特朗普「国有化」后，英特尔=美版中芯国际

Core Viewpoint - The article discusses Intel's financial struggles and its recent investments from major players like Nvidia, SoftBank, and the U.S. government, highlighting the need for Intel to secure external orders to improve its wafer foundry business and overall financial health [4][12][26]. Investment and Financial Situation - Nvidia's $5 billion investment in Intel has led to a significant stock price increase for both companies, with Intel's stock rising approximately 50% since the announcement [4]. - Intel's financial situation is dire, with a cash reserve of about $212 billion, which is only 75% of the total cash reserves expected by mid-2025, primarily due to over $200 billion invested in wafer foundry operations without adequate returns [8][11]. - The investments from SoftBank and the U.S. government, totaling $15.9 billion, have not significantly boosted Intel's stock price, indicating a lack of confidence from the market [5][8]. Comparison with Competitors - Intel's fixed assets and capital expenditures are comparable to TSMC, but its wafer foundry revenue is significantly lower, with projected revenues of $17.5 billion and $9.1 billion for 2024 and the first half of 2025, respectively, compared to TSMC's much higher figures [9][16]. - Intel's fixed asset turnover ratio has declined to 0.52, indicating low capacity utilization, while TSMC maintains a much higher utilization rate, which is critical for profitability in capital-intensive businesses [19]. Strategic Partnerships and Future Outlook - Intel is actively seeking partnerships with major clients like Apple and TSMC to secure wafer foundry orders, which is essential for improving its financial situation [21][26]. - The U.S. government's support for Intel's wafer foundry business is seen as a strategic move to bolster domestic semiconductor manufacturing, similar to the role of SMIC in China [25][26]. - If Intel can successfully attract orders from Nvidia and Apple, it could lead to a significant turnaround in its wafer foundry business and stock performance, with potential for further price increases in the future [26].