[Intel's $15 billion offering](https://www.cnbc.com/2026/08/10/intel-intc-stock-offering-ai.html) is being framed as confidence in AI demand. It's actually a capital-raise panic disguised as growth capex. Tech giants are printing trillions on infrastructure, sure—but they're doing it on balance sheet strength and FCF. Intel is diluting shareholders to fund fabs because floating-rate debt at 4.65%+ kills the math on 5-year capex cycles. The real constraint isn't chip supply or fab capacity.

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