$Intel(INTC)$  Restructuring benefits are the primary driver. Intel made significant workforce reductions. The company had 109,000 employees initially. Headcount is projected to reach about 75,000 by year-end. Total positions reduced amount to 35,500. Restructuring charges were front-loaded. Q2 2025 alone recorded US$1.9 billion in one-time costs, impacting GAAP EPS by negative US$0.45 per share. That figure unsettled the market. But a crucial point was overlooked: these costs are non-recurring while savings are permanent. Basic math shows Intel's average fully-loaded employee cost runs approximately US$150,000 annually. Reducing 35,500 positions implies potential annual savings of US$5.3 billion. Not all flows to profits due to continued hiring in strategic areas. Operating expense guidance is clear: US$18.5 billion in 2024, dropping to US$17 billion in 2025 and US$16 billion in 2026. This represents US$2.5 billion in run-rate savings. At a 21% effective tax rate and 5 billion diluted shares, reducing operating expenses by US$2.5 billion generates roughly US$0.40 EPS accretion. The market focused on GAAP losses from restructuring but hasn't fully priced normalized earnings potential post-charges.