After nearly a year of stagnation, Intel's stock price soared this week, rising by 26% in four days, hitting the 200-day moving average. This sudden surge in stock price is closely related to a rumor about a possible collaboration between Intel and TSMC. Baird analysts indicated that there are reports suggesting the U.S. government might push for a joint venture between Intel and TSMC, to be primarily operated by TSMC, aimed at jointly developing advanced semiconductor manufacturing technologies. TSMC engineers might take part in overseeing the production of 2nm and 3nm chips, helping Intel overcome its current technological bottlenecks.
However, TSMC's stock has shown weakness over the past four days, declining by 1.53%. Some industry experts and analysts have raised doubts about the feasibility of this joint venture. Senior Taiwanese analyst Chen Ziang noted that this joint venture could pose significant risks of technology leakage for TSMC, especially when it comes to core semiconductor technologies. If TSMC collaborates with Intel, it might threaten its leading position in high-end technological fields.
Moreover, Citigroup analysts also hold a cautious view on this joint project, believing that differences in the operational ecosystems and potential staff management conflicts of both companies will pose significant challenges to the plan. Although reports indicate that the U.S. government might offer financial support, Citigroup still maintains a neutral rating on Intel stocks, with a target price of $21.
Nevertheless, TSMC's recent board meeting in the U.S., along with the U.S. Vice President's speech in Paris, seem to provide some evidence supporting this rumor. Regardless, this joint venture rumor undoubtedly injects more uncertainty into the market.
