Goldman Sachs predicts: Intel outsourcing orders may increase, TSMC may benefit

News on September 4 that although Intel executives are confident in the company’s future roadmap and advanced process manufacturing capabilities, investors seem to have different views on its prospects.

According to an analysis report from Goldman Sachs, Intel is likely to further increase its foundry outsourcing to TSMC in the future to meet its product manufacturing needs.

According to Commercial Times Times) revealed that Goldman Sachs predicts that Intel's outsourcing orders may reach US$18.6 billion (approximately RMB 135.222 billion) and US$19.4 billion (approximately RMB 141.038 billion) in 2024 and 2025. Although it is possible that Intel would outsource all its products in this case, analysts generally believe that this situation is almost impossible to happen.

Goldman Sachs analysts pointed out that based on more realistic developments, TSMC may receive approximately US$5.6 billion (approximately RMB 40.712 billion) and US$9.7 billion (approximately RMB 70.519 billion) between 2024 and 2025. yuan) of Intel orders.

In fact, starting from the second half of 2023, almost all of Intel's high-volume products involve small chip designs, with some of the small chips being manufactured by Intel and the other part. Based on TSMC production. However, Intel is still able to achieve higher profit margins because it sells a holistic product.

According to the editor’s understanding, this change will make Intel one of TSMC’s important customers. Intel’s annual outsourcing amount to TSMC may account for about 6.4% to 9.4% of TSMC’s total revenue. Among TSMC’s customers Second only to Apple, which accounted for about 23% last year.

While executives feel confident in Intel's manufacturing capabilities, investors remain somewhat uncertain about the company's future. Intel will need to carefully weigh the pros and cons of outsourcing and in-house manufacturing while maintaining its own technological advantages to ensure that the company remains competitive in the ever-changing market competition.

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