After Intel (INTC) filed its annual 10-K report with its fourth-quarter results, some notable findings include the semiconductor giant’s external foundry revenue and possible benefits for AMD (AMD), Wells Fargo said.
External foundry revenue for the full-year was $307M, including $222M in the fourth-quarter, up sharply from the $159M in 2024, Wells Fargo analyst Aaron Rakers wrote in a note to clients. However, the de-consolidation of Altera, which Intel partially sold to private equity firm Silver Lake in September 2025, contributed to fourth-quarter external revenue, Rakers added.
Intel generated $4.51B in foundry-related revenue for the period ending Dec. 27, out of a total $13.67B.
Rakers has an Equal-Weight rating and $45 price target on Intel.
Additionally, Rakers said the 10-K disclosed that 2025 server CPU volume grew 9% year-over-year. However, the average selling price fell 4%, due in part to pricing actions taken in the first-half of the year and a higher mix of “lower core count products,” Rakers added. As such, he believes that fourth-quarter shipments of server CPUs grew 8% year-over-year, down from 13% growth in the second-quarter and flat in the third quarter.
“While we have not yet seen preliminary 4Q25 server ship estimates, we note that Micron’s (MU) outlook that CY25 server ship would increase ~15% y/y (reflecting a strong acceleration [through] 2HCY25; Gartner estimates 1Q25-3Q25 was +1% y/y) would imply 4Q25 server shipments up 15%-17% y/y,” Rakers said. “Our estimate of Intel’s Xeon CPU ship at +8% y/y would leave us incrementally positive on AMD’s server ship results for 4Q25.”
Intel shares tumbled more than 17% on Friday, while AMD shares rose more than 2%.