Where the AI-shortage economics accrue, and Intel's spillover path the gated accelerator path must clear all three together AI accelerator demand hyperscaler buildouts Leading-edge wafers foundry wafer line HBM supply high-bandwidth memory CoWoS packaging advanced packaging CoWoS fully allotted, binds flow demand presses for backup foundries Accelerators on the path pricing + shipment upside backup-foundry candidacy CPU + accel pull-through Intel fab outside the gated path spillover only, second-order

Toggle where Intel's fab sits relative to the gated path: outside it (spillover only) or on it as a qualified backup foundry. Either state, Intel controls none of the three gating inputs at scale, so the exposure stays second-order.