Takeaways from Bernstein management meetings in Silicon Valley $INTC 1. Margins beat because of mix, volume, price — not because the turnaround is done. 2. Old plants are very profitable. New 18A plants are not, until they get huge. 3. Boss doesn’t want 60% margins. He wants growth + profit to add to ~45. 4. The cost problem is partly the factories — and a lot the oversized chip designs. 5. Servers: they can sell every chip they can make into 2027. 6. Packaging and custom chips will grow fast and look worse on margins at first. 7. PCs still print cash, but expensive memory is slowing buyers. 8. Real test is 2028, when the industry’s new capacity arrives.