Intel Inc. is planning on spending $300 billion USD in capital expenditures (investments) over the next 10 years. It might seem like a large number. But Intel spent $20.3 billion in CapEx in 2021 alone. To reach $300 total in the next decade, CapEx growth will only be 4.2% a year. The market is projecting revenue growth rate for the semiconductor industry to be 7.3% annually over the next decade. However, Intel has been a lagger in the industry for the last decade and have been only growing at 3.6% annually, far behind AMD and Nvidia. Your project is to project the pro forma financials (income statement and balance sheet) for Intel over the next 5 years with the following assumptions:

1. Gross margin will start to increase after 2024 when the company has caught up with TSMC in the building of smaller nanometer nod chips. The improvement will be at 2% a year after 2024. Use the average of the last 4 years gross margin until 2024.