Overview

• Semafor reported that Intel and AMD are in early-stage discussions for Intel Foundry to manufacture some AMD chips, with no agreement in place.
• The scope of any potential work remains unclear, including whether AMD would shift meaningful volumes or make a direct investment, and sources cautioned a deal may not happen.
• Intel shares rose as much as 6% during trading after the report, while AMD was little changed and TSMC shares stayed positive.
• AMD currently depends on TSMC for most production, and reporting notes Intel lacks the capability today to build AMD’s most advanced, higher-margin chips.
• The outreach to AMD follows new support for Intel, including a roughly 9.9–10% U.S. government stake, Nvidia’s $5 billion investment, and SoftBank’s $2 billion purchase, with separate reports of talks with Apple and no Nvidia commitment to use Intel’s foundry.