Technology / Semiconductor / Internet Research

Nicolas Baratte

Equity Bottom-Up

<ul>
<li>Following Broadcom CEO saying “no” and TSMC investing another US$100bn in Arizona, speculations of an Intel takeover have subsided.</li>
<li>On the increase, rumors of further Intel 18A delays and production push out. This means more outsourcing to TSMC for longer as mentioned by Intel’s IR last week.</li>
<li>Now is not a good time to buy Semiconductor stocks, but AMD and TSMC will benefit.</li>
</ul>


Following Broadcom CEO saying “no” and TSMC investing another US$100bn in Arizona, speculations of an Intel takeover have subsided.
On the increase, rumors of further Intel 18A delays and production push out. This means more outsourcing to TSMC for longer as mentioned by Intel’s IR last week.
Now is not a good time to buy Semiconductor stocks, but AMD and TSMC will benefit.


The Intel Drama Goes On. No Buyer It Seems, Who Would? More Wafers Made at TSMC for Longer.

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

<ul>
<li>On March 1, ex Intel CEO Craig Barrett posted a rebuttal of his former board members opinion piece on the subject of the company’s future</li>
<li>He claims that Intel is back, the company must not be broken up, the board should be fired and Mr. Gelsinger should be rehired to finish the job he started</li>
<li>Meanwhile, Intel has put its Ohio fab on hold until the end of the decade, its German fab on hold for two years, both damning indictments of Mr Gelsinger's strategy</li>
</ul>


On March 1, ex Intel CEO Craig Barrett posted a rebuttal of his former board members opinion piece on the subject of the company’s future
He claims that Intel is back, the company must not be broken up, the board should be fired and Mr. Gelsinger should be rehired to finish the job he started
Meanwhile, Intel has put its Ohio fab on hold until the end of the decade, its German fab on hold for two years, both damning indictments of Mr Gelsinger's strategy


Former CEO Claims Intel Is Back & Says Can We Please Stop Talking About Breaking It Up?

<ul>
<li>Four former, long term Intel board members yesterday warned against any plans to have TSMC take over Intel Foundry, their second time weighing in on the future of the company</li>
<li>They posit that TSMC is under pressure from the US Administration with Taiwan security being used as a bargaining chip</li>
<li>They're not wrong in their assertions that it would be a terrible idea, both for the US and for TSMC, but these are days where anything can happen. Let's see</li>
</ul>


Four former, long term Intel board members yesterday warned against any plans to have TSMC take over Intel Foundry, their second time weighing in on the future of the company
They posit that TSMC is under pressure from the US Administration with Taiwan security being used as a bargaining chip
They're not wrong in their assertions that it would be a terrible idea, both for the US and for TSMC, but these are days where anything can happen. Let's see


Intel Former Board Members Warn Against Rumoured TSMC Takeover Of Intel Foundry

<ul>
<li>Carving out IFS &amp; taking it private is the most likely outcome for Intel. However, it's complicated by the SCIP deals and restrictions attached to the CHIPS money.  </li>
<li>Intel Products Group most likely stays with Intel, maintaining the iconic brand and doubling down on efficiency and innovation. I don't think it gets sold. </li>
<li>TSMC is unlikely to have any technical role in a spun out Intel Foundry due to a myriad of reasons including monopoly, conflict of interest, insufficient bandwidth etc.</li>
</ul>


Carving out IFS &amp; taking it private is the most likely outcome for Intel. However, it's complicated by the SCIP deals and restrictions attached to the CHIPS money.  
Intel Products Group most likely stays with Intel, maintaining the iconic brand and doubling down on efficiency and innovation. I don't think it gets sold. 
TSMC is unlikely to have any technical role in a spun out Intel Foundry due to a myriad of reasons including monopoly, conflict of interest, insufficient bandwidth etc.


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<li>Our investing ideas have delivered an average absolute annualized return of 46%, outperforming their benchmarks by 22%, with a “hit rate” of 84%.</li>
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Here’s your monthly look at the analysts’ investment ideas – and how they’ve done so far. Plus, the plays that Russell, Theodora, Reda, and Stéphane are watching now.
Every month, we round up how our picks and strategies are performing, and the performance data and links to the original Research Drops.
Our investing ideas have delivered an average absolute annualized return of 46%, outperforming their benchmarks by 22%, with a “hit rate” of 84%.


How Our Research Picks Have Held Up: December 2025

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Intel Corporation designs, manufactures, and sells computer components and related products.  The Company's major products include microprocessors, chipsets, embedded processors and microcontrollers, flash memory products, graphics products, network and communications products, systems management software, conferencing products, and digital imaging products.

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Intel Corp (INTC US)

The Intel Drama Goes On. No Buyer It Seems, Who Would? More Wafers Made at TSMC for Longer.

Speculations of Intel takeover subside as TSMC invests in Arizona. Intel production delays lead to more outsourcing to TSMC. Semiconductor stocks...

Nicolas Baratte

Former CEO Claims Intel Is Back & Says Can We Please Stop Talking About Breaking It Up?

Ex Intel CEO claims that Intel is "back", the company must not be broken up, the board should be fired and Mr. Gelsinger should be rehired to...

William Keating

Intel Former Board Members Warn Against Rumoured TSMC Takeover Of Intel Foundry

Four former Intel board members yesterday warned against having TSMC take over Intel Foundry, their second time weighing in on the topic of Intel....

William Keating

Intel. What's Really Going On?

TSMC is unlikely to have any technical role in a spun out Intel Foundry due to a myriad of reasons including monopoly concerns, conflict of...

William Keating

How Our Research Picks Have Held Up: December 2025

Here’s your monthly look at the analysts’ investment ideas – and how they’ve done so far. Plus, the plays that Russell, Theodora, Reda, and...

Finimize Research

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

The Intel Drama Goes On. No Buyer It Seems, Who Would? More Wafers Made at TSMC for Longer.

​Speculations of Intel takeover subside as TSMC invests in Arizona. Intel production delays lead to more outsourcing to TSMC. Semiconductor stocks...

Nicolas Baratte

Former CEO Claims Intel Is Back & Says Can We Please Stop Talking About Breaking It Up?

Ex Intel CEO claims that Intel is "back", the company must not be broken up, the board should be fired and Mr. Gelsinger should be rehired to...

William Keating

Intel Former Board Members Warn Against Rumoured TSMC Takeover Of Intel Foundry

Four former Intel board members yesterday warned against having TSMC take over Intel Foundry, their second time weighing in on the topic of Intel....

William Keating

Intel. What's Really Going On?

TSMC is unlikely to have any technical role in a spun out Intel Foundry due to a myriad of reasons including monopoly concerns, conflict of...

William Keating

How Our Research Picks Have Held Up: December 2025

Here’s your monthly look at the analysts’ investment ideas – and how they’ve done so far. Plus, the plays that Russell, Theodora, Reda, and...

Finimize Research

Speculations of Intel takeover subside as TSMC invests in Arizona. Intel production delays lead to more outsourcing to TSMC. Semiconductor stocks...