DCAI, and NEX. | | | | | | | | | Lower GAAP gross margin from lower revenue, higher unit cost, and higher excess capacity charges, partially offset by the sell-through of previously reserved inventory, lower inventory reserves taken in 2023, lower product ramp costs, and the absence of one-time charges recognized in 2022. | | | | | | | | | | | | Lower GAAP EPS from lower gross margin and absence of one-time gains recognized in 2022, partially offset by lower R&D and MG&A spending, and a higher tax benefit. | | | | | | | | | | | | Lower operating cash flow primarily driven by lower net income, partially offset by favorable changes in working capital and other adjustments. | | | | | | | | |

Managing to our long-term financial model

We continued to prioritize investments critical to our IDM 2.0 transformation, achieved operational milestones, and executed disciplined expense management.

To achieve our long-term financial model, we believe it is imperative that we drive to world-class product cost and operational efficiency.

A key component of our overall strategy is our internal foundry model.

Under this model, we intend to reshape our operational dynamics and establish transparency and accountability through standalone profit and loss reporting for our manufacturing group in 2024.

We expect this model to enable increased efficiencies across a number of aspects of our organization that we believe are integral to achieving our financial and operational goals.

| Item 1C. | | | Cybersecurity | | | Page [removed: [65](#idf7ed2de495a465caefd5bdf5ef2c708_3901)\-[66](#idf7ed2de495a465caefd5bdf5ef2c708_211)] [added: [48](#i52fa34b6ba9248c7a0a794e31846504f_202)] | | |

| Item 2. | | | Properties | | | Pages [removed: [14](#idf7ed2de495a465caefd5bdf5ef2c708_52), [66](#idf7ed2de495a465caefd5bdf5ef2c708_211)] [added: [8](#i52fa34b6ba9248c7a0a794e31846504f_52), [49](#i52fa34b6ba9248c7a0a794e31846504f_208)] | | |

| Item 3. | | | Legal Proceedings | | | Pages [96](#i52fa34b6ba9248c7a0a794e31846504f_460)\-[99](#i52fa34b6ba9248c7a0a794e31846504f_463) | | |

| Item 3. | | | Legal Proceedings | | | Pages [108](#idf7ed2de495a465caefd5bdf5ef2c708_445)\-[111](#idf7ed2de495a465caefd5bdf5ef2c708_448) | | |

| Item 5. | | | Market for Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities | | | Pages [removed: [11](#idf7ed2de495a465caefd5bdf5ef2c708_46), [66](#idf7ed2de495a465caefd5bdf5ef2c708_214)\-[67](#idf7ed2de495a465caefd5bdf5ef2c708_220)] [added: [6](#i52fa34b6ba9248c7a0a794e31846504f_46), [49](#i52fa34b6ba9248c7a0a794e31846504f_211)\-[50](#i52fa34b6ba9248c7a0a794e31846504f_217)] | | |

| Item 9A. | | | Controls and Procedures | | | Page [removed: [115](#idf7ed2de495a465caefd5bdf5ef2c708_460)] [added: [102](#i52fa34b6ba9248c7a0a794e31846504f_475)] | | |

| | | | Disclosure pursuant to Section 13(r) of the Securities Exchange Act of 1934 | | | Page [removed: [69](#idf7ed2de495a465caefd5bdf5ef2c708_226)] [added: [52](#i52fa34b6ba9248c7a0a794e31846504f_226)] | | |

| Item 10. | | | Directors, Executive Officers, and Corporate Governance | | | Page [removed: [68](#idf7ed2de495a465caefd5bdf5ef2c708_223)] [added: [51](#i52fa34b6ba9248c7a0a794e31846504f_223)] (a) | | |

| Item 15. | | | Exhibits and Financial Statement Schedules | | | Pages [53](#i52fa34b6ba9248c7a0a794e31846504f_229)\-[101](#i52fa34b6ba9248c7a0a794e31846504f_469), [103](#i52fa34b6ba9248c7a0a794e31846504f_478)\-[107](#i52fa34b6ba9248c7a0a794e31846504f_487) | | |

| Item 15. | | | Exhibits and Financial Statement Schedules | | | Pages [70](#idf7ed2de495a465caefd5bdf5ef2c708_229)\-[114](#idf7ed2de495a465caefd5bdf5ef2c708_454), [116](#idf7ed2de495a465caefd5bdf5ef2c708_463)\-[120](#idf7ed2de495a465caefd5bdf5ef2c708_472) | | |

*(a) Incorporated by reference to the applicable section of the [removed: 2024] [added: 2025] Proxy Statement.*

| [removed: ] [added: ] | | | Supplemental Details | | | [removed: 121] [added: 108] | | |

[Table of [removed: Contents](#idf7ed2de495a465caefd5bdf5ef2c708_16)][added: Contents](#i52fa34b6ba9248c7a0a794e31846504f_16)]

| | | | [added: (Co-Principal Executive Officer and Principal Financial Officer)] | | | | | | [removed: Chief Executive Officer, Director, and Principal] [added: | | | (Co-Principal] Executive [removed: Officer] [added: Officer)] | | |

| | | | [removed: /s/ PATRICK P. GELSINGER | | |] [added: By:] | | | | | | /s/ DAVID ZINSNER | | |

| | | | [removed: Patrick P. Gelsinger] | | | | | | [removed: | | |] David Zinsner | | |

| | | | [removed: Chief Executive Officer, Director, and Principal Executive Officer] | | | | | | [removed: | | |] [added: Interim Co-Chief] Executive [added: Officer, Executive] Vice [removed: President,] [added: President and] Chief Financial [removed: Officer, and Principal] [added: Officer] | | |

| | | | Corporate Vice [removed: President,] [added: President and] Chief Accounting [removed: Officer, and] [added: Officer] | | |

| | | | [removed: Principal] [added: (Principal] Accounting [removed: Officer] [added: Officer)] | | |

| | | | [added: Interim Executive] Chair of the Board and Director | | | | | | | | | | | |

| [removed: ] [added: ] | | | Supplemental Details | | | [removed: 122] [added: 109] | | |

| Signatures | | | | | | Page [109](#i52fa34b6ba9248c7a0a794e31846504f_493) | | |

| | | | | | | | | | January 31, 2025 | | |

| | | | /s/ DAVID ZINSNER | | | | | | | | | /s/ MICHELLE JOHNSTON HOLTHAUS | | |

| | | | David Zinsner | | | | | | | | | Michelle Johnston Holthaus | | |

| | | | Interim Co-Chief Executive Officer, Executive Vice President | | | | | | | | | Interim Co-Chief Executive Officer and Chief Executive Officer, | | |

| | | | and Chief Financial Officer | | | | | | | | | Intel Products | | |

| | | | January 31, 2025 | | | | | | | | | January 31, 2025 | | |

| | | | January 31, 2025 | | |

| | | | January 31, 2025 | | | | | | | | | January 31, 2025 | | |

| | | | January 31, 2025 | | | | | | | | | January 31, 2025 | | |

| | | | January 31, 2025 | | | | | | | | | January 31, 2025 | | |

| | | | /s/ ERIC MEURICE | | | | | | | | | /s/ BARBARA G. NOVICK | | |

| | | | Eric Meurice | | | | | | | | | Barbara G. Novick | | |

| | | | January 31, 2025 | | | | | | | | | January 31, 2025 | | |

| | | | /s/ STEVE SANGHI | | | | | | | | | /s/ GREGORY D. SMITH | | |

| | | | Steve Sanghi | | | | | | | | | Gregory D. Smith | | |

| | | | January 31, 2025 | | | | | | | | | January 31, 2025 | | |

| | | | /s/ STACY J. SMITH | | | | | | | | | /s/ DION J. WEISLER | | |

| | | | Stacy J. Smith | | | | | | | | | Dion J. Weisler | | |

| | | | Director | | | | | | | | | Director | | |

| | | | January 31, 2025 | | | | | | | | | January 31, 2025 | | |

| | | | January 31, 2025 | | | | | | | | | | | |

| | | | | | | | | | | | | | | |

| Signatures | | | | | | Page [122](#idf7ed2de495a465caefd5bdf5ef2c708_478) | | |

| | | | By: | | | | | | /s/ PATRICK P. GELSINGER | | |

| | | | | | | | | | Patrick P. Gelsinger | | |

| | | | | | | | | | January 25, 2024 | | |

| | | | January 25, 2024 | | | | | | | | | Financial Officer | | |

| | | | | | | | | | | | | January 25, 2024 | | |

| | | | January 25, 2024 | | |

| | | | January 25, 2024 | | | | | | | | | January 25, 2024 | | |

| | | | /s/ BARBARA G. NOVICK | | | | | | | | | /s/ GREGORY D. SMITH | | |

| | | | Barbara G. Novick | | | | | | | | | Gregory D. Smith | | |

| | | | /s/ LIP-BU TAN | | | | | | | | | /s/ DION J. WEISLER | | |

| | | | Lip-Bu Tan | | | | | | | | | Dion J. Weisler | | |

| | | | January 25, 2024 | | | | | | | | | | | |