I think that Intel IFS will potentially profit from geo-political tensions, something that is not mentioned in your article. Core indeed is to them being able to deliver on their "Angstrom Era and beyond" nodes. Next they must show that the IP of their IFS customers is well preserved. Moving away from "TMSC only", is an important consideration for fabless chip design companies today. Intel, next to Samsung and TSMC, will then be 1 out of 3 worldwide foundries, able to produce the high-end EUV nodes. As such, the core is that Intel must deliver on their nodes, this will help to increase their competitiveness and, along with this strong geopolitical tailwind, they will be able to grow their foundry business in high-end nodes. Even if Intel becomes 3rd within this oligopoly that is in the making here, there is significant revenue and EPS upside for Intel. Keeping on investing in R&D and next generation technology, is not only significant for Intel, but also for its competitors. If Intel is able to achieve all this by the end of the decade, then their stock Is extremely cheep in the eyes of the long term value investor.
