INTC · CIK 50863
What Intel Corporation told the SEC could break it.
Intel's disclosures concentrate on two fronts. Its customer base is narrow — three unnamed customers each topped 10% of net revenue and together made up 43% in 2025 — while its geographic footprint sits squarely on geopolitical fault lines: 70% of revenue came from outside the U.S., with China alone at 24%, even as many products depend on Taiwan suppliers for critical components including the compute die. Those same tensions run through the rest of its register — reliance on China as the primary global source of certain rare earth minerals, self-insured fabs and the Israel-based Mobileye business exposed to regional conflict, and escalating U.S.–China export controls on semiconductors and AI that restrict its sales to Chinese customers and invite retaliation.
5 self-disclosed vulnerabilities, pulled from its own filings — each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Geographic concentration
- 70% of revenue outside U.S.; China 24% of total revenue; Taiwan-supplier compute-die dependencehigh
Sales outside the U.S. were 70% of fiscal 2025 revenue with billings to China contributing 24% of total revenue; many products depend on Taiwan suppliers for critical components including compute die, amid rising China-Taiwan tensions.
“sales outside the U.S. accounted for 70% of our revenue for the fiscal year ended December 27, 2025, with revenue from billings to China contributing 24% of our total revenue.”
- Israel fabs/Mobileye exposed to regional conflict; self-insured Israel PP&Emedium
Intel's property, plant and equipment in Israel are self-insured and could be impacted by regional conflict, and its Mobileye business is headquartered with most operations in Israel — concentrating manufacturing (Intel 7 fab) and a key subsidiary in a conflict-exposed region.
“our property, plant and equipment assets in Israel are self-insured and could be impacted by the conflict. Further, our Mobileye business is headquartered and has most of its operations in Israel and could be similarly impacted”
Customer concentration
- three largest customers = 43% of net revenue (Customer A 19%, B 12%, C 12%)high
Intel's three largest (unnamed) customers accounted for 19%, 12% and 12% of net revenue in 2025 — 43% combined, each individually above 10% — substantially all from Intel Products platform/component sales.
“Customer A 19 % 19 % 19 % Customer B 12 % 14 % 11 % Customer C 12 % 12 % 10 % Total percentage of net revenue 43 % 45 % 40 %”
SEC filing →As of 2026
Commodity & input dependence
- rare earth minerals concentrated in China (primary global supply source)medium
Intel is reliant in some cases on providers substantially concentrated in a single country, such as certain rare earth minerals critical to its products and processes where China is the primary source of global supply.
“providers that are substantially concentrated in a single country, such as with certain rare earth minerals critical to the functioning of a range of technology products and processes where China is the primary source of global supply.”
Regulatory & policy
- escalating U.S. export controls on semiconductors/AI to China and Chinese retaliationmedium
2022-2024 saw escalating U.S. export controls and trade restrictions — strengthened controls on semiconductor manufacturing equipment, AI and advanced computing products, caps on high-performance IC distribution, and critical-mineral limits — restricting Intel's sales to certain Chinese customers, with China responding with its own restrictions.
“the period from 2022 through 2024 was characterized by escalating U.S. export controls and trade restrictions, including strengthened controls on semiconductor manufacturing equipment, AI and advanced computing products, as well as new caps on the global distribution of high-performance integrated circuits and additional limitations on critical minerals.”
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings — including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its customers
Altera Corporation
“We provide semiconductor wafer manufacturing services to Altera, a related party, in accordance with a wafer manufacturing and sale agreement.”
Cited →“Some of the components important to our business, including certain Central Processing Units (“CPUs”) from Intel Corporation (“Intel”) and Advanced Micro Devices, Inc.”
Cited →“Additionally, certain products are supplied to us by Intel Corporation, or Intel, on a turnkey basis.”
Cited →“For example, we depend on transaction processing services from Accenture, computer chips and microprocessors from Intel and operating systems from Microsoft.”
Cited →“We also rely on Intel, AMD, and NVIDIA, or other suppliers to provide us with a sufficient supply of processors for the majority of our PCs and workstations.”
Cited →
Its suppliers
“ASML Holding N.V. (ASML) is currently the sole supplier of EUV lithography tools that we are deploying in our Intel 4, Intel 3, Intel 18A and planned future leading-edge manufacturing process nodes.”
Cited →“The following customers represented 10% or more of our revenues: Fiscal Year Ended December 27, 2025 December 28, 2024 December 30, 2023 SK hynix Inc. 22.9 % 18.9 % * Intel Corporation * 14.6 % 17.1 %”
Cited →
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