Episode Overview

In this episode of the Becker Private Equity & Business Podcast, host Scott Becker explores the intersection of technology and private equity through the lens of a recent deal between Intel and Apollo Global Management. Scott offers insights into Intel’s remarkable turnaround and contrasts it with the recent struggles of major private equity firms.

Key Discussion Points & Insights

1. Intel’s Strategic Buyback from Apollo

• Intel is buying out a $14.2 billion stake of its Ireland chip facility from Apollo Global Management.
• Apollo is highlighted as one of the world’s largest alternative asset managers.
• The acquisition is notable for illustrating current trends between growth in the tech sector and stagnation in private equity.

2. Intel’s Rebound Story

• Intel’s stock is up 36% year-to-date[00:26].
• Scott calls Intel “one of the great rebound stories over the last couple of years and probably the history of technology”[00:38].
• The turnaround is compared to Steve Jobs’ revival of Apple, emphasizing the impact of leadership changes, particularly the replacement of former CEO Jim Geisinger and the return of a historic Intel figure.

3. Private Equity Underperforms

• Major private equity players are having a tough year:
  • Apollo: Down 26% year-to-date[00:57].
  • KKR & Blackstone: Both down 25–30%[01:03].
• Scott frames this as symptomatic of broader struggles within large private equity funds in 2026.

4. Broader Trends

• The episode underscores a “fascinating turnaround story” for technology amidst the “tough, tough year” for private equity[01:13].
• Scott highlights how technology firms like Intel are moving in the “right direction, 50%,” whereas the largest PE funds are having an unexpectedly difficult year.

Notable Quotes & Memorable Moments

• [00:19] “Apollo is one of the three or four largest private equity alternative asset managers in the world.”
• [00:36] “Intel’s up 36% year to date. One of the great rebound stories over the last couple of years and probably the history of technology together with Steve Jobs, of course, and what he did with Apple…”
• [00:42] “…they replaced their CEO, Jim Geisinger. Must have been horrible with the new CEO who came back from a long time ago from Intel. And they're doing great.”
• [00:58] “Apollo is down 26% year to date, which seems to be the story of what’s going on in private equity.”
• [01:03] “The big, big funds, Apollo, KKR, Blackstone, all down 25 to 30% year to date.”
• [01:15] “So really a tough, tough year. Again, fascinating to watch what’s going on in technology and private equity this year here.”

Timestamps for Key Segments

• [00:00–00:19] – Introduction and overview of the Intel-Apollo deal
• [00:20–00:43] – Intel’s performance and turnaround narrative
• [00:43–01:03] – Analysis of major private equity funds’ performance
• [01:04–01:15] – Summing up 2026 trends in tech and private equity

Overall Tone

Scott’s commentary is brisk, candid, and focused on the contrasting fortunes of the tech and private equity sectors. His admiration for Intel’s resurgence and frank acknowledgment of PE struggles set an analytical yet conversational tone, making this episode particularly useful for investors and business professionals seeking a succinct market snapshot.