美国政府的潜在入股对象，远远超过了芯片制造这一个板块。美国国家经济委员会主任哈赛特表示，联 邦政府可能仿效入股英特尔的模式，入股更多企业，包括芯片之外的领域，为建立"美国主权财富基 金"做好准备。今年2月，白宫已经签发了关于建立主权财富基金的计划，要求财政部长对此进行探索。 如果上述愿景真能实现，那真是前所未有的。在"美式资本主义"的蓝图中，国家对市场竞争性行业的企 业进行大规模入股，从来不是一个现实选项。美国联邦政府当然也持有乃至控制一些公司，但多半是普 惠性的，例如房利美、房地美等。事实上，在2008年金融危机当中，美国政府非常不希望成为主流华尔 街金融机构的股东；就算被迫成为，也要及早安排退出计划。 对英特尔的入股是为了确保其继续在美国建设芯片代工厂，那么对其他企业的入股又是为了什么呢？目 前白宫的解释是，联邦政府经常给予企业大量补贴，但美国纳税人没有从中获得财务回报；如果政府能 8月25日，英特尔正式公告：美国政府以89亿美元的代价，获得了英特尔9.9%的股权，从而成为其第一 大股东。关于这一交易的细节如下： 这就是懂王宣称"我入股英特尔没有花一分钱"的原因——那些钱本来就承诺给英特尔了，不过以前是直 ...

Core Viewpoint - Intel plans to reduce its global workforce from 99,500 to approximately 75,000 by the end of this year, representing a 22% decrease from the projected 2024 figure, while also expecting a larger-than-anticipated loss in Q3 despite higher sales forecasts [1][10]. Workforce Reduction - The company has already laid off about 15% of its workforce as of June 30, with further reductions planned through natural attrition and other means [1][31]. - The restructuring includes a 50% reduction in management layers and an estimated $1.9 billion in restructuring costs [1][4]. Production Strategy - Intel is focusing on ramping up its 18A process technology for production, with a cautious approach to investments in the next-generation 14A process [2][37]. - The company has indicated that if it cannot secure significant external customers for the 14A chips, it may exit the chip manufacturing business [3][38]. Strategic Priorities - The new CEO has outlined three main priorities: 1. Transforming the foundry business to be more financially disciplined, correcting past over-investments and fragmentation [4][33]. 2. Revitalizing the x86 ecosystem by focusing on core client and server markets, including the introduction of new chips like Panther Lake and Granite Rapids [5][39]. 3. Enhancing the AI strategy to encompass a broader stack that includes software and systems, particularly focusing on emerging AI workloads [5][23]. Financial Outlook - Intel expects a Q3 loss of $0.24 per share, exceeding the anticipated loss of $0.18, while projecting revenues between $12.6 billion and $13.6 billion, with a midpoint of $13.1 billion, above analyst expectations [10][11]. Market Context - Despite the significant restructuring, Intel's stock has risen 14% this year, reflecting investor optimism regarding the new leadership's ability to restore competitiveness in the AI-dominated market [6][7].

Core Viewpoint - TSMC plans to invest $100 billion in the U.S., exceeding its previous announcement of a $65 billion investment, to build additional chip manufacturing facilities in Arizona, which will create thousands of high-paying jobs [1][5]. Group 1: TSMC's Investment and Impact - TSMC has already begun construction of three factories in Arizona, with the first factory already in mass production of 4nm chips [1]. - The investment is seen as a significant move for economic security, emphasizing the importance of semiconductors in the 21st-century economy [1]. - This investment will include the construction of three more chip manufacturing plants and two packaging facilities in Arizona [1]. Group 2: Intel's Competitive Position - Intel is also making strides in its chip manufacturing business, with reports indicating that major clients like NVIDIA and Broadcom are testing manufacturing with Intel, which could lead to significant contracts worth hundreds of millions [2][5]. - Intel's 18A manufacturing process is under evaluation by AMD, although it is unclear if AMD has sent test chips for production [3]. - Intel's manufacturing business has faced challenges, including a $13.4 billion loss last year, but success in attracting major clients could bolster its position [6]. Group 3: Market Reactions and Future Prospects - Intel's stock saw a 5% increase at the opening on March 3 but closed down 4% due to market influences [4]. - The success of Intel's manufacturing tests is crucial for its future, as delays in the 18A process have pushed delivery timelines to 2026, raising concerns among potential clients [7]. - Industry experts are closely monitoring Intel's progress, as many chip design companies are waiting to see if Intel can scale production effectively [8].