Intel Plans ~$20B Capex in 2026, Higher in 2027

The capex trajectory, not the headline figure, is the signal: Intel is asking the market to underwrite a spending ramp while simultaneously promising debt repayment and only modest positive net cash in the out-years. That combination implies thin headroom between capital intensity and balance-sheet repair, which matters most to creditors and suppliers tied to the foundry buildout rather than to near-term earnings. Whether the projected cash generation actually arrives alongside the higher 2027 spend is the open question.