⚠ Mobileye's $3.9 Billion ImpairmentLow threat

Intel (INTC) — threat to the moat

Intel has written down its Mobileye purchase twice, by $2.8 billion in 2024 and $3.9 billion in 2026.

Intel's biggest remaining side business lost much of its book value in 2026. In the first quarter Intel recorded a goodwill impairment of $3.9 billion, substantially all of which related to its Mobileye reporting unit1. Goodwill fell from $23,912 million at the end of 2025 to $20,465 million at 27 June 20262.

Goodwill ($M)24,693End-202423,912End-202520,465June 2026Intel FY2025 and Q2 2026 results releases
$3.9 billion written off in one quarter.

It was not the first write-down. In the third quarter of 2024 Intel recorded a goodwill impairment of $2.8 billion, most of which related to Mobileye3.

Repeated impairments on the same asset say the purchase price assumed growth that did not come. They also reduce what Intel could raise by selling more of it.

Mobileye was once a growth engine. On the structure Intel used in 2023 it sold $2,079 million and earned $664 million of operating income that year4. The impairments since say the market no longer values its future as highly as Intel did when it bought it.

A further impairment would say the same thing again. The simplest check is Mobileye's contribution within All Other, whose revenue fell to $701 million in the second quarter of 2026 from $1,053 million a year earlier5, partly because Altera left.

References
  1. ReportedIn the first quarter Intel recorded a goodwill impairment of $3.9 billion, substantially all of which related to its Mobileye reporting unit.
    Intel Form 10-Q for the quarter ended 27 June 2026 - segments, the Ireland SCIP repurchase, escrowed shares, Intel 14A, customer deposits and debt. — Q2 2026 · publ. 24 July 2026 · source ↗
  2. ReportedGoodwill fell from $23,912 million at the end of 2025 to $20,465 million at 27 June 2026.
    Intel second-quarter 2026 results release, Form 8-K exhibit 99.1. — Q2 2026 · publ. 23 July 2026 · source ↗
  3. ReportedIn the third quarter of 2024 Intel recorded a goodwill impairment of $2.8 billion, most of which related to Mobileye.
    Intel Form 10-K for fiscal 2024 - the 2024 restructuring, dividend suspension, goodwill impairment and headcount. — FY2024 · publ. January 2025 · source ↗
  4. ReportedOn the structure Intel used in 2023 it sold $2,079 million and earned $664 million of operating income that year.
    Intel Form 10-K for fiscal 2023 - customer concentration naming Dell, Lenovo and HP, headcount, and revenue by billing region including China in 2021. — FY2023 · publ. January 2024 · source ↗
  5. ReportedThe simplest check is Mobileye's contribution within All Other, whose revenue fell to $701 million in the second quarter of 2026 from $1,053 million a year earlier, partly because Altera left.
    Intel second-quarter 2026 results release, Form 8-K exhibit 99.1. — Q2 2026 · publ. 23 July 2026 · source ↗
Sources
Generated September 25, 2026