亏损千亿也要死撑？英特尔被政府锁死

Core Viewpoint - The article discusses the implications of the U.S. government's investment in Intel, which is designed to prevent the company from divesting its manufacturing division, amidst ongoing financial struggles and external pressures to sell this segment [2][3]. Group 1: Government Investment and Intel's Business Strategy - The U.S. government agreed to convert $8.9 billion in federal subsidies from the 2022 CHIPS Act into equity, acquiring a 10% stake in Intel [2]. - The agreement includes a five-year warrant that allows the government to purchase an additional 5% of Intel's shares at $20 per share if Intel loses control of its foundry business [2]. - Intel's CFO, David Zinsner, expressed confidence that the likelihood of losing control of the foundry business is very low, suggesting that the warrant will likely expire unused [2][3]. Group 2: Financial Performance and Market Position - Intel's foundry business has faced significant losses, reporting a $13 billion loss last year, and struggles to compete with TSMC and attract external customers [2][3]. - Analysts and former board members have called for the sale of the foundry business, with companies like Qualcomm expressing acquisition interest [3]. - The recent government investment has alleviated Intel's need to seek financing in capital markets, as it guarantees access to cash [4]. Group 3: Future Prospects and Client Relationships - Intel has received $5.7 billion of the government investment, with the remaining $3.2 billion contingent on meeting milestones related to Department of Defense projects [3][4]. - Major companies like NVIDIA, Apple, and Qualcomm have not placed orders with Intel, citing concerns over the reliability of Intel's manufacturing processes [3]. - Intel's recent financial maneuvers include selling $1 billion in Mobileye stock and planning to sell 51% of its Altera division to Silver Lake, indicating a strategic shift to improve financial health [4].