Intel

Q4 FY2024 (full year 10-K). Full year 2024 net revenue: $53,101M. CCG: $30,290M. DCAI: $12,817M. NEX: $5,842M (included in Intel Products total of $48,949M). Altera: ~$1,542M (from all other). Mobileye: ~$1,660M (from all other). Critical finding: 10-K MD&A explicitly states '$922 million in Gaudi AI accelerator inventory-related charges recognized in 2024' and notes DCAI operating income was impacted. This confirms Gaudi commercial revenue was very small, likely under $500M for the full year (Intel took nearly as much in write-downs as it likely sold). Full year Mobileye AI (50%): ~$830M. Full year Xeon AI inference (~3% of DCAI): ~$385M. Full year Gaudi revenue: ~$400M (aggressive upper bound given the $922M write-down). AI PC premium in CCG: ~$300M. Altera AI use: ~$150M. Total AI: ~$2,065M. AI%: $2,065M / $53,101M = 3.9%. Rounded conservatively to 3.5% given Gaudi write-down evidence suggests actual revenue was much lower.