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有英特尔的“虚假竞争”,对台积电“只有好处”
Hua Er Jie Jian Wen·2025-08-21 02:28

Core Viewpoint - The threat posed by Intel's foundry business revival to TSMC is overstated, and it may actually benefit TSMC by alleviating regulatory pressures due to its monopoly status [1][3]. Group 1: Intel's Foundry Business - Intel's foundry revival is not purely negative for TSMC, as it may create a competitive environment that reduces regulatory scrutiny [1][5]. - The fundamental challenges facing Intel's foundry business extend beyond financial issues, including the need for a cultural shift towards customer-centric innovation and cost efficiency [1][6]. - Analysts believe that Intel must successfully execute on multiple advanced process nodes to gain credibility in the foundry market, which remains a significant challenge [5][6]. Group 2: TSMC's Market Position - TSMC is expected to maintain over 90% market share in advanced process technology, regardless of Intel's foundry efforts [1][5]. - The perception of TSMC as a potential monopolist has not significantly boosted its price-to-earnings ratio, and may instead attract more scrutiny from government agencies [3][5]. - A slightly weaker competitor in the advanced process space could create a perception of choice for customers, which may ultimately benefit TSMC by reducing regulatory pressures [3][5].