半导体行业观察·2025-05-17 01:54Core Viewpoint - Intel's efforts to regain its former glory in the semiconductor industry hinge on the new manufacturing process known as 18A, which is expected to be released later this year and incorporates advanced technologies that could enhance chip performance and efficiency [1][5]. Group 1: 18A Technology - The 18A technology, which stands for 18 angstroms (1 angstrom equals 0.1 nanometers), is seen as Intel's last hope to reclaim its semiconductor crown from competitors like TSMC [1]. - 18A utilizes two new manufacturing techniques: Gate-All-Around Transistors (GAT) and backside power delivery, which are expected to improve chip performance and efficiency [5]. - The combination of these technologies is anticipated to enhance the performance of artificial intelligence applications while mitigating issues like overheating [5][6]. Group 2: Competitive Landscape - TSMC has already established itself as a leader in chip manufacturing, producing chips for major companies like AMD, Apple, and Nvidia, which poses a significant challenge for Intel [3][10]. - Intel's previous CEO opened the company's manufacturing business to external clients in 2021, but analysts have criticized the ambitious business goals set by the company [3][10]. - Despite projected revenues of $17.5 billion in 2024, Intel reported a loss of $13.4 billion for the same year, indicating significant financial challenges [3]. Group 3: Client Engagement and Market Position - Amazon and Microsoft have signed agreements to use Intel's 18A process for their chips, but the commitment from third-party clients remains limited [3][4]. - Analysts express skepticism about whether Intel can achieve the same production scale and efficiency as TSMC, which could impact its ability to attract clients [7][10]. - Intel's strategy to transform into a third-party foundry is seen as crucial for its revival, but the timeline for profitability in this segment is uncertain, with expectations of breakeven by 2027 [7][10]. Group 4: Government Support and Future Outlook - The U.S. government is keen on retaining Intel's manufacturing capabilities, having allocated $7.8 billion under the CHIPS Act, which could be jeopardized if Intel exits the foundry business [10]. - TSMC is also expanding its operations in the U.S., which may dilute Intel's competitive advantages [10]. - The success of Intel's 18A technology will be pivotal in determining the company's future in the semiconductor industry, with critical developments expected later this year [10].