As of Q1'26, Intel's cash and short-term investments stood at $32.79B USD, marking a decline of approximately $4.63B from the Q4'25 peak of $37.42B, while total debt decreased to $45.03B, down from $46.59B in the prior quarter, resulting in a net debt position of about $12.24B. Over the period from Q2'23 to Q1'26, cash levels exhibited volatility, starting at $24.26B and peaking at $37.42B in Q4'25 before the recent dip, with notable increases in Q2'24 ($29.27B) and Q3'25 ($30.94B) offset by declines in Q1'24 ($21.31B) and Q3'24 ($24.09B). Debt remained relatively stable around $45B-$53B, showing a gradual downward trend from a high of $53.03B in Q2'24 to the current $45.03B, suggesting improved liquidity management despite fluctuating cash reserves. This pattern indicates Intel's efforts to reduce leverage amid operational variability, with cash occasionally covering over 70% of debt in stronger quarters.