INTC

Intel announced a $15 billion common stock offering, confirmed by Bloomberg, WSJ, and Reuters. The deal is described as capitalizing on a turnaround rally to fund AI-related capital needs. Shares dropped immediately on the dilution news.

Marvell exiting its AI optical interconnect partnership with POET Technologies exposes a broader pattern: large AI chipmakers are pulling optical integration in-house, destroying the partnership premium embedded in small-cap photonics stocks. The real trade is short small-cap photonics/optical networking hopefuls and long large-cap integrated semiconductor players who benefit from the consolidation of AI interconnect design.