Intel Corporation Quarterly report [Sections 13 or 15(d)]

Quarterly report [Sections 13 or 15(d)]

Investments

Investments

6 Months Ended

Jun. 28, 2025

Investments, Debt and Equity Securities [Abstract]


Note 8 :			Investments

Short-term Investments

Short-term investments include marketable debt investments in corporate debt, government debt, and financial institution instruments, and are recorded within cash and cash equivalents and short-term investments on the Consolidated Condensed Balance Sheets. Government debt includes instruments such as non-US government bills and bonds and US agency securities. Financial institution instruments include instruments issued or managed by financial institutions in various forms, such as fixed- and floating-rate bonds, money market fund deposits, and time deposits. As of June 28, 2025 and December 28, 2024, substantially all time deposits were issued by institutions outside the US.

For certain of our marketable debt investments, we economically hedge market risks at inception with a related derivative instrument or the marketable debt investment itself is used to economically hedge currency exchange rate risk from remeasurement. These hedged investments are reported at fair value with gains or losses from the investments and the related derivative instruments recorded in interest and other, net. The fair value of our economically hedged marketable debt investments was $11.1 billion as of June 28, 2025 ($13.5 billion as of December 28, 2024). For hedged investments still held at the reporting date, we recorded net gains of $329 million in the second quarter of 2025 and net gains of $491 million in the first six months of 2025 ($139 million of net losses in the second quarter of 2024 and net losses of $366 million in the first six months of 2024).

Our remaining unhedged marketable debt investments are reported at fair value, with unrealized gains or losses, net of tax, recorded in accumulated other comprehensive income (loss) and realized gains or losses recorded in interest and other, net. The adjusted cost of our unhedged investments was $6.1 billion as of June 28, 2025 ($5.2 billion as of December 28, 2024), which approximated the fair value at these dates.

The fair value of marketable debt investments, by contractual maturity, as of June 28, 2025, was as follows:


(In Millions)	Fair Value
Due in 1 year or less	$	5,580
Due in 1–2 years	2,979
Due in 2–5 years	5,314
Due after 5 years	234
Instruments not due at a single maturity date1	3,165
Total	$	17,272

1 "Instruments not due at a single maturity date" is comprised of money market fund deposits, which are classified as either short-term investments or cash and cash equivalents.

Equity Investments


(In Millions)	Jun 28, 2025		Dec 28, 2024
Marketable equity investments1	$	467	$	848
Non-marketable equity investments	4,916		4,535
Total	$	5,383	$	5,383

1 Substantial majority of our marketable equity investments are subject to trading-volume or market-based restrictions, which limit the number of shares we may sell in a specified period of time, impacting our ability to liquidate these investments. Certain of the trading volume restrictions generally apply for as long as we own more than 1% of the outstanding shares. Market-based restrictions result from the rules of the respective exchange.

The components of gains (losses) on equity investments, net for each period were as follows:


	Three Months Ended				Six Months Ended
(In Millions)	Jun 28, 2025		Jun 29, 2024		Jun 28, 2025		Jun 29, 2024
Unrealized gains (losses) on marketable equity investments	$	(58)	$	(222)	$	(350)	$	30
Unrealized gains (losses) on non-marketable equity investments1	473		24		473		48
Impairment charges	(51)		(91)		(156)		(159)
Unrealized gains (losses) on equity investments, net	364		(289)		(33)		(81)
Realized gains (losses) on sales of equity investments, net	138		169		423		166
Gains (losses) on equity investments, net	$	502	$	(120)	$	390	$	85

1 Unrealized gains (losses) on non-marketable investments includes observable price adjustments and our share of equity method investee gains (losses) and certain distributions.

In the second quarter of 2025, we recognized upward observable price adjustments of $469 million within gains (losses) on equity investments, net, of which $396 million related to a single investee.