Hu Xiu·2025-12-01 04:10Core Viewpoint - The news highlights a significant market reaction to the rumor that Intel will manufacture Apple's M-series chips, indicating a potential shift in the semiconductor landscape and a re-evaluation of Intel's market position [1][3]. Group 1: Apple's Endorsement - Apple ships 20 million "standard" M-series chips annually, and transferring production to Intel would significantly impact Intel's business [4]. - Apple's role as a stringent quality inspector adds credibility to Intel's manufacturing capabilities, especially for the simpler M-series chips [4]. - Intel has entered a substantive collaboration phase with Apple, having signed a confidentiality agreement and received advanced process design kits (PDK) [6][4]. Group 2: Cook's Strategy - Apple's decision to support Intel, despite TSMC's strong performance, serves as a political statement and aligns with U.S. manufacturing policies [7]. - By outsourcing the production of lower-end M-series chips to Intel, Apple aims to diversify its supply chain and reduce dependency on TSMC [8][10]. - Establishing a dual-supplier system with Intel and TSMC is crucial for Apple to mitigate capacity risks and enhance bargaining power [9]. Group 3: Valuation Reconstruction - The market's reaction reflects a potential breaking of Intel's "IDM curse," as major tech companies show interest in Intel's manufacturing capabilities [11][16]. - Intel's previous struggles with its IDM model have led to significant capital expenditures with minimal returns, but the prospect of securing high-profile clients could change this narrative [14][15]. - The involvement of top-tier clients like Apple, Google, and Meta increases the likelihood of Intel's success in its foundry business, potentially leading to a substantial increase in its market valuation [17][18].