原文标题： Trump may not support foreign firm operating Intel's US factories -White House official says 标题翻译 川普可能不支持外国公司营运英特尔的美国工厂-白宫官员表示 原文连结： https://tinyurl.com/2hf848zj 发布时间： February 15, 20257:19 AM GMT+8 记者署名： Arsheeya Bajwa 原文内容： Feb 14 (Reuters) - President Donald Trump's administration may not support Intel's (INTC.O) , opens new tab U.S. chip factories being operated by a foreign entity, a White House official told Reuters. The comment was in response to a Bloomberg report that Taiwan's TSMC (2330.TW) , opens new tab, the world's biggest chipmaker, was considering taking a controlling stake in Intel's factories at Trump's request. The White House official said the Trump administration supports foreign companies investing and building in the U.S. but is "unlikely" to support a foreign firm operating Intel's factories. Earlier, Bloomberg had reported that Trump's team raised the idea of a deal between the two firms in recent meetings with officials from TSMC, and that they were receptive, citing a person familiar with the matter. The White House official did not immediately comment on whether Trump's team met with the companies and raised the idea of such a deal. The official did not immediately respond to follow-up questions about whether TSMC could be involved with Intel's factories through a joint entity headquartered in the United States. Such a deal, which is still uncertain, could throw a financial lifeline to Intel, which has struggled to restore its lost chipmaking glory as it failed to capitalize on an AI boom and poured billions of dollars into becoming a contract chip manufacturer - a transformation that is yet to materialize. Intel shares closed down 2.2% on Friday, while TSMC's U.S.-listed shares closed up about 1%. It is unclear whether Intel is open to a transaction, according to Bloomberg, and the arrangement may involve having major American chip designers take equity stakes, along with support from the U.S. government. The report added that it meant the venture would not solely be owned by a foreign company. Earlier in the week research firm Baird published a note saying Intel's factories could be spun out into a new entity, jointly owned by Intel and TSMC , with TSMC's engineers helping ensure the factories are viable. "Intel would benefit from significant cash flow relief, and would focus on design and platform solutions going forward, while a viable fab could finally attract key fabless companies to diversify into a geo-dependable manufacturing mode," Baird said in the note. Such a deal would need deep concessions on both sides. Should TSMC accept an arrangement to run Intel's factories, it would have to make significant changes to the U.S. chipmaker's operations because each chip manufacturer has distinct methods and techniques for operating factories. To operate Intel's fabs, TSMC would also likely need to reveal some of its proprietary techniques and processes to Intel employees. On its part, Intel would have to concede the fact that its manufacturing operations would become a totally different entity. As well, TSMC fully operating Intel's factories, known as fabs, also raises questions about Intel's key strategy of manufacturing the chips it has designed. Most chipmakers are "fabless" - outsourcing to the likes of TSMC, which offers considerable cost savings. "If Intel moves down this path, you focus on being a semiconductor design company. So you end up looking more like a Broadcom (AVGO.O) Marvell (MRVL.O) or AMD," Wedbush Securities analyst Matthew Bryson said. TSMC and Intel declined to comment. TARIFF EXEMPTIONS? Intel is among the largest beneficiaries of the United States' push to onshore critical chip manufacturing. Under the previous administration, the U.S. Commerce Department in November said it was finalizing a $7.86 billion government subsidy for Intel. The company is among a few chipmakers that both design and manufacture semiconductors. TSMC is now the world's largest contract chipmaker, which boasts a market valuation about eight times larger than that of Intel. The Taiwanese contract chipmaker's customers include AI chip leader Nvidia ( NVDA.O), AMD (AMD.O) which is Intel's fierce rival in PC and server markets. "Ironically, enough, TSMC might look for some tariff exemptions in order to make this happen and allow for efficient and effective flow of equipment and materials," said Michael Ashley Schulman, chief investment officer at Running Point Capital. Trump tasked his economics team on Thursday to come up with plans for reciprocal tariffs on every country taxing U.S. imports, ramping up prospects for a global trade war. Former Intel CEO Pat Gelsinger, who was ousted last year, set sky-high expectations for Intel's manufacturing and AI capabilities among major clients but fell short, losing or canceling contracts, Reuters had previously reported. Intel's shares lost about 60% of their value last year as the capital- intensive bid to bolster manufacturing - a strategy championed by Gelsinger - strained the company's cash flow and ultimately led to it cutting about 15% of its workforce. The success of Intel's 18A chipmaking technology, slated for this year, is key to the company's manufacturing ambitions. 机翻： 2月14日（路透社） - 一位白宫官员告诉路透社，川普政府可能不支持英特尔（INTC.O） 的美国晶片工厂由外国实体营运。 此评论是针对彭博社的一篇报导，该报导称全球最大的晶片制造商台积电（2330.TW）正 在考虑应川普的要求收购英特尔工厂的控股权。 白宫官员表示，川普政府支持外国公司在美国投资和建设，但「不太可能」支持外国公司 营运英特尔的工厂。 此前，彭博社报导称，川普的团队在最近与台积电官员的会议中提出了两家公司之间交易 的想法，并且他们对此持开放态度，消息来源是一位知情人士。 白宫官员未立即回应川普团队是否与公司会面并提出此类交易的想法。该官员也未立即回 应有关台积电是否可能通过总部位於美国的合资企业参与英特尔工厂的後续问题。 此类交易（目前仍不确定）可能会为英特尔提供财务支持，该公司一直难以恢复其失去的 晶片制造荣耀，因为它未能充分利用人工智慧热潮，并投入数十亿美元转型为合约晶片制 造商——这一转型尚未实现。 英特尔股价周五收盘下跌2.2%，而台积电在美国上市的股票收盘上涨约1%。 根据彭博社的报导，目前尚不清楚英特尔是否对交易持开放态度，且此安排可能涉及让美 国主要晶片设计公司持股，并获得美国政府的支持。报导补充说，这意味着该合资企业不 会完全由外国公司拥有。 本周早些时候，研究公司Baird发布了一份报告，称英特尔的工厂可能会分拆为一个新实 体，由英特尔和台积电共同拥有，台积电的工程师将帮助确保工厂的可行性。 Baird在报告中表示：「英特尔将受益於显着的现金流缓解，并将专注於未来的设计和平 台解决方案，而一个可行的晶圆厂最终可能会吸引关键的无晶圆厂公司转向地理依赖的制 造模式。 」 此类交易需要双方做出重大让步。 如果台积电接受营运英特尔工厂的安排，它将不得不对这家美国晶片制造商的运营进行重 大调整，因为每家晶片制造商都有独特的工厂运营方法和技术。 为了营运英特尔的晶圆厂，台积电可能还需要向英特尔员工透露一些其专有技术和流程。 就英特尔而言，它将不得不接受其制造业务将成为一个完全不同的实体的事实。 此外，台积电全面营运英特尔的晶圆厂（称为fabs）也引发了对英特尔关键策略的质疑， 即制造其设计的晶片。大多数晶片制造商都是「无晶圆厂」——将生产外包给台积电等公 司，这可以节省大量成本。 Wedbush Securities分析师Matthew Bryson表示：「如果英特尔走上这条路，你将专注於 成为一家半导体设计公司。因此，你最终会更像博通（AVGO.O）或Marvell（MRVL.O）或 AMD。」 台积电和英特尔均拒绝置评。 关税豁免？ 英特尔是美国推动关键晶片制造本土化的最大受益者之一。 在前任政府期间，美国商务部於11月表示，正在为英特尔敲定一项78.6亿美元的政府补贴 。 该公司是少数同时设计和制造半导体的晶片制造商之一。台积电目前是全球最大的合约晶 片制造商，其市场估值约为英特尔的八倍。 这家台湾合约晶片制造商的客户包括人工智慧晶片领导者Nvidia（NVDA.O）和AMD（AMD.O ），後者是英特尔在PC和伺服器市场的激烈竞争对手。 Running Point Capital首席投资官Michael Ashley Schulman表示：「讽刺的是，台积电 可能会寻求一些关税豁免，以实现这一目标，并允许设备和材料的有效流动。」 川普周四要求其经济团队制定计划，对所有对美国进口商品徵税的国家实施互惠关税，这 加剧了全球贸易战的可能性。 路透社此前报导，去年被解雇的前英特尔CEO Pat Gelsinger在主要客户中对英特尔的制 造和人工智慧能力设定了极高的期望，但未能实现，导致合同丢失或取消。 英特尔的股价去年下跌了约60%，因为其资本密集型的制造业提振计划——这一由 Gelsinger倡导的策略——使公司的现金流紧张，最终导致其裁减了约15%的员工。 英特尔的18A晶片制造技术（预计今年推出）的成功对该公司的制造业雄心至关重要。 心得/评论： 路透社的白宫消息来源，回应彭博社的新闻 又指出川普可能不支持台积电运营英特尔的工厂？ 猜测川普的态度可能更接近 日本制铁收购美国钢铁的时候 https://tinyurl.com/y6z24dmc 川普三次将日本制铁误称为「日産」後，发表了如下言论： 「与其説是收购（purchase），他们更倾向於投资。」 「他们并不是要拥有（own）美国钢铁，而是同意向美国钢铁进行大规模投资。」 如果只是单纯入股那也是有赚钱的可能， 毕竟英特尔目前股价相当低了。 --

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