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Honeywell Technologies completes first acquisition after spin-offs for $1.8B
The automation company bought a business based in a world capital.
Live cattle futures mixed ahead of direct business
At the Chicago Mercantile Exchange, live cattle were mixed, feeders were lower waiting on widespread direct business. October live cattle closed $1.85 lower at $219.07 and December live cattle closed $1.25 lower at $221.10. October feeder cattle closed $1.57 lower at $331.75 and November feeder cattle closed $1.42 lower at $328.07. Direct cash cattle trade […]
The Shade Room (@theshaderoom)
3,982 likes, 285 comments - theshaderoom on September 26, 2026: "Deiondra Sanders is servin' baddie who means business in her @FashionNova ✨ #FashionNovaPartner".
Blanche rescinds Trump’s ‘anti-weaponization’ fund, removing hurdle from AG pick’s confirmation
Donald Trump’s nominee for attorney general, Todd Blanche, said late Sunday he is formally rescinding the president’s $1.8 billion “anti-weaponization fund,” after Senate Republicans threatened to block his nomination over the controversial agreement.
The Shade Room (@theshaderoom)
11K likes, 1,827 comments - theshaderoom on July 25, 2026: "Ohkay! The folks are all up in #KeyshiaCole’s business after photos she and rapper #Skrilla recently shared resurfaced. KC 44, and Skrilla 27, popped out to LIV on July 12th for the XXL Freshman Class 2026 party. #Roomies is it giving bae 👀 SWIPE ✍🏾#TSRStaffAS".
Can AI answer your health questions? Before you trust AI with your...
Can AI answer your health questions? Before you trust AI with your health, make sure you know the pros and cons. #Sashaonyourside #consumernews #ConsumerAlert #AI #HealthTips nbc6news
Biohub launches $1.8 billion AI biology initiative in major science push
Biohub, Google, Meta and the U.S. government are investing $1.8 billion to build AI-ready biological data for disease research.
Disney Entertainment Promotes Adam Smith to Direct-to-Consumer Chair
Joe Earley will serve in the newly created role of television franchise and content strategy president
Trump Calls for $1.8 Billion Fund Over Blanche Attorney General Fight
The president vowed to push for the payout fund if Senate Republicans fail to confirm Todd Blanche as attorney general, reigniting a dispute over the settlement.
Atrium Health settles class-action lawsuit in Charlotte alleging it shared patient data
The Charlotte-based healthcare organization agreed to a $1.8 million settlement.
Tennessee Sports Betting Handle Holds Near $443M in May 2026 as Its Handle Tax Stays Flat
Tennessee took $443M in May 2026 sports bets at a 9.25% hold. As the only state taxing handle (1.85%) rather than revenue, its tax stays tied to volume. Full breakdown.
South Texas Health System (@stxhealthsystem)
3 likes, 1 comments - stxhealthsystem on October 10, 2026: "Serving Health, Healing & Hospitality: Proper nutrition plays an important role in the healing process, helping patients recover, regain strength and achieve better outcomes. Across South Texas Health System's acute care facilities and behavioral hospital, our Nutrition & Dietary Services teams work diligently each day to provide nutritious meals and exceptional service to patients, visitors and staff. During National Healthcare Foodservice Workers Week, STHS proudly recognizes the dedicated Nutrition & Dietary Services teams at STHS McAllen, STHS Edinburg, STHS Children's, STHS Heart and STHS Behavioral for their hard work, professionalism and commitment to excellence. From developing specialized meal plans that support patient recovery to serving every meal with care and compassion, these team members play an essential role in creating a positive healthcare experience. Their dedication to both nutrition and hospitality is felt throughout our hospitals and contributes to the quality, compassionate care our patients receive every day. Thank you for the care, kindness and pride you bring to your work. Your commitment helps nourish our patients, support our caregivers and strengthen the communities we serve.".
PENN Entertainment (PENN) Swings To Profit As Debt Comes Down
On August 6, PENN Entertainment (NASDAQ:PENN) reported second-quarter results that flipped from a year-ago loss into a profit. Net income came in at $32.6 million, compared with a loss of $18.3 million in the same quarter of 2025. Revenue rose to $1.86 billion from $1.77 billion, and Adjusted EBITDA climbed to $312.6 million from $236.1 […]
South Texas Health System (@stxhealthsystem)
1 likes, 1 comments - stxhealthsystem on October 3, 2026: "A Gathering of Compassion, Commitment & Community: The Texas Association of Healthcare Volunteers (TAHV), a statewide organization dedicated to supporting, training and connecting healthcare volunteers, recently held its District 3 Meeting at South Texas Health System Edinburg. Volunteers from across South Texas and the Coastal Bend gathered to learn, share ideas and strengthen the vital role they play in supporting patients, families and healthcare teams throughout their communities. The Auxiliary to STHS (@auxiliarytosths) is made up of more than 350 student and adult volunteers who help enhance the patient experience across the health system. To help make this year's event a success, auxiliary members from hospitals throughout the Rio Grande Valley came together to plan, coordinate and host the annual meeting. We extend our heartfelt thanks to everyone who attended and contributed to this inspiring event. Your dedication, compassion and service make a lasting impact in hospitals across the Rio Grande Valley and beyond.".
Shell sells Indian wind and solar business for $1.8bn
Aditya Birla Renewables takes on Shell’s renewable assets in India as energy major continues to refocus on oil and gas
Which Microsoft businesses are growing and shrinking, according to obscure table in regulatory filing
Overall, for the fiscal year ended June 30, Microsoft's revenue increased 18%, or $50.1 billion, to $331.8 billion. Here is what a table buried in the 10-K shows about the real drivers of the business.
Todd Blanche rescinds Trump's 'anti-weaponization fund' ahead of nomination hearing
Acting Attorney General Todd Blanche issued a formal order late Sunday terminating President Donald Trump's $1.8 billion "anti-weaponization fund" to compensate his political allies.
Blanche rescinds fund for Trump supporters after GOP senators threaten to block his AG bid
Acting Attorney General Todd Blanche has issued a formal order terminating President Donald Trump’s $1.8 billion anti-weaponization fund to compensate his political allies.
Governor Morrisey Announces $1.8M Investment to Address Critical Healthcare Workforce Shortages
Governor Patrick Morrisey announced a $1.8 million funding opportunity through the state's Rural Health Transformation Program (RHTP) to help address critical healthcare workforce shortages across West Virginia.
Trust TV on Instagram: "'Northerners must change their attitude towards politics', says Danbala Usman Watch full interview: https://youtu.be/zh7jtWv6GYo #trusttvnews #2027election #2027politics"
0 likes, 0 comments - trusttv_news on October 10, 2026: "'Northerners must change their attitude towards politics', says Danbala Usman Watch full interview: https://youtu.be/zh7jtWv6GYo #trusttvnews #2027election #2027politics".
Increases in healthcare spending the largest driver behind premium growth: Yale study
As insurance premiums continue to rise, a new study finds that escalating healthcare spending is the leading factor behind the trend. | As insurance premiums continue to rise, a new study finds that escalating healthcare spending is the leading factor behind the trend.
Y Intercept Hong Kong Ltd Boosts Position in Flutter Entertainment PLC $FLUT
Y Intercept Hong Kong Ltd grew its stake in shares of Flutter Entertainment PLC (NYSE:FLUT - Free Report) by 121.8% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 62,572 shares of the company's stock after
AMC Entertainment (AMC) Registers a Bigger Fall Than the Market: Important Facts to Note
AMC Entertainment (AMC) closed at $1.87 in the latest trading session, marking a -1.06% move from the prior day.
Shein launches up to $1.8 billion Hong Kong IPO
Online fast-fashion retailer Shein launched book building for a Hong Kong initial public offering on Monday, aiming to raise up to HK$13.86 billion ($1.77 billion), according to an offering prospectus.
Science Applications (SAIC) Grew Revenue 6% but Posted a 0.6 Book-to-Bill Ratio. Is the $22B Backlog Enough?
Science Applications International Corporation (NASDAQ:SAIC) reported second-quarter fiscal 2027 revenue of $1.88 billion, up 6.3% year over year. Net bookings, however, were approximately $1.2 billion. That produced a quarterly book-to-bill ratio of 0.6, calculated as net bookings divided by revenue, while the trailing 12-month ratio was 0.8. Total backlog stood at approximately $22.1 billion, including […]
Katie Couric (@katiecouric)
3,068 likes, 268 comments - katiecouric on June 17, 2026: "Rahm Emanuel has been a major force in Democratic politics for decades—from congressman and White House chief of staff to mayor of Chicago and U.S. ambassador to Japan. As the 2026 midterms approach, he joined me on Next Question to discuss President Trump's second term, why Democrats "lost the plot," why he believes the U.S. should end taxpayer-funded military aid to Israel, and what it will take for the party to reconnect with voters and regain lost ground. 🎧 Watch the full interview on YouTube or listen wherever you get your podcasts.".
The Bull Case For Sphere Entertainment (SPHR) Could Change Following Mixed Q2 Results And Aggressive Expansion Plans
Sphere Entertainment Co. has reported past second-quarter 2026 results showing sales of US$313.64 million versus US$282.68 million a year earlier, alongside a shift from net income of US$151.82 million to a net loss of US$38.79 million. Despite reporting a loss, the company highlighted growing Sphere-driven revenue, venue expansion plans in Abu Dhabi and National Harbor, and a broader content slate including future Wizard of Oz and Rocky Horror Picture Show experiences. We will now examine...
Billionaire Kumar Birla’ To Buy Shell’s Indian Renewable Business In $1.8 Billion Deal
The acquisition of Shell's renewable energy business in India will more than double the Aditya Birla Group's renewable energy capacity to almost 10 gigawatts.
Our Milky Way galaxy gobbled up a smaller galaxy about 11.8 billion years ago, scientists find
Scientists observing clusters of stars congregated near the Milky Way's centre have discovered evidence that our galaxy swallowed a smaller galaxy roughly 11.8 billion years ago, when the universe was less than 15 per cent of its current age.
This week, we honor the professional staff of our Forensic Science...
This week, we honor the professional staff of our Forensic Science Division and Technical Investigation Division. Your meticulous work and attention to detail serves as an essential resource to our...
Angel Reese Is Getting Way Too Good to Ignore
At some point, we have to stop calling Angel Reese a “future star.” She is already a star. Reese has taken her game to another level with the Atlanta Dream, averaging 16.1 points, 12.4 rebounds, 2.8 assists and 1.8 steals per game this season. And somehow, she still feels like one of the most underrated…
Judge isn't swayed by government's claims that plans for an 'anti-weaponization fund' are dead
A federal judge who blocked the creation of a $1.8 billion “anti-weaponization fund” for compensating President Donald Trump’s political allies isn't swayed by a government attorney’s assurances that the concept is abandoned | News-Talk 1380 WAOK
Detroit Free Press on Instagram: "Two teams from the Savannah Bananas traveling baseball tour came to Comerica Park for a pair of games on Sept. 18-19. Rivals the high-energy Party Animals and the stunt-performing Firefighters, brought their brand of baseball entertainment to Comerica Park on Friday and Saturday, turning America's pastime into a mix of sports, comedy, dancing and crowd interaction. Check the link in our bio for more. 📷 by Kimberly P. Mitchell @kpmitchellphoto, Detroit Free Press #detroit #michigan #comericapark #entertainment #bananaball @thefirefighters @thepartyanimals #baseball"
17 likes, 0 comments - detroitfreepress on September 20, 2026: "Two teams from the Savannah Bananas traveling baseball tour came to Comerica Park for a pair of games on Sept. 18-19. Rivals the high-energy Party Animals and the stunt-performing Firefighters, brought their brand of baseball entertainment to Comerica Park on Friday and Saturday, turning America's pastime into a mix of sports, comedy, dancing and crowd interaction. Check the link in our bio for more. 📷 by Kimberly P. Mitchell @kpmitchellphoto, Detroit Free Press #detroit #michigan #comericapark #entertainment #bananaball @thefirefighters @thepartyanimals #baseball".
Tim Cook hints at iCloud Plus tier for AI power users
Apple could charge users to increase their AI usage limits.
Early humans were bringing fire into caves 1.8 million years ago
A new study suggests early humans were using fire in South Africa’s Wonderwerk Cave as far back as 1.79 million years ago. Researchers found burned bones deep inside the cave, where natural wildfires could not have reached, indicating that fire was likely carried in and maintained by human ancestors. The discovery pushes back the timeline for fire use and reveals surprisingly sophisticated behavior long before humans could create fire on demand.
Caps Care Year in Review: Capitals and MSE Foundation Raise More Than $1.8 Million for Charity During 2025-26 Season
Through fundraising and programming efforts, the Capitals, its players and Monumental Sports & Entertainment Foundation supported numerous organizations in an array of missions
ACA health coverage enrollment in NH declined by 4.8k after credits expired
The KFF analysis found that New Hampshire enrollment in ACA healthcare plans fell by 8 percent from 2025 to 2026. Across the country, enrollment fell from roughly 21.8 million in 2025 to 19.2 million in 2026, per KFF.
Atrium Health settles online portal lawsuit for $1.8 million; patients eligible for payouts
It involves patients who had a MyAtriumHealth or MyCarolinas account at any time between Jan. 1, 2015, and April 10, 2024.
The Harvard Crimson (@theharvardcrimson)
83 likes, 0 comments - theharvardcrimson on October 6, 2026: "Harvard’s Faculty of Arts and Sciences is launching 25 tenure-track faculty searches, FAS Dean Hopi E. Hoekstra announced in a Monday email to faculty, further loosening a University-wide hiring freeze instituted last spring as the school draws an influx of philanthropic support. The searches, which include positions across the FAS’ three divisions and the School of Engineering and Applied Sciences, come less than a week after Hoekstra announced the school would also be upping Ph.D. admissions for the upcoming admissions cycle — and as the University continues soliciting support from donors for its academic programming. Full story linked in bio. 🖋: Abigail S. Gerstein and Amann S. Mahajan 📷: Mae T. Weir".
What’s Going On With LifeStance Health Group (LFST)?
LifeStance Health Group (LFST) has drawn fresh attention after recent trading left the share price at $11.84, with performance over the past week and month moving in different directions. Short term momentum for LifeStance Health Group has cooled, with a 7 day share price return of down 6.6% and a 30 day share price return of down 3.8%. However, the year to date share price return of 70.1% and 1 year total shareholder return of 118.5% still signal a sharp re-rating as investors reassess both...
Acting AG Todd Blanche reaches deal with holdout senators to end $1.8B ‘anti-weaponization’ fund
The Senate Judiciary Committee is set to hold a vote to advance Blanche’s nomination on Tuesday.
Coloradans’ revolution against the two-party system
Our major Colorado news outlets have been desultory, even derelict, about reporting on a revolution in our electorate. The result is voters don’t get the information they need to consider the full range of substantive candidates. Here are the numbers. As of September, unaffiliated voters make up 51.8% of Colorado’s registered voters. Voters 18 to […]
The OLED Xbox Ally X20 officially starts at $1,300
Is the best handheld screen worth an extra $300 to you?
Amazon Business Reaches $60 Billion in Annualized Gross Sales, Serving Over 11 Million Organizations Worldwide
Organizations of all sizes turning to Amazon Business for its AI-powered tools, business-relevant selection, everyday low prices, delivery fleets purpose-built for businesses, and expanded Prime Business membership benefits More than 1.8 million new organizations joined Amazon Business so far this year Last year, Amazon Business-specific discounts saved organizations more than $1 billion worldwide, while Prime Business members saved more than $880 million in shipping fees globally last year Amazon Business selection up nearly 30% globally this year, with expansion in categories like repair tools, fresh groceries, and office furniture
RSM US Middle Market Business Index Holds Near Recent Highs as Rising Profits and Business Investment Sustain Optimism
/PRNewswire/ -- The RSM US Middle Market Business Index (MMBI) remained near recent highs, registering at 111.8 for the third quarter, which is a statistically...
Mario Kart World Has Been Updated To Version 1.8.0, Here Are The Full Patch Notes
You can download this free update now
Big Tech is spending billions to not employ people
Amazon disclosed $2.7 billion in estimated severance costs in its latest annual report, while Intel and Oracle also reported spending $1.8 billion.
Dane County contract leaves Journey Mental Health with $1.8M gap
MADISON, Wis. — Journey Mental Health Center says a contract funding gap has created a $1.8 million shortfall for services Dane County is required to provide.
ASML Rides on Strength in Installed Base Business: Will it Sustain?
ASML's Installed Base Management sales surge 31.8%, fueled by upgrades and a growing EUV fleet, but sustaining growth hinges on customer demand.
The Boyz’s Eric signs with Grid Entertainment, continues music career
The singer hopes to “show new sides” of himself with the label, while continuing band activities under another agency.
Bone Health Without the Hype
I am at the Australasian Menopause Society meeting and we had a fantastic lecture on Bone Health on Day 2, called, “Everything you need to know about bones - except the boring bits!” Spoiler alert, there were no boring bits. The lecture was given by Dr. Amanda Beech, who is a senior staff specialist in Obstetric Medicine and Endocrinology at the Royal Hospital for Women, where she is director of the Bone Density Unit. I want to summarize my top 10 take-aways for you. Share Osteoporosis is a disease of low bone mass, disruption of bone microarchitecture, and fragility of the skeleton. It is a silent disease…until someone develops a fracture. The diagnosis of osteoporosis is based on either fragility/minimal trauma fractures or a T-score of less than -2.5 on a DXA (Dual-Energy X-ray Absorptiometry) or bone scan. It is important to recognize that about 50% of minimal trauma fractures occur when women have low bone mass (often referred to as osteopenia), but not osteoporosis. This tells us that bone strength is more complicated than a number on a DXA report. I am going to add a little here that wasn’t in the talk (one can only include so much in 25 minutes), as many women might read the above paragraph and think, “Shouldn’t we be treating everyone with low bone mass if this is when 50% of the fractures occur?” Many fractures happen for women with low bone mass because there are so many women with low bone mass –it is a statement about the population on a whole, not about the fracture risk of low bone mass. For you as an individual, bone density is only one component of fracture risk and many women with lower bone mass will not have a significantly elevated fracture risk. This is why individualized risk assessment matters. Subscribe We build bone in our teens and twenties, and by the time we are about thirty we have reached peak bone mass. This is why, when we discuss risk factors for osteoporosis, it is important to consider factors that might have affected us in our teens and twenties when we were actively building bone, such as nutritional restriction/energy imbalance. It is important to ask women about a history of eating disorders, and for those with such a history, getting a bone scan in perimenopause or at age 50 is likely warranted. (This image below isn’t from the talk, but is similar to one that was). Bone mass is relatively stable until about two years before the final menstrual period, and perimenopause marks a time of rapid bone loss for women. Using urinary markers of bone loss we know that the time of significantly accelerated bone loss starts about 1 year before the final period and ends about 2 years after the final period. The Study of Women’s Health Across the Nation (SWAN) shows that over the menopause transition women lose an average of 10.6% of the bone at their lumbar spine and 9.1% at the femoral neck While this wasn’t covered in the lecture, I want to add that the rapid bone loss during perimenopause is clearly related to more than estradiol, because during this time estradiol levels can be erratic and not uniformly low. Bone loss during perimenopause is likely a multi-hormone event. For example, rising FSH (follicle stimulating hormone) tracks with bone loss better than estradiol, and there is evidence that FSH may act directly on bone. While decreased estrogen matters, there is clearly more going on. FSH and bone is an active area of research. Subscribe Screening for osteoporosis was recommended fairly broadly before age 65, and was taken from the “Practitioner’s Toolkit for Managing Menopause,” from Monash University. Here is a screenshot from the toolkit that was used as a slide: I am going to add a little bit more about body weight here for clarification. Low body mass (typically 152.1 lb): 0 points (risk neutral) 60–69 kg (132.3–152.1 lb): 3 points (adds some risk)
Vector Science and Therapeutics Corp. Issues Options
Mequon, Wisconsin--(Newsfile Corp. - September 25, 2026) - Vector Science and Therapeutics Corp. (TSXV: PAIN) ("Vector" or the "Company") today announced that the Board of Directors has approved the grant of 150,000 stock options (the "Options") to an Officer of the Company in accordance with the Company's stock option plan. The Options vest in 25% tranches over a three year period, have an exercise price of C$1.80 and are exercisable for a period of five years from the date of grant. This...
Wilton medical office changes hands for $1.8M
Riverside Common, a 8,642-square-foot medical office in Wilton, has sold for $1.8 million, according to town land and property records.
Blanche nomination in peril as key GOP senator rails on DOJ over controversial fund
Todd Blanche’s nomination to be President Donald Trump’s attorney general is hanging in the balance with a key GOP senator saying the Justice Department has not done enough to assure him a controversial $1.8 billion “anti-weaponization” fund won’t move forward.
Shell sells India-based renewables business for $1.8B
The energy giant will sell its stake in Sprng Energy to Aditya Birla Renewables, which counts the BlackRock-owned Global Infrastructure Partners as a minority owner.
Judge: Trump sought to ‘manipulate the judicial process’ with his IRS lawsuit and attempted $1.8B fund
A federal judge Monday said a controversial lawsuit brought by President Donald Trump against the IRS sought to “manipulate the judicial process” and that he acted in bad faith in bringing it.
Flutter Entertainment (FLUT) Could Be 40% Undervalued On Revenue Beat And EPS Miss
Flutter Entertainment (FLUT) just delivered a mixed earnings update that drew a sharp response from the market, with revenue ahead of analyst expectations but earnings per share falling well short of forecasts. That miss on profitability lands on top of a weak stretch for Flutter Entertainment, with the share price down 18.23% over the past 30 days and falling 61.87% year to date. The 1-year total shareholder return has declined 70.29%, suggesting momentum has been fading as investors...
The Harvard Crimson (@theharvardcrimson)
24 likes, 0 comments - theharvardcrimson on October 5, 2026: "Caroline B. Kennedy ’80 introduced the Institute of Politics’ 60th anniversary forum Thursday, marking her first known public appearance at the Institute since she resigned from its Senior Advisory Committee more than six years ago. Kennedy — the daughter of President John F. Kennedy ’40, to whom the IOP is dedicated – stepped down as the committee’s honorary chair in 2020 amid concerns over the IOP’s diminished independence, declining programming, and tensions with Harvard Kennedy School leadership. Full story linked in bio. 🖋: Jen L. Phan and Mirei S. Saneyoshi 📷: Grace E. Yoon".
Musk on his involvement in politics: ‘I got carried away’
Tech mogul Elon Musk reflected on his brief venture into politics in a new interview released Thursday, suggesting he “got carried away.” “I think I got a little too involved in p…
PENN Entertainment (NASDAQ:PENN) Releases Earnings Results, Beats Expectations By $0.07 EPS
PENN Entertainment (NASDAQ:PENN - Get Free Report) issued its quarterly earnings results on Thursday. The company reported $0.44 EPS for the quarter, beating analysts' consensus estimates of $0.37 by $0.07. PENN Entertainment had a negative net margin of 12.66% and a positive return on equity of 2.93%. The business had revenue of $1.86 billion for the quarter, compared to analysts' expectations of $1.86 billion. During the same quarter in the prior year, the firm posted ($0.12) earnings per share. The business's quarterly revenue was up 5.2% compared to the same quarter last year.
Trump defends DOJ weaponization fund and attacks Cornyn, further imperiling Blanche nomination
President Donald Trump said acting Attorney General Todd Blanche “should be immediately approved” as his permanent pick for for the role and defended a controversial $1.8 billion “anti-weaponization fund” that’s at the crux of why the nomination has not yet moved forward.
Debt Digest | Federal Debt is a Health Care Problem
Welcome David Ditch to the Debt Dispatch! We are pleased to announce a new regular contributor: David Ditch will be joining the Cato Institute as a Policy Analyst for Budget and Entitlement Policy later this week. David has more than a decade of experience in fiscal policy issues, with a particular focus on federal spending. He previously worked at the Senate Budget Committee, the Heritage Foundation, and the Economic Policy Innovation Center. David’s areas of expertise include appropriations, transportation, agriculture, federalism, grantmaking, and policy options for deficit reduction. Originally from the Rochester, N.Y. area, David has a BA in Economics and Political Science from the University of Rochester and a MA in Political Management from George Washington University. David currently lives in Arlington, VA. You may have enjoyed his earlier guest posts: CBO: New Highway Bill Has More Spending, Taxes, and Deficits Trump Administration’s Proposed Changes to Federal Grants Highlight Problems of Big Government Here are this week’s reading links and fiscal facts: The federal debt is largely a health care problem. In a new report, the Congressional Budget Office and Joint Committee on Taxation find that “In 2026, federal subsidies for health insurance, net of related payments to the government, are projected to equal $2.4 trillion, or 7.4 percent of gross domestic product (GDP). In CBO and JCT’s projections, those subsidies grow by 65 percent, reaching $3.9 trillion, or 8.4 percent of GDP, in 2036. Subsidies for Medicare contribute most to that overall growth, increasing by $900 billion. Over the entire 2026–2036 period, federal subsidies for health insurance total $33.6 trillion.” Cato’s Michael Cannon emphasizes, “The long-term federal debt problem is a health care problem. […] Only two categories of federal outlays will grow faster than gross domestic product (GDP): health care subsidies and interest payments on the debt. The former is, therefore, the primary driver of the latter.” The bond market fears deficits, not the loss of tariff revenue. Responding to a New York Times essay claiming tariff revenue has grown too important for a future administration to unwind, Cato’s Kyle Handley argues: “Bond investors are not attached to customs duties as a line item revenue source. They care about the government’s overall fiscal position.” He continues, “tariff revenue is a side hustle. And the Trump administration has already promised to dole out the funds through schemes like tariff dividend rebates, farm subsidies, and pay-fors on tax cuts or other spending.” Furthermore, “tariff revenue is simply not large enough to transform the government’s fiscal trajectory.” Take net interest for example: it “reached $970 billion in fiscal year 2025, absorbing 18.5 percent of federal receipts. Customs duties accounted for only 3.7 percent of receipts—and that was before refunds (see Figure 2).” Handley concludes, “The real bond-market concern is a large and growing interest bill, persistent budget deficits, and a political system unwilling to bring spending and revenue into alignment.” Medicare’s spending growth is driven by more volume and utilization. A Congressional Research Service report finds that Medicare spending “grew at an average annual rate of 7.3%” from 1985 through 2025, and the trustees project health care expenditures will keep rising “faster than gross domestic product (GDP) in most future years.” Citing CBO, the report attributes Medicare’s projected 2026–2036 spending growth to “23% from higher enrollment, 31% from inflation, and 47% from the growth of inflation-adjusted spending per beneficiary. In other words**, the largest single driver of Medicare spending growth during the next decade is expected to be higher volume and intensity of health care services.”** Boccia and Thakur explain: “as the economy grows, Medicare spending tends to grow at least as fast—and often faster—because the program automatically pays the bill for more and more healthcare consumption by seniors, even as prices rise.” The Fed has little control over market interest rates. Cato’s Jai Kedia documents that the Fed has held its rate target steady since December, yet “nearly every rate Americans actually borrow at has climbed over the same stretch.” Kedia continues, “The Fed did nothing, and the cost of credit went up anyway. […] Markets spent these months repricing macroeconomic events such as sticky core inflation, a volatile energy market driven by the conflict in the Middle East, and global trade disrupted by tariffs, among others. None of that required a policy change to show up in borrowing costs because markets, not the FOMC, set prices.” He concludes, “Accurately priced borrowing rates will come from credible disinflation and disciplined budgets and from a Fed content to follow the economy rather than pretend it leads it.” Nearly half of US farm income comes from taxpayers. Former Reagan OMB director David Stockman notes that “in the most recently completed full year (FY 2025) farmer incomes in the US totaled $97.8 billion, but fully 42.7% or $41.8 billion of that amount came from taxpayers, not the marketplace. Nor is this some kind of one-year aberration. If we look at the most recent decade as a whole, total farm income posted at nearly $708 billion, but, as indicated, fully $322 billion or 45% of this came compliments of US taxpayers.” Cato’s Chris Edwards explains why so little of that income is market-earned: “Farmers are businesspeople, but the government shields them from just about every type of weather and market risk. Furthermore, just about every part of the agricultural industry is subsidized, including insurance, loans, marketing, research, export sales, and land improvements.” The Debt Dispatch is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber. Subscribe
Is Flutter Entertainment plc (FLUT) A Good Stock To Buy Now?
Is FLUT a good stock to buy? We came across a bullish thesis on Flutter Entertainment plc on r/ValueInvesting by LowKey-Revolution36. In this article, we will summarize the bulls’ thesis on FLUT. Flutter Entertainment plc’s share was trading at $101.83 as of June 18th. FLUT’s trailing and forward P/E were 121.78 and 13.50 respectively according to Yahoo […]
PlaceMKR Acquires Pharr Retail Property in $31.85 Million Deal
Austin-based real estate investment and development firm PlaceMKR has acquired an At Home retail property in Pharr as part of a $31.85 million purchase of five properties across three states, the company announced. The Pharr property, located at 600 W. Kelly Ave., was acquired along with properties in New Braunfels and Grand Prairie, Texas; Gulfport, Mississippi; and Toledo, Ohio.
Is PENN Entertainment, Inc. (PENN) A Good Stock To Buy Now?
Is PENN a good stock to buy? We came across a bullish thesis on PENN Entertainment, Inc. on TradersPro’s Substack. In this article, we will summarize the bulls’ thesis on PENN. PENN Entertainment, Inc.’s share was trading at $21.84 as of June 15th. PENN’s trailing and forward P/E were 77.43 and 13.14 respectively according to Yahoo Finance. […]
Blanche rescinds Trump’s ‘anti-weaponization’ fund, removing hurdle from attorney general nominee’s confirmation
Donald Trump’s nominee for attorney general, Todd Blanche, said late Sunday he is formally rescinding the president’s $1.8 billion “anti-weaponization” fund, after Senate Republicans threatened to block his nomination over the controversial agreement.
Atrium Health settles online portal lawsuit for $1.8 million; patients eligible for payouts
It involves patients who had a MyAtriumHealth or MyCarolinas account at any time between Jan. 1, 2015, and April 10, 2024.
PENN Entertainment (NASDAQ:PENN) Posts Q2 CY2026 Sales In Line With Estimates
Casino, sports betting and entertainment operator PENN Entertainment (NASDAQ:PENN) met Wall Street’s revenue expectations in Q2 CY2026, with sales up 5.2% year on year to $1.86 billion. Its non-GAAP profit of $0.44 per share was 66.9% above analysts’ consensus estimates.
I-dle's Soyeon tops Korean music charts with 'I'm Gonna Toesa'
The i-dle leader’s solo track 'I’m Gonna Toesa' has struck a chord with listeners and reached No. 1 across major Korean music charts.
gamescom 2026’s Steam wishlist winners
gamescom wrapped up last weekend, and it was bloody fantastic. It really felt like the industry had a spring in its step again. The show itself was BUZZING, with 368K attendees (+3% over last year), maxed-out exhibit space, and Opening Night Live pulling over 78M online views (+7.5%). Let’s have a look at the games at the event that brought in the most new Steam wishlists between August 23 and 30. One quick thing before we start, and stop me if you’ve heard this one before, but wishlists are NOT a barometer for launch sales (they’re bookmarks, not baskets is what we always say over here at Alinea). With that aside, wishlists are a nice gauge of hype, so let’s dive in. Witche(r)s and Warlocks take the top two spots The biggest game of the event (by new wishlists, anyways) wasn’t a game at all. It was an expansion. The Witcher 3: Wild Hunt’s upcoming expansion, Songs of the Past, nabbed 451K Steam wishlists by the end of the weekend. It’s a big example of something we bang on about constantly: proven IP with built-in fandom is the most powerful force in this market. But said IP can also ripple into other external success stories (more on that later!). Anyway, Songs of the Past debuted at Opening Night Live, and it’s the first Witcher 3 expansion in over a decade, landing next year after a full Witcher 3 remaster (free for existing owners!) arrives next month. The Witcher 3 has sold around 66M copies, and I’ll be one of those owners jumping back in to refresh myself on the core game (like there isn’t enough to play!), then play the expansion next year. This is all part of CDPR’s plan. The studio is clearly whetting everyone’s appetite for The Witcher 4 in 2028 via a classic bridge strategy. Want more free estimates and insights in your inbox twice a week? Subscribe below! Subscribe Releasing a free 4K remaster next month – followed by a proper expansion in 2027 – keeps IP top-of-mind across a huge gap between content (games-wise, anyway). It kind of echoes Capcom’s evergreen catalogue strategy. And outsourcing co-development to Fool’s Theory (a studio led by trusted Witcher 3 veterans) keeps CDPR’s internal headcount focused on The Witcher 4. #2 by wishlists between Aug 23 and 30 went to another giant IP: Warlock: Dungeons & Dragons, published by Wizards of the Coast and developed by Invoke Studios (a team of ex-Far Cry, Watch Dogs, and Splinter Cell devs). It’s due to launch in 2027, and it looks brilliant so far. It’s a dark-fantasy open world with third-person spell-slinging. It’s a very Witcher-ish aesthetic. As you might expect, 48% of Warlock’s Steam wishlisters have played Baldur’s Gate 3, and 46% have played The Witcher 3. One to watch. For sure! Mash-ups: Anime GTA (!?) and a city-builder for kids (and adults) Ananta took #3 with 302K new wishlists. It’s an open-world game that looks like GTA and Persona had a baby. It was published by NetEase, developed by Naked Rain, and got a trailer at Opening Night Live. I got hands-on at the show, and it wears its influences openly; there’s literal web-slinging (very Spider-Man) and a LOAD of mini-games (Like a Dragon). It’s free-to-play and out in January. For Ananta, Naked Rain is taking the free-to-play, cosmetics-only route. That’s certainly a choice for a single-player open-world game. Without gacha mechanics driving high ARPU, Ananta is betting purely on top-of-funnel reach and long-term retention. This puts pressure on skin appeal when there’s no multiplayer lobby to flex in (although, co-op is reportedly coming later). Want more free estimates and insights in your inbox twice a week? Subscribe below! Subscribe Then there’s Lego Skylines (273K wishlists between Aug 23 and 30), which does exactly what it says on the tin. It’s a cosy Lego twist on the city-builder genre, as shallow or as deep as you fancy (five min quick sesh or ten-hour no-lifer session; latter for me). There’s some family-friendly stuff in there like couch co-op, which is only really viable on console. Iceflake Studios, which Paradox acquired back in 2020 is developing this one. So Paradox is probably looking for a family-friendly onramp to its rad Cities: Skylines games. The overlap there is plain, with 33% of Lego Skylines wishlisters having played Cities: Skylines and 16% Skylines II. There’s no doubt plenty of parents here (and uncles, ahem) planning to indoctrinate the next gen of city-builders. I’ll definitely be playing with my youngest nephew. This one could be big and educational. I’m very curious to see more. Want more free estimates and insights in your inbox twice a week? Subscribe below! Subscribe Mature IP, new and old, rounds out the list As for the rest of the list of gamescom games by new wishlists between Aug 23 and 30: Heroes of Might & Magic III Remake got 189K new wishlists. It remakes the iconic 1999 turn-based-strategy classic in full 3D and 4K. It follows this year’s Heroes of Might & Magic: Olden Era (~1.8M copies sold, as per our estimates), and around a quarter of the III Remake wishlisters have played Olden Era, including 7% of them this month. Wardogs – a $40 PvP shooter – added another 146K to an already massive pile (nearly 1.6M total). It’s published by Team17 and made by Bulkhead. It plays somewhere between the tactical squad stuff of … Squad and the all-out-chaos battlefield of … Battlefield. It’s up to 100 players, and it’s out in about 10 days. It’s already pre-sold over 500K copies on Steam ($16.6M), boosted by a pre-order-only beta. It sold another 70K copies during gamescom, too. Afterworld managed 121K new wishlists. It’s a Paradox-made post-apocalyptic grand-strategy game, and it was announced at the show. It’s a departure from Paradox’s usual historical stuff, and the studio’s first new setting in over a decade. The Paradox purists are into it, with over half its wishlisters having played Hearts of Iron IV (19% this month) and 41% Crusader Kings III (17% this month). Metro 2039 got 110K during the show, tunnelling its total past 1.3M. Nearly 40% of wishlisters have played 2020’s Metro Exodus, the previous mainline title in the series. The Metro novels are Russian, dev 4A Games is Ukrainian, and it’s set in Moscow, so it’s unsurprising that – after the US (17.3% of wishlisters) – the next two countries are Russia (12.7%) and Ukraine (10.0%). The Blood of the Dawnwalker drew in (the blood of) 108K new wishlisters, now totalling an impressive 1.7M (at a $70 price point, though). It’s an open-world dark-fantasy action-RPG set in 14th-century Europe (with vampires!), made by some former Witcher devs at Rebel Wolves. Again, it shows. Over half of Blood of the Dawnwalker’s wishlisters have played The Witcher 3, and its #2 market is Poland, home of Rebel Wolves. That’s that hometown-hero effect we keep banging on about again! And Blood of the Dawnwalker plays very well, by the way. While it looks like a Witcher clone on the surface, it actually brings a lot to the table mechanics-wise. I love the whole time-as-a-currency spin on RPG gameplay. It gives the game a different, refreshing pace. Essentially, you start Blood of the Dawnwalker with a pool of 480 action points spread across 30 days and 30 nights. As for how the game performs, we’ll be posting some numbers next week, so hit subscribe below to get that in your inbox when it’s ready. Subscribe The Witcher’s legacy ripples Make no mistake: on a high level, this was The Witcher‘s gamescom. The #1 game by wishlisters was a Witcher 3 DLC. Warlock is clearly Witcher-inspired – as is Blood of the Dawnwalker, which was made by ex-Witcher devs. There was a lot of other cool stuff on the floor that we’ll no doubt be covering in subsequent newsletters, though! As always, wishlists went through the roof for sequels, remakes, DLC, and licensed IP. As always, though, these wishlists will likely convert to about 5% to 10% of launch-day buyers, with the probable exception of The Witcher DLC – the exception that proves the rule. Either way, we’ve got a nice, diverse list here – one that is very Witcher-y, Paradox-y, and – if you’re a fan of great games on Steam – a bloody good list. We even got a bunch of new IP to get excited for. Great gamescom! Even if we are still processing that unfathomable number of mini Kölsch beers! One more thing: GTA 6 broke the internet (again) Move aside, Spider-Man and The Odyssey (I love you both, really). But the decade’s defining entertainment zeitgeist is round the corner. Unless you’ve been living under a rock, you’ll know that Rockstar dropped an extended look at GTA 6 last week. It was INSANE, the most impressed I’ve ever been by a showcase like this. You can see the budget seeping through every second of the extended look, and this level of game is unobtainable for any other publisher. Everyone’s going nuts, and rightly so. GTA 6 is out in holiday 2026, and it’ll be the biggest entertainment release ever, full stop. For those without a PS5 or Xbox Series console, a $500-$900 console is a big ask in this economy, but GTA will pull a lot of last-generation-console fence sitters over the current-gen fence either way: The autumn timing puts GTA 6 on (digital) shelves for the holidays, meaning a PS5 or Xbox (let’s be honest, mostly the former) will be on many a Christmas and Hanukkah list. Demand will outweigh the struggling supply, though, and PS5 Pros are already sold out and being sold at a markup via scalpers. Every console that isn’t on a shelf is a sale deferred or lost, and worse, it hands scalpers the margin. GTA has cultural clout that reaches everyone. It’s been a mainstream fixture since 2001’s GTA III and its clout has only grown exponentially since then. There’s a touchpoint for every generation alive. The FOMO-word-of-mouth double punch does the rest. Loading... It’ll reactivate the lockdown cohort, the millions who picked up gaming in 2020-21 and churned. GTA 6 will bring them back. Remember when College Football 25 brought a bunch of US gamers to current-gen consoles? GTA will do that globally. Once they’re back (or upgraded), and all GTA’d out, the fresh current-gen-console folks will check out the rest of the current-gen catalogue they missed. GTA Online, if not free to play, will also lead to a boost for PS+ and Xbox Game Pass, another boost for the ecosystem players. Want more free estimates and insights in your inbox twice a week? Subscribe below! Subscribe Even some of the smug PCMR 60FPS crew won’t be able to resist their FOMO and will bite the bullet on a console to play this one early (then double dip). The consoles cost the same as a decent stick of RAM these days anyway lmao… Don’t get me wrong, though. GTA 6 is no silver bullet for the mature console market, but it does prime the current gen for a couple of strong swan-song years. And it’ll also give the consoles more users from which to maximise ARPU. ‘’We are in the latter half of the lifetime cycle of [the PS5],’’ said Sony President and CEO Hiroki Totoki in a Wall Street Journal interview. ‘’That means we do not need to aggressively sell the console today; rather than that, we are focusing on the current revenue from the current user base.’’ The biggest, best premium games always arrive late in a console cycle, so getting more players aboard now, ahead of that content storm (the new current-gen-only Call of Duty included), is a clear win for the platforms. On the Netflix thing, though: let’s all chill out a bit, like. Half my LinkedIn feed was going bonkers treating the reveal debuting on Netflix like it’s the future of entertainment. It wasn’t. It was a six-hour head start, and Netflix left that detail out of the “first-of-its-kind partnership” press release. The extended look hit Netflix at 3pm ET on 27 August, then went up on YouTube and Rockstar’s site for everyone six hours later. And it was all over social immediately, anyways. This reveal was going to reach an untold number of people whether it debuted on Netflix, YouTube, a Times Square screen, or a group chat. The last trailer did nearly half a billion views in a day with no gatekeeper at all. Netflix just stood next to that audience for six hours, borrowing it. It’s was a tidy deal for Netflix, sure. But every outlet on earth was breaking the thing down frame by frame by the evening anyway. Anyway. I’m hype. And we’ll be covering some GTA numbers on the newsletter soon. So hit subscribe below to get that in your inbox when it’s ready! Subscribe The last word Reply to this email – or reach out here – if you have any feedback for the newsletter – or want to request a game for us to cover. [Alinea Analytics boasts the most accurate PC and console estimates in the business. Game makers use our platform to understand their audience, keep an eye on the competition, monitor sales trends, and spot new opportunities. We equip game studios and financial institutions with accurate data and the confidence to make smarter, data-driven decisions. Want to talk about all things games market data? We’d love to chat!]
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Intel Panther Lake Teardown, 18A, BSPD, GAAFET, SemiAnalysis STEEL
Panther Lake debuts the first commercial implementation of backside power delivery (BSPDN), introduces Intel’s first iteration of gate-all-around (GAA) transistors, and showcases their advanced packaging capabilities with its Foveros-S assembly. With Panther Lake, Intel’s manufacturing arc has shifted from nebulous roadmaps to shipped silicon, a significant milestone on their long road back to competitive semiconductor manufacturing. To evaluate the extent of Intel’s comeback, we tore down Panther Lake. The SemiAnalysis STEEL teardown lab breaks down advanced datacenter and AI hardware. To learn more about our pipeline or to commission a teardown, contact sales@semianalysis.com. WE’RE HIRING: Architecture, floorplan, packaging, manufacturing, and labs experts. Opportunities from system to transistor and everywhere in between. Check out our Careers page. Our teardown traces 18A from its four-sheet RibbonFETs (Intel’s marketing name for GAAFETs) and gate stacks through contacts, frontside and backside wiring, and the bonded carrier. We explain how these material and integration choices improve gate control and reduce resistance, while adding capacitance, thermal resistance, and process complexity. Our measurements put Panther Lake’s 18A compute logic and TSMC N3E GPU logic at similar logic density. However, 18A does not lead TSMC N3P, N2 or Samsung SF2 in peak density. Panther Lake’s CPU cores are incremental updates, and the high-end GPU still uses TSMC N3E. Panther Lake assembles one compute tile, one GPU tile, and one I/O tile atop a passive base tile using Intel’s Foveros-S advanced packaging. Both compute tile variants use Intel 18A. The Xe3 GPU options are a 4-core GT1 tile on Intel 3 and a larger 12-core GT2 tile on TSMC N3E. Both I/O tile variants use TSMC N6. [1], [2] Our analysis centers on the PTL-U compute tile, both the 4-core and 12-core GPU tiles, as well as the 12-lane I/O tile. In conventional chips, power and signal are routed through the same frontside metal stack towards the device frontend. Power rails consume scarce routing resources near the transistors, while tall via stacks carry VDD and VSS from the coarse upper wires to local rails. Backside power delivery (BSPD) moves the main power network behind the transistor layer, to the backside, separating it from frontside signal routing. We covered BSPD and its impacts in 2024. [3], [4], [5] Intel’s BSPD implementation, branded as “PowerVia”, routes power through dedicated backside metals to nano-TSVs, which connect those rails to local source/drain (S/D) contacts. Implementing that separation requires Intel to build the interconnect stacks from both sides of the wafer. The frontside comprises the M0-M14 signal stack, while the backside comprises the BM0-BM5 power stack. M0 and BM0 are closest to the transistors. The nano-TSVs connect the two sides, but Intel patterns and etches each via from the front after forming the contacts. A narrow via runs from the side of the contact deep into the silicon substrate. Intel then completes the frontside signal metal stack, bonds the wafer to a carrier, flips it and removes the original substrate until the buried via tips are exposed. The backside metal stack is then deposited directly on the revealed vias. The nano-TSV and backside-via profiles taper in opposite directions because Intel forms them from opposite sides of the wafer. The transistor structures form the FEOL. Local contacts and nano-TSVs connect them to the wiring. M0 begins the frontside interconnect stack. The silicon carrier remains attached above the frontside interconnects. It supports the device wafer during substrate removal and backside processing and remains part of the finished chip’s thermal path. PowerVia removes the main power distribution from the congested frontside metals, routing supply through shorter and wider backside wires. Its lateral landing still occupies area in the standard cell, so it recovers less cell area than a direct backside contact. [3] Nano-TSVs beside the logic devices carry VDD or VSS from the backside power network, while signal connections continue upward through the frontside metals. Backside Interconnects Samsung SF2 data is included for comparison to Panther Lake’s within this article. SF2 is the incumbent GAA foundry node but lacks BSPD, serving as a useful reference to evaluate 18A. A full teardown of Samsung’s S26 products, processed on SF2, will be shared soon.Nanosheet-cut EDS comparison. The PowerVia supply path runs from the backside Cu rails through Mo-lined W nano-TSVs to the local transistor contacts. In this cross section, the tapered connection spans roughly 150 nm from the contact level to BM0. The Ta liner confines Cu and promotes adhesion to the surrounding stack; the AlOₓ etch stop controls the next dielectric etch above the rail. Dielectric beneath the ribbons electrically separates the devices from the backside wiring and removes the conducting silicon body below the channel. [6] AlOₓ serves as an etchstop (ES), enabling endpointing and protecting the underlying layers. Low-volatility aluminum fluoride reaction products resist the fluorinated plasma, allowing a thin AlOₓ film to protect the metal while the surrounding low-k dielectric is removed. [6], [7]. While the BM0 and layers above the M1 lines show double AlOx layers, Our SMIC N+3 teardown showed single AlOₓ layers. SMIC uses a simpler local AlOₓ substack, while the remaining cap and etch sequence provide the required landing protection. So why double layers? The closely spaced AlOₓ doublets provide two protected endpoints in the etch sequence. Intel documents an AlOₓ/SiN/AlOₓ stack that explains the benefit. The main dielectric plasma etch stops on the first AlOₓ film; a selective wet clear opens that film; a second plasma etch removes the intermediate SiN and stops on the second AlOₓ film. The final wet clear exposes the metal landing surface. SiN is the intermediate dielectric in Intel’s published example. [8] The second stop protects the metal through a cap breakthrough. Wide openings can etch faster than narrow ones, and etch depth varies across the wafer. Metal under an early-clearing opening would otherwise be exposed while other openings still need more etching. Staged protection widens the process window and reduces metal erosion, corrosion and void formation. [8] TSMC documents AlN/AlOₓ/SiOC/AlOₓ above Cu, with AlN blocking Cu diffusion, and a simpler AlN/SiOC/AlOₓ variant that omits one AlOx film. [9] Levels with different opening sizes, aspect ratios, pattern densities and cap materials need different etch margins. A double AlOx stop is useful where another protected endpoint justifies the added processing. The extra film adds formation, selective opening and cleaning steps, plus another set of interfaces to control adhesion, moisture, and stress. These blanket films are opened through the existing via pattern, so each film does not require another lithography mask. AlOₓ adds parasitic capacitance when it replaces lower-k dielectric; two thin AlOₓ films can nevertheless contain less AlOₓ than one thick film. Total thickness, placement, and theintermediate dielectric determine the electrical cost. Deposition chemistry also changes AlOx permittivity and residual hydroxyl content, which can oxidize the underlying metal. [7], [8], [10], [11] The backside stack separates into relatively fine BM0-BM2 wiring near the devices and coarser BM3-BM5 power distribution. The largest pitch increase occurs between BM2 and BM3. BM0’s pitch closely matches the logic-row height, fitting local power delivery to the cell rows. Higher levels aggregate current through larger conductors: routing density becomes less important than low resistance and current capacity as the network approaches the package. This hierarchy provides wide power wiring for the power delivery network without consuming scarce frontside signal-routing resources. [3] The SemiAnalysis STEEL teardown lab breaks down advanced datacenter and AI hardware. To learn more about our pipeline or to commission a teardown, contact sales@semianalysis.com. WE’RE HIRING: Architecture, floorplan, packaging, manufacturing, and labs experts. Opportunities from system to transistor and everywhere in between. Check out our Careers page. Frontside Interconnects Intel 18A combines Mo-lined W contacts and nano-TSVs with a separate backside Cu power network. Samsung SF2 keeps power on the frontside, using Ti-based contact interfaces and Ta-based barriers and Co liners around Cu wiring. In 18A standard-cell rows, backside power rails supply the devices through nano-TSVs within the cells, freeing frontside routing resources. Samsung’s M0 accommodates both power and signal connections. From the device toward M0, the connection runs through a Ti-based S/D interface, W contact fill, a Mo-lined W via, and the Cu M0 wire. Mo supplies a conductive nucleation and adhesion layer for W, replacing the resistive TiN liner used in conventional W integration. This increases the effective conduction volume within the feature while retaining W fill and its established polishing, cleaning and etching processes. Intel’s Mo/W patent describes this integration tradeoff. The nano-TSV uses the same Mo-lined W construction in the backside supply path. [12] The move from TiN to Mo is an incremental change. While a full Co or Mo fill can also reduce the volume lost to liners in very small features, it requires new integration schemes that increase complexity and risk. Cu remains attractive for wider wires due to its low resistance. As wires and vias shrink, the diffusion barrier consumes an increasing fraction of their cross-section. [12], [12], [14] Intel uses Co/Ru liners at M0-M1, Co at M2-M4, and Nb at M5-M9. The lower-level liners help Cu adhere and reduce void formation during trench fills. Applied Materials’ Endura has new thermal control that facilitate wetting process, so the thin film continuity is good enough that good capillary pressure will drive Cu atoms to the via bottom without voiding. Intel’s choice to use Nb is particularly interesting. Intel’s Nb patent describes a conductive diffusion barrier intended to reduce the barrier’s contribution to resistance relative to conventional Ta-based barriers, particularly at via bottoms where all current crosses the barrier. The patent pairs Nb in coarser levels with the option of lower-cost PVD processing. [15], [16] The upper metal layers support thicker barriers formed through physical vapor deposition (PVD) despite its worse coverage and uniformity. Meanwhile, the lower metal layers require thinner barriers deposited through conformal atomic layer deposition (ALD). Co/Ru adds another material interface and requires controlled deposition and Cu fill. Changing liners and barriers by metal layer allows Intel to optimize interconnect resistance, process complexity, and reliability. [15, 16] RibbonFET, Intel’s name for its gate-all-around FETs (GAAFETs), replaces the FinFET’s vertical fins with four stacked horizontal silicon nanosheets, allowing the gate to surround the channel on every side. The path to GAAFET begins with the planar transistor. A planar MOSFET places the gate above the channel between its source and drain. Pairing an NMOS with a PMOS transistor creates a CMOS inverter, in which the NMOS pulls the output low for a high input, and the PMOS pulls it high for a low input. The gate must retain electrostatic control of the channel to ensure clean switching. As gate lengths shrank, the drain began to compete with the gate for that control, increasing off-state leakage. Electrostatic control was restored through an architectural evolution that raised the channel into a vertical fin and wrapping the gate around three sides. Called “FinFET”, this new architecture packed more effective channel width into a smaller footprint. Further scaling made it harder to maintain both drive current and leakage within smaller cells, and reintroduced the same problems planar MOSFETs faced. Nanosheet GAAFETs close the fourth side by replacing the vertical fin with a stack of horizontal nanosheets, each surrounded by the gate. The tighter electrostatic control suppresses leakage at shorter gate lengths while stacking adds effective channel width within the cell footprint. In a FinFET process, channel width changes in discrete steps as designers must add or remove whole fins. Nanosheet width can instead be adjusted continuously within the process’s design rules. Wider sheets increase drive current, while narrower sheets reduce capacitance at the cost of drive current. Intel 18A uses stacks of four nanosheets each and varies their widths across logic and SRAM. At the process level, adding more sheets to each stack increases effective channel width and drive current, but complicates fabrication. RibbonFET vs MBCFET Samsung began GAAFET production in 2022 with SF3E, following with SF3 and now SF2. Its ‘MBCFET’ provides a useful structural comparison with Intel’s first RibbonFET implementation. [17] STEEL is digging deeper into SF2, used in the Exynos 2600, and TSMC’s GAAFET N2, used in Apple’s A20 Pro, in upcoming newsletter articles. We’re throwing some teasers on X. Let’s compare Samsung SF2’s MBCFET with Intel 18A’s RibbonFET. Subscribe Even to the untrained eye, Intel’s extra nanosheet is obvious. Intel stacks four ribbons to Samsung’s three. Samsung’s sheets are much wider in these fields, so both sheet count and width matter to the available channel perimeter. Sheet width also changes which silicon surfaces carry current. On conventional (001) silicon, wide nanosheets emphasize the broad top and bottom surfaces, favoring electron transport; the larger sidewall contribution in a narrow sheet favors hole transport. Thinner sheets improve gate control but increase confinement and scattering. This makes width and thickness part of the NMOS/PMOS balance, alongside strain and threshold voltage. [18], [19] GAAFET designs like 18A use different work-function-metal (WFM) stacks for NMOS and PMOS. Around each ribbon, a thin SiOx interfacial layer separates the silicon channel from the HfOx high-k dielectric, with La providing dipole tuning and the WFM wrapping the dielectric. NMOS uses a TiAl-based stack, while PMOS uses TiN WFM. W fills the remaining gate trench, providing a lower-resistivity path where the work-function layers are no longer needed. In this field, the PMOS stacks leave room for W between ribbons, while the NMOS stacks occupy more of those gaps. A silicon-based dielectric marks the P/N boundary, allowing the PMOS and NMOS gates, sharing the same gate trench, to be processed sequentially. Fast logic paths, retention circuits, and SRAM need a family of threshold options. Changing threshold without substantially changing device dimensions, capacitance or fabrication complexity is valuable. FinFET processes typically use different work-function-metal stacks. In a four-ribbon GAA stack, the narrow sheet-to-sheet gap limits how much WFM can fit around each channel. La in the gate dielectric creates interfacial dipoles at the SiOx/HfOx boundary, shifting effective work function and tuning threshold voltage. This gives Intel another control alongside its NMOS and PMOS WFM stacks. Low-threshold devices improve critical-path drive; higher thresholds reduce leakage elsewhere. Dipole tuning is especially useful in GAA because it changes threshold without consuming the narrow intersheet gap with thicker WFM. Precise control of La incorporation, diffusion and interface quality has long been a challenge, limiting viability in high volume production but is now seen from every leading-edge foundry. Intel’s patent describes depositing a dipole-forming oxide above HfOx and annealing it toward the interfacial oxide before completing the work-function and fill metals. This separates threshold tuning from the space available for metal. Newer research addresses the thermal cost: imec’s 2026 dipole-middle research inserts the shifter between two HfOx depositions, shortening the diffusion path while protecting SiOx during patterning. [20], [21]Matched-cut EDS, Intel 18A (left) vs. Samsung SF2 (right). Intel retains raised source/drain epi beneath its contacts, while Samsung recesses W deep into the epi to form a V-shaped Ti-lined interface. The deeper contact increases metal-to-semiconductor area and shortens the current path from the lower sheets, reducing contact and spreading resistance. It also removes epi volume and brings the contact etch closer to the channel ends. Retaining more epi preserves the material available for strain transfer, especially from SiGe into PMOS. These geometries balance contact access against stress engineering and etch margin. [22], [23] Samsung stacks three sheets to Intel’s four ribbons, and both processes use sheet width to tune drive strength. In our Samsung cross-sections, widths range roughly from 19 to 30 nm in the NPU rows and 37 to 50 nm in the CU cell. The Samsung nanosheets taper, with the widest sheet at the bottom and the narrowest at the top. Both processes use HfOx gate dielectric and Ti-based work-function stacks, with Al in the NMOS stack. In the Samsung devices shown here, the dielectric and WFM occupy the intersheet gaps, leaving W above the top sheet. Intel’s PMOS stack leaves more room between ribbons, and W fills those gaps while the thicker NMOS stack leaves W mainly in the upper trench. Gate-stack EDS maps. The W between Intel’s PMOS ribbons provides a conductive path close to the lower gates. Where WFM fills the entire gap, the gate still surrounds the channel, but voltage reaches it through the more resistive work-function films. Thinner WFM and dipole tuning preserve room for low-resistivity fill; Mo and Ru are alternative fill metals being developed for further scaling. [24] A masked, sequential WFM flow explains the different gate heights and inter-nanosheet fill. The proposed sequence below shows how separate NMOS and PMOS work-function steps produce that geometry. Enabled by the BSPDN process, Intel replaces the dense-logic silicon subfin with dielectric, removing the parasitic conduction path below the ribbons and reducing substrate-related capacitance. A retained silicon body as in classical, non-SOI, planar and FinFET designs needs junction and punchthrough-stop engineering to suppress leakage. Dielectric isolation makes that leakage less sensitive to the subfin doping profile but adds removal and fill steps. It also weakens the direct thermal path through silicon, making the contacts, metal stacks and package more important for heat extraction. [24], [26] Fluorine is concentrated around selected Intel device structures in the maps. WF6 is a standard precursor for W nucleation and fill, while barrier films protect adjacent dielectrics from fluorine attack. Low-fluorine W processes reduce the residual-F burden. Chloride-based precursors avoid introducing F during W deposition, but require control of chlorine attack, nucleation and fill quality. The integration target is a continuous, low-resistance W path with a thin protective liner and minimal chemical damage to the surrounding stack. [20], [27], [28] The SemiAnalysis STEEL teardown lab breaks down advanced datacenter and AI hardware. To learn more about our pipeline or to commission a teardown, contact sales@semianalysis.com. WE’RE HIRING: Architecture, floorplan, packaging, manufacturing, and labs experts. Opportunities from system to transistor and everywhere in between. Check out our Careers page. We measured cell height, gate pitch, metal geometry, and ribbon dimensions at the XTEM sites shown below. The tables group these dimensions by site and device polarity. Our “sheet cuts” cross the silicon channel and show the ribbons end-on. “gate cuts” run along the channel through successive gates. The 18A logic cell dimensions point to a five-track logic library while the N3E and Intel 3 cell dimensions evidence a seven-track logic library. The DDR-PHY uses wider M0 wires and much larger spacing than core logic. That trades routing density for lower wire resistance and weaker coupling between neighboring nets. The geometry suits the current delivery and coupling requirements of analog, clock, and I/O circuitry. PowerVia lets 18A combine a compact cell height with wider M0 geometry by moving the main power rails off the signal-routing tracks. That relaxes local wire scaling while preserving a small cell footprint. Cell height and gate pitch set the geometric density; pin access and routability determine how much of it a real block can use. [29] The biggest takeaway from our gate-pitch measurements is that Intel 18A compute logic and TSMC N3E GPU logic have similar density in the Bohr representative-cell model. The 18A example is 18.6% denser than the Intel 3 GPU example. Gate pitches are nearly identical across the three sites, so cell height drives most of the difference. The Bohr model combines a four-transistor NAND2 spanning three gate pitches and a 32-transistor scan flip-flop (SFF) spanning nineteen pitches, weighting their densities 60:40. The sensitivity column shows how independently changing cell height and gate pitch by ±1 nm changes the result. This compares representative cell geometries; whole-die density also depends on cell mix and placement. The 18A P-core gives M0 substantially more metal cross section than the N3E vector engine. Treating each profile as a trapezoid gives 2.63 times the area per line and 1.84 times the area after normalization by routing pitch. The larger section reduces the geometric contribution to line resistance and lowers current density for a given current. Taller and wider wires also add capacitance, so circuit delay depends on the balance of resistance and capacitance. The DDR-PHY has less metal area per routing width than the 18A core fields, while remaining above N3E. [30] Area = height × (top CD + bottom CD) / 2, including liners. Area/pitch normalizes by routing width. Taper is the symmetric sidewall angle from vertical, with the largest angle belonging to the DDR-PHY. Compute tile The measurements show how ribbon dimensions and gate-stack geometry vary across the compute tile and between NMOS and PMOS to balance channel drive, gate load and the space needed for the dielectric/WFM stack across logic, SRAM and the DDR-PHY. Width mainly changes available channel perimeter; thickness also changes electrostatic control and carrier confinement. Gate-stack thickness then determines the space left for low-resistivity fill P-core and LP E-core logic Both the P-core and LP E-core use multiple nanosheet widths. Widths are measured on high-magnification XTEMs while wider-field images demonstrate additional width choices within the LP E-core. Multiple widths are expected even within an LP E-core. Timing-critical paths, buffers and cells with different fanout need different drive strengths. The lower-magnification fields show this width diversity beyond the sites quantified in the table. L2 and L3 SRAM GAA gives SRAM designers another way to balance the pull-up (PU), pass-gate (PG), and pull-down (PD) transistors. FinFET bitcells set device strength through fin count while GAA adds nanosheet width as a sizing knob. In a 6T SRAM cell, a strong pull-down relative to the pass-gate limits read disturbance, while a strong pass-gate relative to the pull-up improves writability. During a write, the pass-gate and write driver pull the node storing “1” below the inverter trip point. During a read, the pull-down holds the node storing “0” low. Bias, threshold voltage, mismatch and assist circuitry set the remaining margin. FinFET high-current cells commonly use a PU:PG:PD fin-count pattern of 1:2:2, a device-sizing ratio rather than a current ratio. Ribbon width lets Intel balance SRAM strengths without adding whole fins. The L2 cell uses its narrowest ribbons for PU and widest for PD, improving writability and read stability respectively. Intel’s disclosed HCC operates without assist; its denser HDC uses negative-bitline write assist. Pulling the selected bitline briefly below ground increases pass-gate overdrive so it can overpower the pull-up at lower supply voltage. That buys density and low voltage writability at the cost of boosting circuitry, switching energy, and additional voltage stress that must be controlled. [31], [32] Four rectangular ribbons give the perimeter = 8 × (width + thickness), before corner rounding. PG/PU is 1.49 and PD/PG is 1.16. The L3 structures closely resemble L2 in layout and cell height. Fewer L3 nanosheet widths are tabulated because fewer high-magnification images were available. DDR PHY The DDR-PHY trades density for controlled analog behavior and reliable off-chip signaling. It contains drivers, receivers, delay circuits, and calibration logic that set drive strength, sampling time, and voltage margin. Repeated four-sheet devices with similar widths fit the use of regular transistor units for matching and programmable drive. Its wider local wiring provides room for current delivery and separation of sensitive signals, while consuming more area than a dense core-logic grid. The layout serves the memory channel’s electrical requirements as well as digital logic density. [33] The SemiAnalysis STEEL teardown lab breaks down advanced datacenter and AI hardware. To learn more about our pipeline or to commission a teardown, contact sales@semianalysis.com. WE’RE HIRING: Architecture, floorplan, packaging, manufacturing, and labs experts. Opportunities from system to transistor and everywhere in between. Check out our Careers page. Intel 3 GPU devices Vector engine logic Intel 3’s XVE logic uses two-fin PMOS and NMOS devices with power rails in M0. Its cell height and M0 pitch give a seven-track geometry, two tracks more than the 18A logic. One-fin groups also appear among the two-fin devices. Intel 3 L2 SRAM The Intel 3 L2 SRAM uses the familiar HCC sizing pattern: one PU fin, two PG fins, and two PD fins. N3E GPU devices Vector engine logic The N3E XVE field contains repeated two-fin devices with seven-track cell geometry. N3E remains a FinFET process, giving Panther Lake a direct FinFET-to-RibbonFET comparison. N3E L2 SRAM The N3E L2 SRAM uses the same PU:PG:PD fin-count pattern of 1:2:2. Panther Lake-U follows Lunar Lake’s floorplan quite closely. Both pair 4 P-cores with 4 LP E-cores and NPU, media and display engines in similar locations. Lunar Lake also uses Xe2, the direct predecessor to Panther Lake’s Xe3 GPU. This makes Lunar Lake the most direct basis for our comparisons. Arrow Lake differs in core count and uses the older Xe-LPG GPU architecture, so we only use it where it offers a more direct component-level comparison. Compute tile Panther Lake compute-tile floorplans remain sparse even months after launch. Intel 18A’s backside metal and dielectric stack must be removed without damaging the underlying structures before a clean transistor-level floorplan can be imaged. Most published die shots hide or heavily process the background, but we are quite proud of the die shot we achieved and are excited to show the work we have done. We measured the areas of the key components on the compute tile and compared them with their Lunar Lake predecessors on TSMC N3B. These help us to capture changes in block area and compare the two chips across process nodes and designs. Our total tile areas exclude the scribe-line area. The compute-plus-GPU subtotal below uses the PTL-U compute tile and GT1 GPU; it excludes the I/O tile and passive base. Individual block areas use the boundaries marked on the floorplans The compute-plus-GPU row is recomputed from the displayed PTL-U and GT1 areas. Component rows use their stated per-region counts and are not an additive partition of the whole tile. The P-core area remains almost unchanged between Lunar Lake and Panther Lake, despite L2 capacity increasing from 2.5 MiB to 3 MiB. Arrow Lake uses the same Lion Cove core as Lunar Lake but also has a 3 MiB L2. Cougar Cove fits 20% more L2 into the same P-core area. The larger private cache keeps more of each core’s working set close to its execution units, reducing access to shared L3 and DRAM. Extra capacity adds storage leakage and lookup energy, so designers balance it against avoided lower-level accesses. The shared P-core L3 cache also shrank by 14.8%. [2] Cougar Cove combines a similar footprint with Intel’s reported power-efficiency improvements. RibbonFET’s tighter channel control reduces leakage, while PowerVia reduces supply droop and allows tighter voltage guardbands. [1] Darkmont’s four-core LP E-core cluster is 5.0% smaller than Skymont’s on Lunar Lake, with most of the reduction in its L2 regions. The 1 MiB region shrank by 8.4% and the 1.5 MiB region by 14.9%. The tag arrays also use one fewer visible row. Tags identify which memory addresses the data array holds, so rearranging them changes the cache’s layout and wiring without requiring less data capacity. [2] The LP E-cores share one L2. This pools capacity and avoids duplicating all the cache machinery, but the four cores contend for its banks and bandwidth. Their separate cluster also keeps light work away from the performance cluster and its L3, allowing that larger domain to sleep. [1], [2] Cache area includes more than the storage cells. Tags identify each line, decoders select rows, sense amplifiers read the small bitline signal, and wires connect to the banks. Splitting an array into smaller sections shortens wordlines and bitlines, improving access speed, but duplicates peripheral circuits. Panther Lake’s smaller cache regions therefore reflect the complete memory implementation, including how much of each region is devoted to storage. [34] Unlike Meteor Lake and Arrow Lake, Panther Lake has no separate SoC tile. The NPU, LP E-cores, memory controllers, PHYs, media and display engines now share the compute tile. This removes an active die and keeps CPU memory traffic on one die. The cost is moving PHY and I/O-related circuitry onto 18A: drivers, receivers and analog circuits must still meet external voltage, loading and signal-integrity requirements, so their area does not shrink like dense digital logic. [1], [2] The biggest shrink comes from the NPU, which occupies 36.9% less area. NPU 5 consolidates the same total INT8 MAC count into half as many neural compute engines. Each of the three NCEs has a larger MAC array to make the complete NCE envelope 22.6% larger than an NPU 4 engine. Consolidation also halves the number of scratchpads and SHAVE DSPs, from 12 to 6. The MAC array handles matrix multiplication and convolution, while SHAVE executes vector and custom operations that fit the array poorly. [1], [2], [35] The paired floorplans identify each NCE envelope and its scratchpad, MAC, and SHAVE regions. Each measured MAC polygon is counted once per NCE in the area accounting below. The scratchpads store weights, activations, and intermediate results near the MAC arrays, allowing repeated use without fetching them again from DRAM. Halving their number delivers the largest measured area saving but leaves less local storage for the same total MAC count. Layers that no longer fit locally require smaller working tiles or more transfers of intermediate data. The benefit depends on keeping the enlarged arrays busy while managing that tighter storage budget. [36] NPU 5 also adds native FP8. Using half the operand width of FP16 reduces storage and transfer demand, helping workloads fit the smaller local memory budget. Lower precision and format-dependent range make scaling and model validation part of deployment. Hardware activation functions further reduce work that would otherwise occupy the programmable DSPs. [1], [2] Microsoft requires an NPU to deliver at least 40 TOPS for Copilot+ PCs. Both Lunar Lake and Panther Lake meet this threshold, but Panther Lake uses significantly less silicon. GPU tiles Panther Lake is Intel’s first product with Xe3, its latest GPU architecture. It offers two different GPU tiles: a smaller GT1 tile with 4 Xe3 cores on Intel 3 and a larger GT2 tile with 12 Xe3 cores on TSMC N3E. Panther Lake allows us to compare the same GPU architecture across both Intel 3 and TSMC N3E. Wildcat Lake adds a third Xe3 implementation on Intel 18A. A future newsletter will detail Xe3 and its implementation differences across all three process nodes. GT2 scales Xe3 to a different physical layout, with render slices arranged vertically instead of GT1’s horizontal arrangement. Slice placement sets the distances to shared cache banks and the D2D interface. Those wires consume area and add delay, so scaling the number of Xe cores also requires a new balance of cache placement, routing and timing. [1] What’s immediately obvious is that the GT2 tile on TSMC N3E has much smaller Xe cores than GT1. These block areas include logic, caches, and routing. An Xe core on the GT1 tile is ~69% larger than one on Lunar Lake, and ~55% larger than one on GT2. Intel 3 therefore uses substantially more area per Xe core. The block-area gap exceeds the measured logic and SRAM density gaps, bringing routing, timing targets, cell mix, and floorplan allocation into the comparison. The measured vector/matrix engine region is almost unchanged between Lunar Lake and Panther Lake’s GT2 tile. Xe3 retains eight 512-bit vector engines and eight 2048-bit XMX engines per core. Its gains also come from feeding those engines more effectively: more resident threads hide stalls, and variable register allocation lets shaders trade registers per thread against the number of threads kept active. [1] The shared L1/SLM capacity increased by 33% from 192 KiB to 256 KiB, while its area increased only 5%, raising effective density by 27%. L1 retains reused cache lines, while software-managed SLM lets a thread group share data locally. Both reduce traffic to more distant memory. Allocating more SLM per group can also limit how many groups reside on a core at once. [1], [37] The GT1 tile carries 4 MiB of L2 against 16 MiB on the GT2 tile. GT1 divides its L2 cache into four 1 MiB banks, while GT2 uses eight 2 MiB banks. Each bank contains 128 macros, but each N3E macro stores 16 KiB, twice the Intel 3 macro’s 8 KiB capacity. The N3E macro is only 54% larger while holding twice as many bits, giving it 30% higher density: ~23.7 Mbit/mm² versus 18.3 Mbit/mm². Including bank-level circuitry, the gap widens to ~16.9 Mbit/mm² on GT2 versus ~10.4 Mbit/mm² on GT1. GT2 gains density with its macros storing more bits per unit area, and those macros occupy more of each cache bank. Larger macros spread decoder and sense-amplifier overhead across more storage, while a more compact bank layout reduces the share spent on control and routing. The compromise is longer wordlines and bitlines that carry more capacitance. [34] I/O tile Panther Lake uses two I/O tile variants, both fabricated on TSMC N6. The smaller one provides 4 PCIe 5.0 and 8 PCIe 4.0 lanes and serves lower-tier systems as well as those without a discrete GPU, while the larger one adds 8 PCIe 5.0 lanes, bringing the total to 20 lanes, for discrete-GPU connectivity. Panther Lake SKUs with the larger 10- or 12-Xe GPUs use the smaller I/O tile. [38] The smaller I/O tile adds a PCIe 4.0 block and a Thunderbolt block to Lunar Lake’s I/O layout, providing four additional PCIe 4.0 lanes and another Thunderbolt 4 port. Its repeated N6 blocks retain nearly identical areas and layouts. Reusing these proven PHYs and controllers avoids porting and requalifying external interfaces on 18A, where faster digital logic offers less benefit to circuits constrained by the off-chip link. [38] SemiAnalysis’s teardown lab (STEEL) dives deep into the world’s advanced datacenter and AI hardware. To learn more about our pipeline or to commission a teardown, contact sales@semianalysis.com. We’re hiring technical experts from system to transistor and everywhere in between. Check out our Careers page. Panther Lake offers scalability and modularity through its disaggregated packaging that partition compute, GPU, and I/O silicon into separate tiles allowing for a suite of tile configurations. This partitioning makes the package part of Intel’s node economics as it determines how much leading-edge wafer area each product consumes, which functions can remain on other processes, and how much configuration freedom Intel can offer from a shared set of tiles. Furthermore, fabricating the compute and GPU tiles separately confines the new 18A process to the compute tile and allows graphics and I/O to use other, more established, and more cost-effective processes. For Panther Lake, the GPU and I/O tiles are assembled alongside the compute tile on a passive silicon base using Foveros-S. Intel’s current technology brief lists a nominal 36 µm pitch for Foveros-S. Through-silicon vias (TSVs) in the base connect the fine wiring above to the larger package connections below. The functional tiles sit side by side on that passive base in a 2.5D configuration. [39] Our cross-section through the compute and GPU tiles shows the package’s wiring hierarchy. Microbumps connect each active tile to the passive silicon base; its fine redistribution layer (RDL) carries the short, dense tile-to-tile links. TSVs carry connections through the base to the package substrate, which fans them out to the much coarser motherboard solder joints. The base supplies interconnect, while computation remains in the active tiles above it. [39] At the compute-tile edge, the higher-magnification inset shows a local microbump spacing of approximately 25.24 µm and a feature width of 12.33 µm. These local spacings are finer than Intel’s nominal Foveros-S value. The X-ray fields further confirm tighter neighboring bumps, consistent across every die-to-die area found on each tile. Additional X-ray analysis is offered after the paywall. Putting the memory controller beside the CPU removes the D2D transfer that CPU memory requests required in Meteor Lake and Arrow Lake. This avoids the extra transmitter, receiver, and link traversal, saving interface energy and latency. Panther Lake’s separate GPU still crosses a D2D link to reach DRAM, so its larger local caches also help contain package traffic. [1], [40] Smaller dies are less likely to contain a random fatal defect, and screening them before assembly prevents one bad tile from consuming a complete package of good silicon. Reuse also spreads design and qualification work across more products. Against those gains, Intel pays for the passive base, D2D circuits, extra bonding and test steps, and losses during assembly. Cost per working product across the portfolio captures the combined effect of wafer yield, reuse, test, and assembly. [29] Wildcat Lake packaging Intel launched Core Series 3, formerly Wildcat Lake, on 16 April 2026 for value mobile and edge systems. Wildcat Lake keeps 18A but removes the passive base and combines more functions on one die to simplify the package. The two products therefore reveal two distinct ways to commercialize the same leading-edge process. [41] Wildcat Lake’s 18A die combines up to two Cougar Cove P-cores, four Darkmont LP E-cores, two Xe3 cores and a smaller NPU. A separate platform-controller die supplies I/O, connected through UCIe, Intel’s first processor implementation of the standard. Consolidating graphics remove a tile boundary and the passive base, reducing assembly complexity for a modest-bandwidth value product. It also ties CPU and graphics scaling to the same die, giving up Panther Lake’s ability to swap in a much larger GPU. [42], [43] In July 2021, Intel CEO Pat Gelsinger set out an ambitious process roadmap aimed at regaining performance leadership by 2025, later described as five nodes in four years. Five years and one CEO later, Intel’s comeback story is not as unambiguously positive as Pat may have hoped. [44], [45] Intel once set the pace for process technology, bringing high-k metal gate technology and FinFETs into volume production years ahead of the rest of the industry. Its 22 nm FinFET process reached consumers with Ivy Bridge in 2012. [46] Intel’s integrated device manufacturing (IDM) model allowed its architects and process engineers to co-optimize products and processes. Starting with Sandy Bridge, Intel dominated x86, while AMD struggled with Bulldozer. That lead faltered at 14 nm and broke at 10 nm. Intel targeted a massive 2.7× density increase, but the node arrived years late and required several revisions before it could support Intel’s full lineup. This delay forced Intel to stretch 14 nm across six generations, while TSMC moved ahead in process technology and AMD recovered in x86. By 2019, Intel was still shipping 14 nm across most of its product stack, with its 10 nm client ramp focused on Ice Lake mobile processors. Meanwhile, TSMC was shipping N7 and N7+, and AMD’s Zen 2 compute chiplets used N7 to raise core counts and improve efficiency. Intel’s process failures were central to its decline, but unsound business decisions furthered their downward slide. Product delays compounded product mistakes, pushing client, server, and FPGA roadmaps off schedule. Several attempts to enter AI (Nervana and Gaudi) and networking (Tofino) also failed to establish lasting businesses. Intel’s recovery has focused on consumer CPUs and advanced packaging. Tiger Lake, Alder Lake, Lunar Lake and now Panther Lake have restored Intel’s consumer roadmap. On the process side, Intel 4 shipped with Meteor Lake, Intel 3 with Granite Rapids and Sierra Forest, and Intel 18A with Panther Lake. Intel has also made advanced packaging part of its foundry offering. However, Intel is still playing catch-up in servers. Several Xeon generations arrived years late and trailed contemporary AMD and Arm server CPUs in performance, efficiency, and core count. The process roadmap is back, but Intel does not hold the same process-technology leadership position it held prior to 10 nm. The introduction of gate-all-around nanosheets and backside power delivery are two of the biggest changes to transistor integration in a decade. Intel took on both changes at once: 18A paired its first RibbonFET with PowerVia in Panther Lake. Panther Lake is a substantial manufacturing milestone. Our cross-sections show how RibbonFET and PowerVia reshape local contacts and wiring, while the floorplans show where architectural consolidation and process choices save area. A sustained competitive lead depends on product performance, cost, yield, and the next implementation. The SemiAnalysis STEEL teardown lab breaks down advanced datacenter and AI hardware. To learn more about our pipeline or to commission a teardown, contact sales@semianalysis.com. WE’RE HIRING: Architecture, floorplan, packaging, manufacturing, and labs experts. Opportunities from system to transistor and everywhere in between. Check out our Careers page.. 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