智通财经网·2025-08-17 06:01Core Viewpoint - Intel is uncertain about whether to spin off its foundry division into a new entity, despite pressure from board members and some shareholders, while CEO Pat Gelsinger opposes the idea, leading to internal uncertainty [1][5]. Group 1: Background and Historical Context - AMD transitioned to a fabless model in 2008 after facing significant economic challenges, including product delays that negatively impacted shareholder value [2]. - AMD's operational losses were largely due to semiconductor manufacturing costs, which were a critical part of its business at the time [2][3]. - The decision to spin off its foundry division, initially named "The Foundry Co." and later GlobalFoundries, was made after AMD recognized the need to focus on product design and reduce manufacturing costs [3]. Group 2: Financial Implications - AMD's spin-off of GlobalFoundries resulted in a cash inflow of $700 million and $1.1 billion in debt relief, along with a 34% equity stake in the new company [3]. - The current estimated loss for Intel's foundry division is projected to be around $13 billion in 2024, which represents nearly 10% of the company's market valuation [5]. Group 3: Strategic Considerations - Intel's board members support the idea of a spin-off to enhance shareholder value and maintain domestic chip manufacturing capabilities, especially in light of U.S. government involvement [5][6]. - CEO Gelsinger is concerned that a spin-off could disrupt the momentum of the foundry division, which has seen significant investment and development in advanced processes [6][7]. - The potential spin-off raises questions about research continuity, political risks, cash flow, and competitive positioning, with various trade-offs to consider [8].