Overview

• Semafor reported that Intel and AMD are in preliminary discussions for AMD to use Intel’s foundry, with no terms set.
• Intel shares rose as much as about 6% on the report and are up roughly 77% in 2025, while AMD stock was little changed.
• Both companies declined to comment, and sources cautioned that talks may not result in an agreement.
• It remains unclear how much AMD production could shift to Intel or whether any arrangement would include an AMD investment.
• Recent support from the U.S. government, Nvidia, and SoftBank has boosted confidence in Intel’s turnaround, though Intel’s processes are still widely viewed as behind TSMC’s and Nvidia has not committed to use Intel’s fabs.