$INTC: Forging a Geopolitical Necessity into a High-Margin Duopoly

1. Executive Summary We recommend initiating a LONG position in Intel Corporation (INTC) with high conviction. At its current price of $45.07, the market is pricing Intel as a high-risk, capital-intensive turnaround with a deeply uncertain outcome. We believe this view, while understandable given a decade of missteps, fails