Confirming several days of supply chain rumors, a Bloomberg report Friday confirmed that Taiwanese chip maker Taiwan Semiconductor Manufacturing (NYSE:TSM) is exploring taking a controlling interest in Intel's (NASDAQ:INTC) U.S. factories following a request from the Trump administration.
After raising the idea with TSMC in recent meetings, the chipmaker has shown openness to it. It is unclear if Intel shares this openness.
On Wednesday, Baird analyst Tristan Gerra pointed out that there were rumors in the supply chain of such a deal.
The rumors have helped push Intel’s stock to its best weekly gain in 40 years.
The news comes as President Trump said on Thursday that he wants to “take back” chipmaking dominance from Taiwan after they “stole it.”
One analyst is calling the agreement MIGA – Make Intel Great Again.
On why the stock is trading lower following the headline, Mizuho (NYSE:MFG) desk analyst Daniel O'Regan commented: “I would just say its probably due to the fact INTC is up ~24% this week, and having its best 4 day stretch since the 80’s. Plus, the story is a little short on actual details.”
Despite today's reaction, O'Regan said, it seems likely that a deal will happen and their team thinks it's “positive” for Intel.
Shares of Intel are down 2.2% into the close of trading Friday.
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