Good morning. Intel, once the world’s leading chipmaker, has struggled in recent years to keep pace with the rise of artificial intelligence computing. Under new CEO Lip‑Bu Tan, and bolstered by government and private investment, the tech company is pursuing an ambitious turnaround.

“We took meaningful steps this quarter to strengthen our balance sheet, including accelerated funding from the U.S. government and investments by  Nvidia  and  SoftBank  Group that increase our operational flexibility and demonstrate the critical role we play in the ecosystem,” Intel CFO  David  Zinsner  said Thursday in a statement accompanying  the company’s  Q3  2025  earnings report.

Intel reported Q3 2025 revenue of $13.7 billion, up about 3% year-over-year, and non-GAAP earnings per share of $0.23, both ahead of analyst expectations. The company guided Q4 2025 revenue between $12.8 billion and $13.8 billion, roughly in line with consensus estimates.

Major infusions of cash

In an unprecedented deal announced in August, Intel agreed to transfer 9.9% of its stock to the federal government in exchange for $8.9 billion in funding. The government will not participate in Intel’s governance or claim a board seat. Still, the move has raised eyebrows among analysts and investors who worry it could mark a new era of direct state intervention in private industry, Reuters reported.

In late September, Nvidia agreed to invest $5 billion in the chipmaker. Under the agreement, Intel will produce a new generation of chips that combine technology from both companies, with Nvidia set to purchase a portion of the resulting output. The partnership represents a significant win for Intel, which years ago underestimated how graphics processors would come to dominate AI computing—a domain where Nvidia now leads.

Nvidia pioneered the transformation of GPUs, originally designed for gaming, into the workhorses of modern AI systems, securing a dominant position in the field.

Financial discipline and restructuring

During the earnings call Q&A, Zinsner was asked how the new inflows from the U.S. government, Nvidia, and SoftBank would affect Intel’s capital expenditures and investment strategy. He pointed to the influence of his strategic partner—the CEO.

“As we think about this cash, our first focus is to delever,” he said. “When Lip-Bu came in, he really was upset about the balance sheet. So we’ve done a lot to work on that and improved that for him.”

Intel took $4.3 billion of debt off the books this quarter, and plans to repay upcoming maturities later this year and next, he said. The company now has more flexibility in its capital spending but intends to remain disciplined, he added.

“We will absolutely be looking at demand,” Zinsner said. “Lip-Bu’s been very direct with us on this.” Tan wants to “see the whites of the eyes of the customer” before investing aggressively, Zinsner added. If that demand exists, Intel will ramp up CapEx as necessary, he said.

Since Tan was appointed CEO in March 2025, Intel has launched a sweeping restructuring plan that anticipates cutting approximately 21,000 to 25,000 positions (around 15%-25% of its “core” workforce) by the end of the year. The company also says it will continue to hire in strategic growth areas, including AI development.

Intel’s resurgence could have implications far beyond its own balance sheet. As Fortune senior editor-at-large Geoff Colvin and Lila Maclellan recently wrote in a recent feature article, “Saving Intel isn’t just vital for the company’s stakeholders. Its survival will have a profound effect on America’s national security.”

Have a good weekend.

Sheryl Estrada
sheryl.estrada@fortune.com

Leaderboard

Fortune 500 Power Moves

Galagher Jeff, EVP and CFO of Murphy USA Inc. (No. 231 ) has departed the company, effective Oct. 14, and the company made the announcement on Oct. 17. Jeff’s exit was not the result of any disagreement regarding the company’s operations, financial performance, or condition, according to an SEC filing. Donald R. Smith Jr., the company’s current VP, chief accounting officer and treasurer, will serve as interim CFO. Smith has been with Murphy USA since its 2013 spin-off from Murphy Oil Corporation, initially serving as VP and controller.

Every Friday morning, the weekly Fortune 500 Power Moves column tracks Fortune 500 company C-suite shifts—see the most recent edition. 

More notable moves this week:

Earl Ellis was appointed CFO of Panera Bread, a fast-casual restaurant chain. Ellis most recently served as EVP and CFO at ABM Industries. During his tenure, he led global finance, accounting, investor relations, and procurement, helped shape the company's strategic plan, and executed a multi-year transformation including ERP modernization. Before ABM, Ellis held senior finance leadership roles at Best Buy, including CFO of Best Buy Canada and SVP of finance in the U.S., Canadian Tire, Campbell Soup Company, Kraft Foods, and Coca-Cola. 

Seun Sodipo was appointed CFO at Plaid, a fintech startup that connects financial institutions. Sodipo succeeds Eric Hart, who has returned to Expedia Group. Previously, she served as CFO at Glossier. Before that, Sodipo was head of product finance and strategy at payment service provider Stripe. She began her career in investment banking at Centerview Partners and later worked as a private equity investor at Helios Investment Partners and Insignia Capital Group. 

Steve Shinn was appointed VP and CFO of The Aerospace Corporation (Aerospace), effective Oct. 20. Shinn recently served as acting CFO at NASA during the presidential transition. Shinn held increasingly responsible roles over the course of his 15-year career at NASA, including deputy CFO, deputy CFO for center operations, and CFO at NASA Goddard Space Flight Center. Before that, he was responsible for all business and project control functions and the annual business planning for the space department at Johns Hopkins University Applied Physics Laboratory.

John Brenton was promoted to CFO of Nano Dimension Ltd. (Nasdaq: NNDM), a digital manufacturing solutions company, effective Nov. 1. He will succeed Assaf Zipori, who is stepping down from the role. Brenton currently serves as VP of global finance and corporate controller and brings more than 30 years of experience in finance, accounting, and corporate control. He spent approximately five years at Markforged, joining Nano Dimension following its acquisition of the company, where he held senior finance leadership positions.

D. Anthony Scaglione was appointed CFO of Flowers Foods, Inc. (NYSE: FLO), effective Jan. 1. He will succeed Steve Kinsey, who will retire from Flowers at year-end.  Scaglione has previously served as CFO for Total Wine & More, a retailer specializing in wine, spirits, and beer; ODP Corporation, a global B2B office equipment and services company; and ABM Industries, a global services company. His leadership experience also spans strategy, real estate, procurement, M&A, and IT. 

Melissa Van Huss was promoted to CFO of Luttrell Staffing Group, effective October 2025. Van Huss joined the organization in 2020. She was most recently the controller and previously served as director of finance. Before joining Luttrell, Van Huss worked as an auditor for a regional public accounting firm for seven years.

Ram Paudel was promoted to CFO of KeyData Cyber, an identity and access management provider. Previously serving as VP of finance, Paudel has been a member of the executive leadership team for the past seven years. He joined KeyData Cyber in October 2018 as financial controller.

Big Deal

Morgan Stanley Wealth Management's quarterly retail investor pulse survey, released this week, finds that inflation concerns persist. Almost half of investors expect inflation to moderate this quarter; however, it continues to be their top concern (45%). Tariffs and market volatility remain the top two and three concerns, respectively.

Another finding is that more investors believe rate cuts are on the horizon. Over two in five investors (41%) think the Fed will cut rates by 0–0.25% at the next meeting—up 12 percentage points from last quarter, according to the report.

[caption id="attachment_4348345" align="alignnone" width="1024"] Courtesy of Morgan Stanley[/caption]

Going deeper

Here are four Fortune weekend reads:

"Trump shutting down trade talks with Canada could give Beijing another advantage" by Eleanor Pringle 

"CEO of IT firm with 350K workers says AI will create more entry level jobs—and he’s recruiting liberal arts graduates" by Diane Brady

"The Fed just lost a key data feed on the job market days before its next rate meeting. A former BLS chief warns it’s ‘very concerning’ as Powell is left ‘flying blind’" by  Eva Roytburg 

"Facebook cofounder says being a CEO was ‘exhausting’—like 82% of bosses he never intended to manage people" by Orianna Rosa Royle

Overheard

"Five years ago, I predicted that 95% of internet content would be AI-generated by 2025. It’s hard to measure where we are exactly, but we’ll get close to that in the coming years."

—Victor Riparbelli, CEO and co-founder of Synthesia, writes in a Fortune opinion piece.