⚠ Brookfield Still Owns Half of ArizonaModerate threat

Intel (INTC) — threat to the moat

A financial partner owns 49% of Intel's newest American factories and will take half of what they earn.

The Arizona joint venture that houses Intel's newest American capacity is 49% owned by Brookfield1. Brookfield's stake in it, recorded as non-controlling interests, rose from $9,106 million at the end of 2025 to $13,428 million at 27 June 20262, as the partner contributed capital to the build.

Arizona partner stake on Intel's balance sheet ($M)9,106End-202513,428June 2026Intel Form 10-Q, Q2 2026 (non-controlling interests, Arizona SCIP)
Growing as Brookfield funds the build.

Partner capital lowered Intel's own spending: partner contributions were $4,891 million in 2025 net3. The cost is that half the economics of the plant belong to someone else.

The Ireland buyback showed that unwinding such a partnership is possible and expensive. Buying out Brookfield would likely cost more than the capital it put in, for the same reasons.

Brookfield has kept funding. Partner contributions to the Arizona joint venture were $5,108 million in 20254, part of total partner contributions of $4,891 million net5. As the fabs ramp, the partner's share of their profit will grow with them, and Intel's guidance of about $1.1 billion a year of non-controlling interest in 2027 and 20286 is the first estimate of the size.

Watch non-controlling interests on the income statement. Management guided about $250 million in each of the third and fourth quarters of 20267, and a rise beyond that would mean the Arizona plant is producing profits Intel shares with its partner.

References
  1. ReportedThe Arizona joint venture that houses Intel's newest American capacity is 49% owned by Brookfield.
    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. ReportedBrookfield's stake in it, recorded as non-controlling interests, rose from $9,106 million at the end of 2025 to $13,428 million at 27 June 2026, as the partner contributed capital to the build.
    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 ↗
  3. ReportedPartner capital lowered Intel's own spending: partner contributions were $4,891 million in 2025 net.
    Intel fourth-quarter and full-year 2025 results release, Form 8-K exhibit 99.1 - statements, capital spending and adjusted free cash flow. — FY2025 · publ. 22 January 2026 · source ↗
  4. ReportedPartner contributions to the Arizona joint venture were $5,108 million in 2025, part of total partner contributions of $4,891 million net.
    Intel Form 10-K for fiscal 2025 (year ended 27 December 2025) - Item 1 business: products, process technology, competition, manufacturing and customers. — FY2025 · publ. 23 January 2026 · source ↗
  5. ReportedPartner contributions to the Arizona joint venture were $5,108 million in 2025, part of total partner contributions of $4,891 million net.
    Intel fourth-quarter and full-year 2025 results release, Form 8-K exhibit 99.1 - statements, capital spending and adjusted free cash flow. — FY2025 · publ. 22 January 2026 · source ↗
  6. ReportedAs the fabs ramp, the partner's share of their profit will grow with them, and Intel's guidance of about $1.1 billion a year of non-controlling interest in 2027 and 2028 is the first estimate of the size.
    Intel Q2 2026 earnings call prepared remarks (CEO and CFO). — Q2 2026 · publ. 23 July 2026 · source ↗
  7. ReportedManagement guided about $250 million in each of the third and fourth quarters of 2026, and a rise beyond that would mean the Arizona plant is producing profits Intel shares with its partner.
    Intel Q2 2026 earnings call prepared remarks (CEO and CFO). — Q2 2026 · publ. 23 July 2026 · source ↗
Sources
Generated September 25, 2026