The most common thing said about Intel in 2026 is that the turnaround is finally showing up in the numbers. It is not, at least not in the number that matters most. Intel's second quarter carried a GAAP net loss of $11.0 billion against $2.2 billion of non-GAAP net income, and almost the entire $13.2 billion gap is one line: a $12.5 billion mark-to-market loss on shares Intel owes the US government. That liability gets bigger every time the stoc…
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