Jing Ji Ri Bao·2025-10-04 22:50Core Viewpoint - Intel is in preliminary discussions with AMD to potentially become a wafer foundry client, which has led to a significant increase in Intel's stock price, although analysts express skepticism about the feasibility of this collaboration due to their competitive relationship [1][2]. Group 1: Intel and AMD Collaboration - Intel's stock rose by 7.12% to $35.94 following news of discussions with AMD, but fluctuated around the flatline shortly after [1]. - The discussions are still in the early stages, and it remains unclear if AMD will place orders with Intel or invest directly in the company [1]. - AMD currently relies on TSMC for the production of most of its advanced AI chips, and Intel lacks the technology to manufacture AMD's most advanced chips at this time [1]. Group 2: Government Influence - The U.S. government's recent decision to invest directly in Intel highlights its strategic importance, suggesting that if AMD were to place orders with Intel, it could signify a return of American manufacturing [1]. - This potential collaboration could provide AMD with a diversified supply chain strategy and additional leverage within the current policy environment [1]. Group 3: Market Concerns - Market participants are questioning whether AMD would outsource high-end core chip production to Intel or limit it to mature process products like I/O controllers [2]. - Key factors influencing the potential collaboration include technology yield, confidentiality, and total cost of ownership (TCO) compared to existing supply chains [2]. - Analysts express doubts about the collaboration's success due to the intense competition between AMD and Intel in the x86 architecture market for PCs and servers [2][3]. Group 4: Analyst Perspectives - Bernstein analyst raises concerns about the likelihood of a successful partnership between AMD and Intel, noting that their competition is more intense compared to Intel's collaboration with Nvidia [3]. - AMD's ability to produce chips at TSMC's Arizona facility allows it to meet U.S. manufacturing requirements more easily, further complicating the potential partnership with Intel [3]. - Despite Intel's perceived lag in process technology, the push for domestic chip manufacturing under the Trump administration has led some tech companies to shift lower-tier chip production to Intel's domestic foundries [3].