Goldman Sachs Securities pointed out that Intel has continued to face the problem of process upgrade delays since the 10nm process. Recently, it has decided to establish a "wafer-like foundry" model in the manufacturing department and internal product business units. As the mark et size becomes larger and larger, It is expected that Intel will expand the release of orders to TSMC in 2024 and 2025. In an environment where the outsourcing trend is on the rise, TSMC is the biggest winner.
Intel has actually been one of TSMC's customers for a long time, but it mainly entrusts some small projects to TSMC. The core CPU products are still produced by itself. Because of the huge business opportunities, in the past few years, whether Intel CPU The The trend of accelerating outsourcing has always been the focus of market discussions. Goldman Sachs specifically pointed out that TSMC mentioned the proportion of outsourced manufacturing by customers in its last law meeting, which will be a key factor in the change of TSMC's market share. Based on this, Intel's outsourced foundry orders will create potential market share for TSMC. promote.
According to an analysis by Goldman Sachs, the overall size of Intel's outsourcing orders in 2024 and 2025 will be US$18.6 billion and US$19.4 billion, while the market size of TSMC's foundry services will be US$5.6 billion and US$9.7 billion during the same period . , about 6.4% and 9.4% of TSMC's overall revenue in the following year. Considering TSMC's solid technological lead, Goldman Sachs continues to be bullish on TSMC's outlook, and speculates that a reasonable stock price is 700 yuan.
Lu Xingzhi, a well-known foreign semiconductor industry analyst, explained that it is Intel's wafer manufacturing department, not the design department, that competes with TSMC. In order to survive in the high-speed computing semiconductor industry, the design department still hope to cooperate closely with TSMC. It is even predicted that Intel's wafer manufacturing and design departments will definitely be further divided into two companies after a few years.
英特爾擴大委外 高盛：台積電最大贏家 - 財經要聞
高盛證券指出，英特爾從10奈米製程開始，就持續面臨製程升級延遲難題，近期更已決議在製造部門與內部產品事業體建立「類晶圓代工」模式，隨市場規模愈來愈龐大，預期英特爾2024、2025年將擴大釋單給台積電，委外代工
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