Herman Jin
Formerly in Asia FICC at Goldman Sachs, Macro & Semiconductor Investing
Intel's EUV foundry looks undervalued even without credit for its most profitable CPU business. Stripping out CPUs leaves the EUV fab at roughly 3x book value; Intel overall is at 2.7x. DUV-only GlobalFoundries, which has no product business, already trades at about 2x book, while Intel is one of just two EUV foundries worth counting, excluding Samsung. x.com x.com
Intel's EMIB-T slip should be brief because a systemic process bottleneck looks likelier than a severe MediaTek design error. MediaTek's CEO said the key yield issue was identified and is being fixed with Intel and the substrate maker; the market prices the design-error case. Switching to CoWoS would take 12-18 months and require supply. With external customers and financing secured, plus improving 18A/14A yields, Intel's rise is unstoppable despite the setback. x.com x.com x.com
Jukan
Semiconductor & AI Infrastructure Research at Citrini
No matter how many times MediaTek asked, nobody at Intel would get off their ass. MediaTek actually had to hire a former top Intel exec just to get them moving lmao. x.com
AlvaChallengesJukan’s unconfirmed account of slow responses to MediaTek raises execution risk for a quick EMIB-T recovery.