The foundries business is known to be capital intensive. This is the main reason why most Americans don't want to do it. It's clear the Americans and Europe will want to shore up chip making capability and would open up the checkbook. The foundries will be heavily subsidized for the next 10-20 years regardless of who's in charge. If intel takes on the foundries and the additional capital can be leverage at almost 0 cost then that's a huge win. This is why the initial bid is not going to be $32, but it has to be around $38-$40. Even without QCOM, the current valuation is overkilled. Intel should not trade below $27 unless it's clear that it will be in bankruptcy in the next 2-3 years.
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