[新聞] Trump may not support foreign firm ope
原文標題：
Trump may not support foreign firm operating Intel's US factories -White House
official says
標題翻譯
川普可能不支持外國公司營運英特爾的美國工廠-白宮官員表示
原文連結：
https://tinyurl.com/2hf848zj
發布時間：
February 15, 20257:19 AM GMT+8
記者署名：
Arsheeya Bajwa
原文內容：
Feb 14 (Reuters) - President Donald Trump's administration may not support
Intel's (INTC.O)
, opens new tab U.S. chip factories being operated by a foreign entity, a
White House official told Reuters.
The comment was in response to a Bloomberg report that Taiwan's TSMC (2330.TW)
, opens new tab, the world's biggest chipmaker, was considering taking a
controlling stake in Intel's factories at Trump's request.
The White House official said the Trump administration supports foreign
companies investing and building in the U.S. but is "unlikely" to support a
foreign firm operating Intel's factories.
Earlier, Bloomberg had reported that Trump's team raised the idea of a deal
between the two firms in recent meetings with officials from TSMC, and that
they were receptive, citing a person familiar with the matter.
The White House official did not immediately comment on whether Trump's team
met with the companies and raised the idea of such a deal. The official did
not immediately respond to follow-up questions about whether TSMC could be
involved with Intel's factories through a joint entity headquartered in the
United States.
Such a deal, which is still uncertain, could throw a financial lifeline to
Intel, which has struggled to restore its lost chipmaking glory as it failed
to capitalize on an AI boom and poured billions of dollars into becoming a
contract chip manufacturer - a transformation that is yet to materialize.
Intel shares closed down 2.2% on Friday, while TSMC's U.S.-listed shares
closed up about 1%.
It is unclear whether Intel is open to a transaction, according to Bloomberg,
and the arrangement may involve having major American chip designers take
equity stakes, along with support from the U.S. government. The report added
that it meant the venture would not solely be owned by a foreign company.
Earlier in the week research firm Baird published a note saying Intel's
factories could be spun out into a new entity, jointly owned by Intel and TSMC
, with TSMC's engineers helping ensure the factories are viable.
"Intel would benefit from significant cash flow relief, and would focus on
design and platform solutions going forward, while a viable fab could finally
attract key fabless companies to diversify into a geo-dependable manufacturing
mode," Baird said in the note.
Such a deal would need deep concessions on both sides.
Should TSMC accept an arrangement to run Intel's factories, it would have to
make significant changes to the U.S. chipmaker's operations because each chip
manufacturer has distinct methods and techniques for operating factories.
To operate Intel's fabs, TSMC would also likely need to reveal some of its
proprietary techniques and processes to Intel employees.
On its part, Intel would have to concede the fact that its manufacturing
operations would become a totally different entity.
As well, TSMC fully operating Intel's factories, known as fabs, also raises
questions about Intel's key strategy of manufacturing the chips it has
designed. Most chipmakers are "fabless" - outsourcing to the likes of TSMC,
which offers considerable cost savings.
"If Intel moves down this path, you focus on being a semiconductor design
company. So you end up looking more like a Broadcom (AVGO.O) Marvell (MRVL.O)
or AMD," Wedbush Securities analyst Matthew Bryson said.
TSMC and Intel declined to comment.
TARIFF EXEMPTIONS?
Intel is among the largest beneficiaries of the United States' push to onshore
critical chip manufacturing.
Under the previous administration, the U.S. Commerce Department in November
said it was finalizing a $7.86 billion government subsidy for Intel.
The company is among a few chipmakers that both design and manufacture
semiconductors. TSMC is now the world's largest contract chipmaker, which
boasts a market valuation about eight times larger than that of Intel.
The Taiwanese contract chipmaker's customers include AI chip leader Nvidia (
NVDA.O), AMD (AMD.O)
which is Intel's fierce rival in PC and server markets.
"Ironically, enough, TSMC might look for some tariff exemptions in order to
make this happen and allow for efficient and effective flow of equipment and
materials," said Michael Ashley Schulman, chief investment officer at Running
Point Capital.
Trump tasked his economics team on Thursday to come up with plans for
reciprocal tariffs on every country taxing U.S. imports, ramping up prospects
for a global trade war.
Former Intel CEO Pat Gelsinger, who was ousted last year, set sky-high
expectations for Intel's manufacturing and AI capabilities among major clients
but fell short, losing or canceling contracts, Reuters had previously
reported.
Intel's shares lost about 60% of their value last year as the capital-
intensive bid to bolster manufacturing - a strategy championed by Gelsinger -
strained the company's cash flow and ultimately led to it cutting about 15% of
its workforce.
The success of Intel's 18A chipmaking technology, slated for this year, is key
to the company's manufacturing ambitions.
機翻：
2月14日（路透社） - 一位白宮官員告訴路透社，川普政府可能不支持英特爾（INTC.O）
的美國晶片工廠由外國實體營運。
此評論是針對彭博社的一篇報導，該報導稱全球最大的晶片製造商台積電（2330.TW）正
在考慮應川普的要求收購英特爾工廠的控股權。
白宮官員表示，川普政府支持外國公司在美國投資和建設，但「不太可能」支持外國公司
營運英特爾的工廠。
此前，彭博社報導稱，川普的團隊在最近與台積電官員的會議中提出了兩家公司之間交易
的想法，並且他們對此持開放態度，消息來源是一位知情人士。
白宮官員未立即回應川普團隊是否與公司會面並提出此類交易的想法。該官員也未立即回
應有關台積電是否可能通過總部位於美國的合資企業參與英特爾工廠的後續問題。
此類交易（目前仍不確定）可能會為英特爾提供財務支持，該公司一直難以恢復其失去的
晶片製造榮耀，因為它未能充分利用人工智慧熱潮，並投入數十億美元轉型為合約晶片製
造商——這一轉型尚未實現。
英特爾股價週五收盤下跌2.2%，而台積電在美國上市的股票收盤上漲約1%。
根據彭博社的報導，目前尚不清楚英特爾是否對交易持開放態度，且此安排可能涉及讓美
國主要晶片設計公司持股，並獲得美國政府的支持。報導補充說，這意味著該合資企業不
會完全由外國公司擁有。
本週早些時候，研究公司Baird發布了一份報告，稱英特爾的工廠可能會分拆為一個新實
體，由英特爾和台積電共同擁有，台積電的工程師將幫助確保工廠的可行性。
Baird在報告中表示：「英特爾將受益於顯著的現金流緩解，並將專注於未來的設計和平
台解決方案，而一個可行的晶圓廠最終可能會吸引關鍵的無晶圓廠公司轉向地理依賴的製
造模式。
」
此類交易需要雙方做出重大讓步。
如果台積電接受營運英特爾工廠的安排，它將不得不對這家美國晶片製造商的運營進行重
大調整，因為每家晶片製造商都有獨特的工廠運營方法和技術。
為了營運英特爾的晶圓廠，台積電可能還需要向英特爾員工透露一些其專有技術和流程。
就英特爾而言，它將不得不接受其製造業務將成為一個完全不同的實體的事實。
此外，台積電全面營運英特爾的晶圓廠（稱為fabs）也引發了對英特爾關鍵策略的質疑，
即製造其設計的晶片。大多數晶片製造商都是「無晶圓廠」——將生產外包給台積電等公
司，這可以節省大量成本。
Wedbush Securities分析師Matthew Bryson表示：「如果英特爾走上這條路，你將專注於
成為一家半導體設計公司。因此，你最終會更像博通（AVGO.O）或Marvell（MRVL.O）或
AMD。」
台積電和英特爾均拒絕置評。
關稅豁免？
英特爾是美國推動關鍵晶片製造本土化的最大受益者之一。
在前任政府期間，美國商務部於11月表示，正在為英特爾敲定一項78.6億美元的政府補貼
。
該公司是少數同時設計和製造半導體的晶片製造商之一。台積電目前是全球最大的合約晶
片製造商，其市場估值約為英特爾的八倍。
這家台灣合約晶片製造商的客戶包括人工智慧晶片領導者Nvidia（NVDA.O）和AMD（AMD.O
），後者是英特爾在PC和伺服器市場的激烈競爭對手。
Running Point Capital首席投資官Michael Ashley Schulman表示：「諷刺的是，台積電
可能會尋求一些關稅豁免，以實現這一目標，並允許設備和材料的有效流動。」
川普週四要求其經濟團隊制定計劃，對所有對美國進口商品徵稅的國家實施互惠關稅，這
加劇了全球貿易戰的可能性。
路透社此前報導，去年被解僱的前英特爾CEO Pat Gelsinger在主要客戶中對英特爾的製
造和人工智慧能力設定了極高的期望，但未能實現，導致合同丟失或取消。
英特爾的股價去年下跌了約60%，因為其資本密集型的製造業提振計劃——這一由
Gelsinger倡導的策略——使公司的現金流緊張，最終導致其裁減了約15%的員工。
英特爾的18A晶片製造技術（預計今年推出）的成功對該公司的製造業雄心至關重要。
心得/評論：
路透社的白宮消息來源，回應彭博社的新聞
又指出川普可能不支持台積電運營英特爾的工廠？
猜測川普的態度可能更接近 日本製鐵收購美國鋼鐵的時候
https://tinyurl.com/y6z24dmc
川普三次將日本製鐵誤稱為「日産」後，發表了如下言論：
「與其説是收購（purchase），他們更傾向於投資。」
「他們並不是要擁有（own）美國鋼鐵，而是同意向美國鋼鐵進行大規模投資。」
如果只是單純入股那也是有賺錢的可能，
畢竟英特爾目前股價相當低了。
--
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※ 文章網址: https://www.ptt.cc/bbs/Stock/M.1739589730.A.EFB.html
※ 編輯: chordate (114.32.7.252 臺灣), 02/15/2025 11:22:57
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