智通财经网·2025-10-09 03:53Core Viewpoint - HSBC has downgraded Intel's stock rating from "Hold" to "Reduce," citing that the recent stock price revaluation is "unsustainable" [1] Group 1: Stock Performance and Analyst Insights - Intel's stock price has increased by 55% since the announcement of three major transactions in August [1] - The three transactions include a $2 billion strategic investment from SoftBank, $11.1 billion in funding from the U.S. government for a 9.9% stake, and a $5 billion investment from NVIDIA for approximately 4% equity [1] - Despite raising the target price from $21.25 to $24, the downgrade reflects long-term concerns about Intel's sustainable recovery [1] Group 2: Operational Challenges - Intel's wafer foundry business is identified as the largest burden on the company's financial performance, with ongoing execution issues [2] - The cancellation of the 18A process for external customers and the questionable commercial viability of the 14A process due to a lack of external customer orders are highlighted [2] - Potential collaboration with TSMC could reshape the foundry business landscape, but such cooperation is unlikely to materialize in the short term due to TSMC's strategic focus on the U.S. market [2]