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Handel's Market Perspective
The long look at Intel (INTC)
Rich Miller
December 28, 2025
Why Intel Matters — And Why the FUD Is Wrong
There has been a growing wave of misinformation and negative framing surrounding Intel and its leadership, particularly regarding its role in the U.S. semiconductor ecosystem. Much of this criticism ignores a fundamental reality:
The United States does not currently manufacture most of the chips it depends on — and Intel is one of the very few companies capable of changing that.
The Reality of U.S. Semiconductor Manufacturing
Despite being home to many of the world’s most advanced chip designers, over 90% of the semiconductors used in the United States are manufactured overseas, primarily in Taiwan, South Korea, and increasingly China.
Companies like NVIDIA, AMD, Qualcomm, and Apple are American in design, but fabless by nature — they rely almost entirely on foreign foundries, primarily TSMC, to build their chips.
This reliance on overseas manufacturing means that, despite their innovation and design prowess, these U.S. tech leaders have limited control over the supply chain and face increased vulnerability to international disruptions. As a result, the nation’s technological security and economic competitiveness are at risk unless domestic semiconductor manufacturing is revived and strengthened.
In contrast, Intel remains the only U.S.-based company capable of large-scale, leading-edge semiconductor manufacturing on American soil.
That distinction matters.
Intel’s Unique Role in the U.S. Semiconductor Ecosystem
Intel is not simply another chip company.
It is:
The only U.S. firm operating advanced logic fabs at scale
A cornerstone of domestic semiconductor security
A critical partner in restoring U.S. manufacturing independence
Its manufacturing footprint includes major facilities in Arizona, Oregon, Ohio, and additional investments across the country — representing tens of billions of dollars in long-term infrastructure.
While companies like TSMC and Samsung dominate global manufacturing today, Intel is the only U.S.-based company attempting to rebuild leading-edge domestic capacity.
Criticism vs. Reality
Much of the criticism aimed at Intel ignores context:
Semiconductor manufacturing is among the most complex industrial processes in human history.
Intel’s challenges over the past decade coincided with an industry-wide shift toward fabless models and offshore production.
Catching up in advanced nodes requires massive capital, long timelines, and sustained political and financial support.
Despite this, Intel is executing a multi-year turnaround centered on:
Advanced process nodes (Intel 18A and beyond)
Foundry services for external customers
Advanced packaging technologies (Foveros, EMIB)
Domestic manufacturing resilience
These are not short-term fixes — they are foundational investments.
Why This Matters
The conversation around Intel is not just about one company’s stock price. It’s about national security, supply-chain resilience, and technological sovereignty.
If the United States wants secure access to advanced semiconductors, it must maintain a domestic manufacturing base. Today, Intel is the only U.S. company positioned to do that at scale.
Criticizing Intel without acknowledging this reality misses the bigger picture.
Bottom Line
Intel is not perfect — but it is essential.
At a time when more than 90% of advanced chips are manufactured overseas, Intel represents one of the last pillars of U.S. semiconductor independence. Undermining that capability through misinformation or short-term narratives ignores both history and strategic reality.
This is not just about a company. It’s about national capability.
By Handelstats https://handelstats.com
Disclosure, Long INTC