What the changes say
- Intel now highlights dependence on an external customer for Intel 14A and possible pauses to subsequent leading-edge nodes.
- U.S. government equity and CHIPS Act transactions could face legal challenges that impair funding or alter Intel’s obligations.
- R&D spending fell to $13.8 billion, while foundry expansion adds sensitive customer-data cybersecurity exposure and headcount-reduction risk.
What changed since the prior 10-K
New
- New
If we are unable to secure a significant external foundry customer for Intel 14A, our next generation semiconductor manufacturing process technology, we may pause or discontinue our pursuit of next generation leading-edge process technologies
Without a significant external Intel 14A foundry customer, Intel may pause 14A and later leading-edge nodes and further slow Ohio construction.
- New
There are a number of risks and uncertainties associated with the U.S. government’s acquisition of significant equity interests in us
Legal or governmental challenges could invalidate Intel’s equity transactions, impair CHIPS Act funding, or change related obligations and expected benefits.
Dropped
- Dropped
Risk Factors and Other Key Information
- Dropped
The development and implementation of new semiconductor products and manufacturing technologies are subject to many risks and uncertainties
Investing ahead of customer commitments in leading-edge technology and facilities, including delayed construction across several countries.
- Dropped
Our implementation of new business strategies and investments in new businesses, products, and technologies are inherently risky and do not always succeed
- Dropped
changes in global trade and technology supply chains, domestic sourcing initiatives, and decoupling of global trade networks, which could make it more difficult to sell our products in, or restrict our access to, some markets and have a material adverse effect on our business and growth prospects
Delays and unexpected problems in developing advanced semiconductor nodes, materials, equipment, and manufacturing processes.
- Dropped
We have ceased to return capital to stockholders
Execution risks from Intel’s foundry strategy, cost reductions, structural changes, and new businesses, products, and technologies.
- Dropped
Our initiatives and new legal requirements with respect to corporate responsibility matters present various risks
Reworded
- 73% rewritten
Macroeconomic conditions and geopolitical tensions and conflicts, including changes to trade policies and regulations, present significant risks to us in many jurisdictions
International sales declined from 76% to 70% of revenue, and China billings declined from 29% to 24%.
- 67% rewritten
We are subject to increasing and evolving cybersecurity threats and privacy risks
The risk now specifically adds Intel’s foundry customer data as sensitive information that could attract theft or corruption attempts.
- 64% rewritten
We are making significant, long-term and inherently risky investments in R&D and manufacturing facilities that may not realize a favorable return
R&D expense fell to $13.8 billion in 2025 from $16.5 billion in 2024, and the text emphasizes investments may take years to pay off.
- 62% rewritten
We are subject to sales-related risks
No material change is apparent in the provided distributor, OEM, ODM, or channel-partner risk language.
- 55% rewritten
We must attract, retain and motivate key talent
The risk now cites substantial headcount reductions in 2025, 2024, and 2022, with possible additional cuts.
- 44% rewritten
We are in a highly competitive and rapidly changing industry
The risk now adds that many competitors have substantially greater financial resources.
- 42% rewritten
We are subject to risks associated with our strategic transactions and investments
The risk adds acquired-business integration, key-personnel retention, AI talent shortages, and a cited $2.8 billion impairment charge.
- 33% rewritten
We are subject to numerous risks associated with the evolving market for products with AI capabilities
The shown text removes the word “significant” when describing AI investments; the other provided AI-demand concerns remain substantially similar.
- 32% rewritten
We are subject to risks associated with environmental, health, safety and product regulations
- 30% rewritten
Catastrophic events can have a material adverse effect on our operations and financial results
- 30% rewritten
Our alternative financing arrangements and pursuit of government grants involve risks and may not be successful
Was: Our Smart Capital approach to capital spending, alternative financing arrangements, and pursuit of government grants involves risks and may not be successful
- 28% rewritten
Laws and regulations can have a negative impact on our business
- 25% rewritten
Changes in our effective tax rate may impact our net income
- 25% rewritten
We are affected by fluctuations in currency exchange rates
- 22% rewritten
Changes in product demand and margins can adversely affect our financial results
All 23 risk factors
Headings as the filing states them, in filing order.
Other
- 01We are in a highly competitive and rapidly changing industry44% rewritten
- 02We are making significant, long-term and inherently risky investments in R&D and manufacturing facilities that may not realize a favorable return64% rewritten
- 03If we are unable to secure a significant external foundry customer for Intel 14A, our next generation semiconductor manufacturing process technology, we may pause or discontinue our pursuit of next generation leading-edge process technologiesnew
- 04Our alternative financing arrangements and pursuit of government grants involve risks and may not be successful30% rewritten
- 05There are a number of risks and uncertainties associated with the U.S. government’s acquisition of significant equity interests in usnew
- 06Changes in product demand and margins can adversely affect our financial results22% rewritten
- 07Macroeconomic conditions and geopolitical tensions and conflicts, including changes to trade policies and regulations, present significant risks to us in many jurisdictions73% rewritten
- 08We are subject to numerous risks associated with the evolving market for products with AI capabilities33% rewritten
- 09We rely upon a complex global supply chain
- 10We are subject to the risks of product defects, errata or other product issues
- 11We face risks related to security vulnerabilities in our products
- 12We are subject to increasing and evolving cybersecurity threats and privacy risks67% rewritten
- 13We are subject to IP risks, including related litigation and regulatory proceedings
- 14These IP rights claims could harm our competitive position, result in expenses, or require us to impair our assets. If we alter or stop production of affected items, our revenue could be harmed
- 15We must attract, retain and motivate key talent55% rewritten
- 16We are subject to risks associated with our strategic transactions and investments42% rewritten
- 17We are subject to sales-related risks62% rewritten
- 18We face risks related to our debt obligations
- 19Laws and regulations can have a negative impact on our business28% rewritten
- 20Catastrophic events can have a material adverse effect on our operations and financial results30% rewritten
- 21We are affected by fluctuations in currency exchange rates25% rewritten
- 22Changes in our effective tax rate may impact our net income25% rewritten
- 23We are subject to risks associated with environmental, health, safety and product regulations32% rewritten
Other Intel 10-Ks
- 2025 10-K risk factors
27 risks. Intel's risk section is dominated by costly, uncertain investments in advanced manufacturing, process technology, and its foundry strategy.
Filed Jan 31, 2025
About this page
Item 1A of the 10-K on EDGAR was split into its risk factors and, where the company's previous 10-K is on file, each heading was matched to last year's and the text compared word for word. The headings are the filing's own. The one-line readings and the overview were written by a language model from the text of the new, dropped, and rewritten risks; they refer to risks by position and cannot misquote a heading.