<p>➀ Fitch Ratings downgraded Intel's credit rating to BBB due to weak demand, profitability challenges, and high debt leverage (EBITDA ratio 5.0x in 2024);</p><p>➁ Intense competition from AMD, Broadcom, and Qualcomm in PCs and AI, coupled with execution risks in technology and foundry strategies, further impacted the rating;</p><p>➂ Despite solid liquidity ($21.2B cash reserves), Intel needs successful product launches (e.g., 18A chips) and debt reduction to recover its rating.</p>