Chip stocks have sold off dramatically this year, and it’s not just because the fed’s draconian rate hikes are stymying future growth. This report focuses on Intel, including its last-ditch highly-political foray into foundry in an effort to get in on the digital revolution growth opportunities that are increasingly going to more innovative peers like Nvidia and AMD—and then also to downstream supply-chain foundry-king Taiwan Semiconductor—in what appears to be an increasing national security risk. However, as less experienced “growth investors” are increasingly aware of this year, valuation isn’t just about revenue growth rates, and long-term profit margins matter, a metric where Intel is every bit as competitive as peers, even if the shares aren’t being given proper credit. We conclude with our opinion on investing.