Intel cannot resort to price cuts to stem market share losses, as it needs to preserve cash in a period of intense investment and where FCF will turn negative, Mosesmann said. "All in, this is a 5-year turn-around with no way around it," the analyst said. Related Link: Intel Will Be Manufacturing An Energy-Efficient Bitcoin Mining Chip: Report Needham's Takeaways: Among the positives are the company's expectations that gross margin trough will stay in the 51%-52-53% range and its confidence in re-establishing leadership in the desktop and notebook PC segment, Bolton said. The company's investments will likely keep the margin at the trough level through 2024 and may disappoint investors, the analyst said. Intel expects the data center server CPU market to be a horse race with AMD for another two years until the new Granite Rapids is launched, Bolton said. The company also suggested that it will underperform the data center market in 2022, he added.