GF Securities reiterated a buy rating on Intel and kept a $136 target after the chipmaker expanded its stock sale to $20 billion from an initial $15 billion, arguing the deal sends a positive signal despite dilution. The report said institutional demand exceeded $100 billion, the shares were priced at $95 and the over-allotment option was fully exercised, while CEO Lip-Bu Tan and his family subscribed for about $12 million at the offer price, though earlier disclosure had framed the $12 million commitment as Tan's own purchase. The analysts expect Intel Foundry to break even in the fourth quarter of 2027, with margin leverage becoming clearer in 2028, backed by roughly 80% 18A yield in the second quarter of 2026, broader external customer traction including Apple-related 14A progress, and a widening EMIB customer base that includes Google and AWS. They also raised 2026 and 2027 earnings-per-share estimates by 3% and 1%, lifted 2027 and 2028 backend revenue forecasts to $1.1 billion and $7 billion, and said demand for Intel's packaging and foundry services could strengthen further if AWS Trainium3, Google Humufish and Triggerfish, and potentially AWS and Microsoft ASIC programs adopt EMIB technologies on the expected timeline.