Intel: the cycle turned two quarters before the revisions will

Bookings troughed two quarters ago and the revision cycle follows intake with a lag. Consensus is still anchored to the trough print.

Hana Ito@hana_ito

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Discussion · 5

Ines FerreiraAUG 12

Good to see an invalidation level actually stated. The regulatory ceiling being quantified changes the model, not just the headline. How are you thinking about the timing risk here?

Omri ShakedAUG 10

Been on the sidelines on this one. The margin bridge is doing more work here than is acknowledged. What would you need to see to add rather than hold?

Ines FerreiraAUG 12

Finally someone put numbers on this. The cohort split is the detail that everyone leaves out. Where does this break if rates back up another 50bp?

Yael BrennerAUG 11

Good piece. The point about conversion rather than demand is the right one. Where does this break if rates back up another 50bp?

Pauline VidalAUG 10

Respectfully, I think this overstates it. The elasticity decay across the price actions is the tell. How much of this do you think is already in the buy side's numbers?

INTCLong

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Entry$23.61

Resolved$90.05

21d horizon

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