有英特尔的“虚假竞争”，对台积电“只有好处”

Core Viewpoint - The threat posed by Intel's foundry business revival to TSMC is overstated, and it may actually benefit TSMC by alleviating regulatory pressures due to its monopoly status [5][8]. Group 1: Intel's Foundry Business - Intel's foundry business faces fundamental challenges beyond financial issues, including the need for a different corporate culture and customer-centric innovation [11]. - The success of Intel's foundry strategy may depend on adopting an N-1 approach, which could reduce risks for potential clients [11]. Group 2: Market Dynamics - TSMC is expected to maintain over 90% market share in advanced process nodes, despite the participation of major clients like Apple and Nvidia in Intel's foundry revival plan [10]. - The perception of TSMC as a potential monopolist has not significantly boosted its price-to-earnings ratio, and may instead attract more scrutiny from government agencies [8]. Group 3: Competitive Landscape - The competition from Intel's foundry may create a false sense of choice for customers, which could ultimately be advantageous for TSMC by reducing regulatory scrutiny and pressures related to manufacturing returning to the U.S. [8][9].