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TSMC Proposes Joint Venture with Intel’s Foundry Division to Nvidia, AMD, and Broadcom

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TSMC (2330.TW) has pitched the idea of a joint venture involving Intel’s (INTC.O) foundry division to major U.S. chip designers, including Nvidia (NVDA.O), Advanced Micro Devices (AMD.O), and Broadcom (AVGO.O), according to sources familiar with the discussions. Under the proposal, TSMC, the world’s leading contract chipmaker, would oversee Intel’s foundry operations, which focus on manufacturing chips tailored to customer needs, but TSMC would retain no more than 50% ownership.

The proposal has been discussed with several other firms as well, including Qualcomm (QCOM.O), as part of TSMC’s efforts to partner with chip designers. The discussions are still in their early stages, and any potential deal would require approval from the U.S. government, particularly under the administration of President Donald Trump, who has shown interest in helping Intel recover from its financial struggles. Trump is particularly invested in boosting American manufacturing and supporting companies like Intel in remaining U.S.-owned.

Intel, which reported an $18.8 billion net loss for 2024, has seen a drastic decline in its stock price over the past year. As of December 31, the book value of Intel’s foundry division’s property and plant equipment stood at $108 billion. The company’s recent struggles have pushed its board members to consider various strategic moves, including partnering with TSMC for its foundry operations.

Despite some internal opposition, Intel’s board members have expressed support for exploring a joint venture with TSMC, with Intel’s executives holding different views on the matter. Intel’s foundry division, once a crucial part of Intel’s strategy under former CEO Pat Gelsinger, is now central to the company’s efforts to return to profitability, even as Gelsinger was replaced by interim co-CEOs in December.

TSMC’s push for a joint venture is complicated by the significant differences in manufacturing processes and technologies between the two companies. Intel and TSMC currently employ distinct chipmaking methods, which could pose challenges in aligning operations. Intel has previously partnered with Taiwan’s UMC (2303.TW) and Israel’s Tower Semiconductor (TSEM.TA), offering some precedent for potential collaboration, but the specifics of how such a partnership could function remain uncertain, especially regarding the sharing of trade secrets.

While TSMC’s interest is to involve Intel’s advanced manufacturing customers in the venture, discussions have also centered around Intel’s 18A manufacturing process, a key area of contention in the negotiations. Intel executives have claimed that its 18A technology surpasses TSMC’s 2-nanometer process, with Nvidia and Broadcom already testing Intel’s manufacturing capabilities, alongside AMD exploring the potential of Intel’s processes for its chips.

Samsung, LG May Move Some Home-Appliance Manufacturing from Mexico to the U.S.

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South Korea’s leading electronics giants, Samsung Electronics and LG Electronics, are reportedly evaluating the possibility of shifting some of their home appliance production from Mexico to the United States. This move is in response to potential new tariffs on imports from Canada and Mexico, following U.S. President Donald Trump’s recent statement about considering a 25% duty on these imports starting February 1.

Key Points:

  • Manufacturing Shift: Samsung is considering relocating the production of dryers from its Mexican plant to its facility in South Carolina. Similarly, LG is contemplating moving refrigerator production from Mexico to its factory in Tennessee, which already manufactures washing machines and dryers.
  • Tariff Concerns: The review of manufacturing sites is being driven by President Trump’s threat of imposing tariffs on imports from Canada and Mexico, which could impact the companies’ operations.
  • Company Responses: Samsung stated it plans to monitor the situation and remain flexible in its response, given its global network of production bases. LG confirmed it is prepared to adjust its production system and sites in response to market changes.
  • Production Base Adjustments: Both companies have global operations, and their ability to adjust production locations and strategies will help them mitigate potential disruptions caused by the looming tariffs.

Panasonic Energy Aims to Cut China Supply for U.S. EV Battery Business Amid Tariff Concerns

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Panasonic Energy, a key supplier of electric vehicle (EV) batteries to Tesla and other automakers, has set its top priority to eliminate its reliance on China for U.S.-made batteries, according to a senior executive. Allan Swan, President of Panasonic Energy of North America, told Reuters that adjusting the company’s supply chain is its “No.1 objective” in response to the incoming policies of U.S. President-elect Donald Trump, who has pledged to impose significant tariffs on imported goods, including a 60% tariff on Chinese products.

Panasonic Energy, a subsidiary of Japanese electronics giant Panasonic, currently relies on some Chinese suppliers, though Swan emphasized that the company is working towards reducing this dependence. “We do have some Chinese supply, but we don’t have a lot, and we plan to have even less going forward,” Swan stated. The shift is being accelerated by the potential tariffs and is part of Panasonic’s broader strategy to strengthen its American supply chain.

The raw materials used in Panasonic Energy’s U.S.-manufactured batteries primarily come from international suppliers, including those based in Canada. In response to President Trump’s transition team’s recommendation to impose tariffs on battery materials, Panasonic is taking a “three-pronged approach” to modify its supply chain. This includes securing more U.S. suppliers, supporting Japanese and Korean suppliers to set up operations in the U.S., and collaborating with existing suppliers already planning U.S.-based operations.

Swan emphasized that Panasonic Energy’s focus is on building a robust domestic supply chain to meet U.S. production targets. The company operates a factory in Nevada and plans to open another in Kansas later this year. These efforts are part of Panasonic’s broader goal of aligning with U.S. trade policies and increasing local production as the U.S. shifts toward greater protectionism.

Japanese firms, including major automakers like Nissan and Honda, are bracing for the potential impacts of U.S. tariffs, particularly those targeting Mexico, a key low-cost production hub for the American market. Heavy machinery company Komatsu has also voiced concerns about the potential trade disruptions between the U.S. and Canada.