Trump’s $9B stake won’t save Intel without new clients

来源 Cryptopolitan

President Donald Trump plans to put nearly $9 billion into Intel for a 9.9% stake. But analysts say the money, already earmarked under a federal program, won’t revive Intel’s contract chipmaking unless it wins outside customers for its new 14A process.

Chief Executive Lip Bu Tan, who took over in March, cautioned last month that Intel might exit contract chipmaking if it fails to secure major clients. “Going forward, our investment in Intel 14A will be based on confirmed customer commitments,” he said.

Summit Insights’ Kinngai Chan stressed that scale is critical to the unit’s viability.

He said “Intel must secure enough customers’ volume to go to production for its 18A and 14A nodes to make its foundry arm economically viable,” and “we don’t think any government investment will change the fate of its foundry arm if they cannot secure enough customers.”

Intel lags behind rivals in advanced chips

TSMC leads in advanced process technology and Nvidia dominates AI chips. To win orders, Intel must demonstrate consistent, high-yield production at the leading edge. The 18A process, less advanced than 14A, is reportedly dealing with yield challenges, meaning too few chips are meeting spec.

Chipmakers like TSMC often absorb early low-yield costs when ramping new nodes for big customers such as Apple. With six straight quarters of net losses, Intel has less room to shoulder those expenses and still turn a profit.

“If the yield is bad then new customers won’t use Intel Foundry, so it really won’t fix the technical aspect of the company,” said Ryuta Makino, an analyst at Gabelli Funds, which holds Intel shares.

As noted in a Reuters report Makino still expects yields to improve over time, but views the equity move as less favorable than simply receiving CHIPS Act support as originally outlined under the Biden Administration. “This isn’t free money,” he said.

Intel said the federal government will not take a board seat and will align its votes with the company’s directors on matters requiring shareholder approval, with “limited exceptions.” The shares for Washington will be issued at a 17.5% discount to Friday’s close.

The purchase would make the U.S. government Intel’s largest shareholder, though neither Trump nor Intel specified when the deal will close. Intel’s stock rose 5.5% Friday on the news, then slipped 1% in after-hours trading once the terms were released. Year-to-date, the shares are up 23% as Tan has announced sizable job cuts.

Deal signals unusual White House role in corporate Affairs

The move, reported earlier by Cryptopolitan, represents another atypical White House intervention in corporate affairs and aligns with Trump’s push to expand domestic production and jobs. It follows remarks earlier this month in which Trump called Tan “highly conflicted” over ties to Chinese firms and urged his resignation, before later reversing his stance.

Some analysts argue that federal backing could still help as Intel builds out its factories. Intel says it has more than $100 billion earmarked for U.S. expansion and expects high-volume production to start later this year at its Arizona site. “To have access to capital and a new partial owner that wants to see you succeed are both important,” said Peter Tuz, president of Chase Investment Counsel.

Intel says the government’s $8.9 billion comes on top of $2.2 billion already granted, for $11.1 billion total. The deal also gives the government a five-year option to buy 5% more Intel shares at $20 each if Intel’s stake in the foundry falls below 51%.

The announcement comes on the heels of a $2 billion infusion from SoftBank earlier this week. “This is a great deal for America and, also, a great deal for Intel. Building leading edge semiconductors and chips, which is what Intel does, is fundamental to the future of our nation,” Trump said on Friday.

Get up to $30,050 in trading rewards when you join Bybit today

免责声明:仅供参考。 过去的表现并不预示未来的结果。
placeholder
【今日市场前瞻】以太币创新高后回调,比特币3连跌以太币创历史新高后大幅回落,比特币连续第三日下跌;鲍威尔放鸽提振降息预期,澳元/美元大涨;原油4连涨>>
作者  Alison Ho
9 小时前
以太币创历史新高后大幅回落,比特币连续第三日下跌;鲍威尔放鸽提振降息预期,澳元/美元大涨;原油4连涨>>
placeholder
鲍威尔放鸽重击美元!欧元、澳元飙升【外汇周报】欧元汇率飙升,本周PCE数据能否继续助力?日元巨震!日本央行行长言论乐观。
作者  Alison Ho
10 小时前
欧元汇率飙升,本周PCE数据能否继续助力?日元巨震!日本央行行长言论乐观。
placeholder
以太币创下历史新高!如何投资ETH?三种方法比较一览投资以太币的方法分为:直接购买ETH、ETH现货ETF和ETH概念股。
作者  Tony Chou
13 小时前
投资以太币的方法分为:直接购买ETH、ETH现货ETF和ETH概念股。
placeholder
8.25精选策略分享:新台币、黄金、比特币、以太坊技术分析鲍威尔于全球央行年会释放鸽派声明,美元、美债收益率重归跌势,同时证明了川普对美联储的政治高压取得回报。但美联储年内是否开启连续降息仍需关注劳动力市场数据表现,因美联储或已将劳动力市场下行风险置于通胀上行风险之上。 投资者本周可重点关注美国7月PCE、二季度GDP、7月耐用品订单,中国8月官方PMI等数据公布。此外,辉达将在周三美股收盘后公布季度财报,鉴于辉达在标普500指数中的权重接近8%,位于AI发展的核心。交易员希望确认最近的股市反弹并非又一个科技泡沫。
作者  Insights
14 小时前
鲍威尔于全球央行年会释放鸽派声明,美元、美债收益率重归跌势,同时证明了川普对美联储的政治高压取得回报。但美联储年内是否开启连续降息仍需关注劳动力市场数据表现,因美联储或已将劳动力市场下行风险置于通胀上行风险之上。 投资者本周可重点关注美国7月PCE、二季度GDP、7月耐用品订单,中国8月官方PMI等数据公布。此外,辉达将在周三美股收盘后公布季度财报,鉴于辉达在标普500指数中的权重接近8%,位于AI发展的核心。交易员希望确认最近的股市反弹并非又一个科技泡沫。
placeholder
以太币暴涨逼近5000美元,再创历史新高!未来走势如何?鲍威尔放鸽让以太坊价格创下新高,分析师认为,如突破5000美元,以太币下一目标价看10000美元。
作者  Alison Ho
15 小时前
鲍威尔放鸽让以太坊价格创下新高,分析师认为,如突破5000美元,以太币下一目标价看10000美元。
goTop
quote