Bloomberg Businessweek - Episode Summary

Episode: Intel Gives Weak Forecast After Supply Shortages Hurt Sales
Date: January 22, 2026
Hosts: Carol Massar & Tim Stenovec
Guests: Ivan Find Seth (Tigris Financial Partners), Max Chaffkin (Bloomberg), Joe Feldman (Telsey Advisory Group), Craig Allen (Bloomberg Meteorologist), Elon Musk (Tesla, via Davos remarks)

Overview

This episode delivers a comprehensive look at Intel’s recent disappointing forecast and the broader implications for the semiconductor industry, delves into Elon Musk’s surprise appearance at Davos, reviews consumer spending trends, and covers a massive winter storm heading for the East Coast.

Intel’s Weak Forecast & U.S. Semiconductor Policy

Main Topic: Intel’s Q1 forecast disappoints, but under the leadership of CEO Lif Tan and with significant U.S. government investment, Intel may be turning a corner in its business.

Key Discussion Points

• Analyst Reaction: Ivan Find Seth maintains a bullish long-term stance on Intel, despite short-term weakness.
  • “It’s not a quarterly story. It is a major shift in the company...They have, I think, turned a major corner.” — Ivan Find Seth, 01:29
• Stock Price Movement: Intel’s shares had rallied from $20 to $55 but pulled back about 4–5% after the new forecast. Seth sees this as a natural correction rather than a sign of fundamental weakness.
• Government’s Role:
  • U.S. government investment, championed by President Trump, is transforming Intel and reshaping the domestic semiconductor landscape, especially in fostering manufacturing and technology leadership.
  • “President Trump's push on what's sold here is made here, investing in U.S. Semiconductor manufacturing... expanding the Intel Foundry business as well as the growth of data centers, the growth of AI enabled PCs.” — Ivan Find Seth, 02:31
• New Strategic Partnerships:
  • Intel’s collaborations with Nvidia, Apple, and government contracts (notably in defense) are expected to drive future growth.
  • “There’s no better partner. Number one: U.S. government. And Nvidia.” — Ivan Find Seth, 04:31
• What if No U.S. Investment?
  • The hosts ponder how drastically the government partnership has buoyed Intel, removing balance-sheet worries and enabling big bets in R&D and capacity.
  • “I think this removes concerns, balance sheet concerns and allows the company and the CEO to focus on business.” — Ivan Find Seth, 04:54
• Technical Roadmap:
  • Demand for advanced chips (14A, 18A) is outstripping supply; Intel aims for volume production in 2028 with multiple engineering engagements.
  • “Demand for all semiconductors is outstripping supply...they are back to innovating and developing and working, you know, winning customers.” — Ivan Find Seth, 06:05
• Foundry Business Expansion:
  • For Intel’s foundry services to truly compete, partnerships with companies beyond its own product lines are crucial.
  • “That is the opportunity...To work with everybody...Most of the other semiconductor companies...they outsource to companies like Taiwan Semiconductor and hopefully companies like Intel.” — Ivan Find Seth, 07:34
• Valuation Questions:
  • Intel’s forward EBITDA multiple now outpaces TSMC’s, reflecting high expectations for a turnaround.
  • “Stocks go up for everything you really can’t measure. And this is about Intel’s future.” — Ivan Find Seth, 09:41

Notable Quote

• “Trump wanted to go from deporting the guy to giving the guy money.” — Ivan Find Seth joking on the CEO’s complicated relationship with the president (03:49)

Timestamps

• [01:01]–[10:36]: Intel’s forecast, outlook, partnerships, and government involvement with Ivan Find Seth

Elon Musk at Davos: Robots, Self-Driving, and Making Headlines

Main Topic: Elon Musk—historically critical of Davos—appears at the WEF to discuss Tesla’s humanoid robots, self-driving technology, and broader tech trends with BlackRock CEO Larry Fink.

Key Discussion Points

• Tesla Optimus Robot:
  • Tesla plans to introduce more advanced humanoid robots for sale in late 2026, if reliability and safety goals are met.
  • “By the end of next year I think we’d be selling humanoid robots to the public. That’s when we are confident that it’s very high reliability, very high safety and the range of functionality is also very high.” — Elon Musk, 12:34
• Self-Driving Cars:
  • Musk claims the self-driving problem is “essentially solved,” citing insurance companies offering discounts for drivers using Tesla’s FSD.
  • “Self driving cars is essentially a solved problem at this point.” — Elon Musk, 14:02
  • Tesla’s robo-taxi services are expected to expand broadly across U.S. cities by the end of the year; European and Chinese approval is pending.
• Reality Check:
  • Max Chaffkin offers skepticism, arguing that “going from a prototype to putting these in environments where unpredictable things have happened” is a massive leap.
  • “There is this thing where getting 99% of the way is very easy and that last 1%, no one quite knows just how it is.” — Max Chaffkin, 19:02
• Technological Paths:
  • Tesla relies solely on cameras for FSD, while Mercedes and others use multisensor arrays. Debate continues on which approach is safest.
  • “Elon Musk’s argument has been all along, hey, you drive with two eyes, therefore cameras should be fine.” — Max Chaffkin, 16:56
• Musk’s Media Strategy:
  • Musk’s Davos appearance is interpreted as a media-savvy move to stay in the public eye, especially alongside figures like Trump.
  • “Elon Musk is really good at figuring out where the news cameras are pointed...and putting himself there.” — Max Chaffkin, 20:16

Notable Quotes

• “They don’t need a bedroom! Just plug them in and they do the dishes!” — Carol Massar, on domestic robots (15:16)
• “If it’s a solved problem, we’d all have self-driving cars, right?” — Max Chaffkin, 20:16

Timestamps

• [11:53]–[22:11]: Musk’s Davos appearance, Tesla robotics, self-driving, and commentary from Max Chaffkin

Consumer Spending & Retail Landscape (with Joe Feldman)

Main Topic: Consumer spending remains robust, but pressure on mid-market and some luxury retailers is significant.

Key Discussion Points

• Spending Data:
  • “The consumer seems pretty resilient...You continue to really see it in the data.” — Joe Feldman, 24:36
  • Holiday season was better than anticipated, but not all demographic segments are equally strong.
• Bifurcation:
  • The affluent continue to spend, though brands targeting the “mass affluent” are struggling post-pandemic price hikes (Saks’ bankruptcy noted as a case study).
  • “That mass affluent...might splurge on an item every now and then but not really be the true luxury customer.” — Joe Feldman, 26:21
• Retail Winners & Losers:
  • Value-oriented retailers (Walmart, Costco, discounters) are outperforming.
  • “Investors are trying to make that pivot towards discretionary.” — Joe Feldman, 28:13
  • Caution advised on “middle-market” retailers like Target and Kohl’s; these face persistent management and demographic pressures.
• Policy Effects:
  • Immigration crackdowns and social issues are creating headaches for politically exposed companies like Target.
  • “Trump administration policies have a big effect on how consumers feel and about sentiment.” — Joe Feldman, 31:09

Timestamps

• [24:18]–[31:37]: Consumer spending trends, retail performance, and policy impacts

Weather Update: Major Winter Storm

Main Topic: New York and the broader Northeast face a major winter storm, with up to a foot of snow and complicated logistics.

Key Discussion Points

• Storm Scope:
  • Storm stretches 1,800 miles; impacts 125 million people; significant for NYC, Boston, D.C.
  • “It has expanded all the way to the Eastern seaboard now...there’s no way in my mind that we could miss out on at least 6 inches of snow fall here.” — Craig Allen, 32:44
• Forecast:
  • Snow will fall intermittently from Sunday into Monday; 12–18 inches possible in localized areas; risks of ice and power outages.
  • “It’ll go into Monday—this will be a long duration storm...almost a 24 hour event.” — Craig Allen, 34:02
• Analysis:
  • Unique: “Hurricane hunter” aircraft have been deployed for more atmospheric data—rare for a US winter storm.
  • “No win here. It's just a matter of whether or not you're going to be digging out from snow or trying to get your power back.” — Craig Allen, 35:09

Timestamps

• [32:13]–[37:12]: Detailed winter storm update and analysis

Memorable Moments & Notable Quotes

• On Intel's transformation:
  • “The power of a conversation...funny, Trump wanted to go from deporting the guy to giving the guy money.” — Ivan Find Seth, 03:49
• On the robot future:
  • “If you do not call it by the proper name and if they don’t stack the dishes the way I like it...there’s a problem.” — Carol Massar & Tim Stenovec, 19:47–19:53
• On microeconomic oddities:
  • “Stocks go up for everything you really can’t measure. And this is about Intel’s future.” — Ivan Find Seth, 09:41
• On technological optimism vs. reality:
  • “There’s a distinction between Mercedes technology...and Tesla’s technology for FSD which is fully supported by cameras. Mercedes technology...has the cameras but also additional sensors.” — Carol Massar, 16:35

Episode Structure & Flow

• [01:01]–[10:36]: Intel’s quarter, U.S. investment, and future prospects — Ivan Find Seth
• [11:53]–[22:11]: Elon Musk at Davos, Tesla robotics, self-driving debate, and media impact — Max Chaffkin commentary
• [24:18]–[31:37]: Consumer spending resilience and retail sector breakdown — Joe Feldman
• [32:13]–[37:12]: Weather update and storm breakdown — Craig Allen

Useful For:

Anyone wanting a concise yet thorough walkthrough of Intel’s current trajectory, breaking tech trends driven by Elon Musk, the state of U.S. retail and consumer spending, and major weather impacts on the Northeast, all through the lens of expert guests and Bloomberg’s signature analytical tone.