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This is great example of how the options all have trade offs. individual fabs sell off is risky and doesn't generate much return. The whole IFS (TD and All) with a wafer purchase agreement is the cleanest but requires Tons of accounting tricks. And if you really want to sell it off, you cannot get picky with who buys it.... or you need to subsidize it. All things are possible but there are tradeoffs. To sell off a unit with billions in losses, the need for 20B in capex per year, tons of depreciation on the books, and a questionable goal (#2 foundry) is tough. They need a world class accounting team.
Kioxia did some complex financing and control when it was spun off. If only Intel knew someone who had experience with that LOL.
Remember, IBM paid GF to take the fabs. It would have to be something like that. I'm sure Trump can get a call with Sheikh Mohamed bin Zayed Al Nahyan and make something happen. Tell Trump that Abu Dhabi has all the sand we need to make the chips.
We want foundries in the US. If Intel cannot be successful, then we need successful foundry companies to be in the US. Or if you want, the government can take them over and have "Amfab". I am good either way
Who the controlling interest is will be up for debate in the agreements. I have seen contracts where the country can nationalize the whole thing if certain agreements are not met.
Intel's leading logic technology manufacturing Fab is in Ireland and owned by a JV based in the Cayman Islands. Is this good for Ireland or the US or Cayman islands or all? I am not sure myself.
Intel moved Intel3/4 to Ireland. During that time the OR fab has been running 18A wafers. The new leading edge will be going into production in 6 months in OR and will be ramping in AZ by the end of the year. Intel is currently shipping 18A samples to their customers. It isn't like leading edge work isn't ongoing in the US.
I would argue that while we want foundries in the US, what we need is to keep cutting edge logic development in the US. Without that the US is no longer in charge of its own destiny in the modern world. The foundries earn the money to pay for development of the next technology. If you lose the ability to develop on the leading edge in the semiconductor space you aren't going to be able to just start that up from scratch. And right now that process design talent is all concentrated in Intel Foundry. Whatever happens it is imperative that we keep that talent intact. I don't believe that will happen if TSMC takes controlling interest in a JV with Intel.
