The sale rumors of the American semiconductor corporations Intel reignited, causing its stock price to surge by more than 9%. Having long reigned as a traditional semiconductor giant, Intel is now facing instability in its core market, the central processing unit (CPU), and has posted significant losses in its foundry business, raising doubts about its competitiveness. However, questions remain about whether there are acquisition candidates capable of handling Intel's market capitalization of $92.7 billion (approximately 133.58 trillion won) and whether they can overcome constraints such as U.S. antitrust laws and semiconductor support legislation.
On the 20th (local time), Intel's stock rose by 9.25% in just one day. CNBC reported that "Intel's stock reached its highest level since last August after news broke that GlobalFoundries is considering an acquisition of Intel." Market research firm TrendForce indicated that potential acquirers include Elon Musk, the Chief Executive Officer (CEO) of Tesla, along with U.S. GlobalFoundries and Qualcomm.
According to the American semiconductor media SemiAccurate on the 17th, there are corporations looking to acquire Intel, sparking controversy. SemiAccurate reported, "About two months ago, we confirmed this fact through emails exchanged among senior executives of a specific corporation." There have been claims that the potential acquirer is Elon Musk, as there is believed to be no one else in the U.S. with the financial capacity and drive to acquire Intel, whose market capitalization significantly exceeds 100 trillion won. However, IT media outlets cite Citigroup's analysis, suggesting that the involvement of management lacking an understanding of advanced semiconductor processes and Intel's business could lead to negative outcomes, forecasting low acquisition prospects.
Bloomberg reported that senior U.S. government officials are considering a transaction between Intel and GlobalFoundries. Given that GlobalFoundries is engaged in transactions with the U.S. Department of Defense, the government's trustworthiness in the process of acquiring Intel, which is receiving concentrated support from the U.S. semiconductor support law (CHIPS Act), is highlighted. Intel also signed a $3.5 billion contract with the Department of Defense last September to produce advanced semiconductors for military and intelligence purposes. According to market research firm TrendForce, GlobalFoundries holds about 5% of the global foundry market share, ranking fifth.
Bloomberg pointed out that "about 80% of GlobalFoundries’ equity is owned by the investment sector of the Abu Dhabi government," noting that the lack of experience in advanced processes rather than legacy processes is an issue. Stacy Rasgon, a semiconductor research analyst at Bernstein Research, also analyzed, "It is questionable whether GlobalFoundries has sufficient cash to acquire Intel."
U.S. antitrust laws are also expected to pose obstacles. Last year, Qualcomm was reported to have explored acquiring Intel, but it is known that the U.S. government's antitrust scrutiny influenced the decision to withdraw from the acquisition plan. An industry insider said, "Even Qualcomm, which had a significant possibility of acquiring at least some of the business divisions, has stepped back from the complex regulatory landscape of U.S. antitrust laws, making it difficult for any corporations with cash to venture into acquiring Intel."
The semiconductor law that Intel recently signed with the U.S. Department of Commerce at the end of last November is also a variable. It is reported that the law includes conditions restricting acquisitions and sales in exchange for receiving $10.8 billion (approximately 15.84 trillion won) in subsidies. An industry insider noted, "Intel is considered a key corporation in the U.S. semiconductor support law, playing an important role in fostering the semiconductor industry by the U.S. government, which suggests that it would be challenging to realize a sale while ignoring the government's influence during the acquisition process."