Intel(US:INTC) Guan Cha Zhe Wang·2025-08-26 06:06Core Viewpoint - The article discusses the U.S. government's intervention in Intel through a "golden share" mechanism, which allows the government to acquire significant control over the company with minimal financial investment, reflecting a shift towards a quasi-nationalization of key technology firms amid rising geopolitical tensions [1][10][12]. Group 1: Intel's Current Situation - Intel is facing significant financial challenges, with a projected net loss of $18.8 billion and revenue of $53.1 billion for the fiscal year 2024, marking a 2% year-over-year decline [3][4]. - The company's gross margin has decreased by 7.3 percentage points to 32.7%, and its foundry business is expected to generate $17.5 billion in revenue but incur a loss of $13.4 billion [3][4]. - Despite these losses, Intel maintains stable cash flow, which is crucial for ongoing technology development and strategic adjustments [3]. Group 2: Leadership Changes - Intel's new CEO, Pat Gelsinger, has been in office since March 13, 2023, and has outlined a comprehensive plan to revitalize the company, focusing on corporate strategy, cultural reform, and core business areas [4][5]. - Gelsinger's approach includes engaging with key customers to gather feedback and reshape the company's direction, aiming to correct past mistakes and implement a "revival plan" [4][5]. Group 3: Government Intervention - The U.S. government is considering acquiring a "golden share" in Intel, which would grant it veto power over critical decisions without taking on operational responsibilities [10][11]. - This intervention is part of a broader trend where governments are increasingly involved in the technology sector to protect national interests and ensure the security of key technologies [12][15]. - The golden share model has been successfully applied in other cases, allowing the government to maintain control over essential decisions while avoiding the stigma of full nationalization [10][11]. Group 4: Broader Implications - The situation with Intel reflects a new global landscape where government involvement in technology firms is becoming more common, driven by national security concerns and the need to maintain competitive advantages [12][16]. - The outcome of Intel's quasi-nationalization could set a precedent for other countries, potentially leading to a shift towards a "national team" model in the global technology industry [17].