13F-HR: Intel Discloses Q2 2025 Equity Holdings

Intel Corp. reported its equity holdings for the second quarter of 2025, totaling over $255 million, with significant investments in Joby Aviation and ZEEKR Intelligent Technology.

Summary

• Intel Corp. filed its Form 13F-HR for the quarter ended June 30, 2025.
• The total fair market value of reported holdings was $255,517,497.
• Key holdings include 18,416,315 shares of Joby Aviation Inc. Common stock, valued at $194,292,124.
• Also held were 2,400,995 American Depositary Shares (ADS) of ZEEKR Intelligent Technology Holding Limited, valued at $61,225,373.
• The report includes holdings managed by Intel Corp. and two other included managers: Intel Capital Corporation and Middlefield Ventures, Inc.

Sentiment

Score: 5

Explanation: The filing is a routine regulatory disclosure of historical holdings, providing factual information without expressing positive or negative sentiment regarding performance or future prospects.

Positives

• Continued strategic investments in emerging technology sectors like electric vertical takeoff and landing (eVTOL) and electric vehicles (EVs) through Joby Aviation and ZEEKR.
• Diversification of investment portfolio beyond core semiconductor business.

Negatives

• Concentration of a significant portion of the reported portfolio in two companies, potentially increasing specific investment risk.
• Investments in early-stage or high-growth companies like Joby Aviation and ZEEKR carry inherent volatility and execution risks.

Risks

• Joby Aviation Inc.: Risks associated with the development and commercialization of eVTOL aircraft, regulatory approvals, market adoption, and competition in the advanced air mobility sector.
• ZEEKR Intelligent Technology Holding Limited: Risks related to the highly competitive electric vehicle market, supply chain disruptions, technological advancements, and regulatory changes in China and other operating regions.
• Investment Concentration: A substantial portion of the reported portfolio is concentrated in two companies, increasing exposure to their specific business and market risks.

Future Outlook

Not applicable as this Form 13F-HR is a historical disclosure of equity holdings as of June 30, 2025, and does not contain forward-looking statements or guidance.

Industry Context

Intel's disclosed holdings reflect its continued strategic interest in emerging technology sectors beyond its core semiconductor business, particularly in advanced mobility and electric vehicles. Investments in companies like Joby Aviation (eVTOL) and ZEEKR (EVs) align with broader industry trends towards electrification, autonomous systems, and sustainable transportation, areas where Intel's technology could play a foundational role.

Comparison to Industry Standards

• Intel Capital, as a corporate venture capital arm, typically invests in early-stage and growth companies that align with Intel's strategic interests, similar to venture arms of other large technology companies like Google Ventures (GV) or Qualcomm Ventures.
• The investment in Joby Aviation positions Intel alongside other major investors in the eVTOL space, such as Toyota, which has also significantly invested in Joby, indicating a shared belief in the future of urban air mobility.
• The holding in ZEEKR, a premium electric vehicle brand, reflects a trend among tech giants to engage with the automotive sector's transformation, similar to how other tech companies might invest in or partner with EV manufacturers or related technology providers.

Related Party Transactions

• The report includes holdings managed by Intel Capital Corporation, a subsidiary of Intel Corp., indicating internal management of investment funds.

Stakeholder Impact

• Shareholders: Provides transparency into Intel's equity investment portfolio, offering insight into its strategic venture capital activities and exposure to specific growth sectors.
• Investment Professionals: Offers data for tracking institutional investment trends and understanding Intel's specific holdings in the advanced mobility and EV sectors.

Key Dates

Keywords

Intel, 13F, Holdings, Investment, Joby Aviation, ZEEKR, Electric Vehicles, eVTOL, Advanced Air Mobility, Technology Investment, Portfolio Disclosure