While technology coverage is not my bag (baby), I do cover Intel relative to its 9000-lb gorilla status in our little town and as the company that put the Silicon Forest on the map. And as many say, “So Goes Intel, So Goes Hillsboro.” So that is why I know about the company, its growth in the past, and its fight for survival now. Not to mention the hundreds of Intel families and executives I have come to consult in my real estate practice here in Washington County.
It is time to pay attention to all the headlines about the company’s continued trouble. Rumors of a takeover, merger, reinvention, or dismantling have been on every street corner. This past week, JD Vance emphasized that to protect U.S. technological leadership, the Trump administration will “ensure that the most powerful AI systems are built in the U.S. with American-designed and manufactured chips.” This comment—made at an AI summit—has been interpreted by many analysts as a strong signal that maintaining domestic chip production is a national priority. Consequently, it fueled speculation that any potential merger or takeover of Intel should preserve or enhance its U.S.-based manufacturing capabilities rather than cede control to foreign entities.
There are rumors that Intel and TSMC might team up to produce chips, and this news has stirred strong reactions from experts, industry insiders, politicians—and, naturally, Intel employees, too. For example, one Intel engineer, Joseph Bonetti, posted on LinkedIn (though he later deleted his post) that Intel is about to reclaim its leadership in chip-making and win over more customers. He warned that giving TSMC control over Intel’s manufacturing would be a big mistake.
Bonetti urged Intel’s leaders, board, and even the Trump administration not to hand over control of Intel’s chip factories to TSMC. He argued that despite some reports saying Intel is falling behind, the company is actually making major progress. Intels current chip-making process, called Intel 3, is already used for making data center chips, and its next process, Intel 18A is almost finished and will soon be used for making PC processors. In contrast, TSMC’s similar process, known as N2, won’t start mass production until late 2025.
“Intel Leaders, Intel Board, Trump Administration, please don’t sell out and/or give control of Intel Foundry to TSMC, just as Intel is taking a technical lead and getting out of first gear. This would be a horrible, demoralizing mistake.” Joseph Bonetti on Linked-In.
Intel is also leading in another area by using advanced machines from ASML—a toolset with which only Intel has experience. Although Intel’s manufacturing division isn’t making a profit yet due to heavy investments in new factories and equipment, early orders from big companies like Microsoft and Amazon show promise. Bonetti believes that if Intel were to give control to TSMC, it would weaken Intel’s competitive edge and hurt U.S. leadership in the semiconductor industry.
Intel Receives ASML’s First High NA EUV System Indicating More Growth To Come
A Post To Rally The Troops ….That Disappeared
Oddly, Bonetti’s brave LinkedIn post defending the value of his beloved company disappeared within a few hours. Why? When the Herald researched the Principal Engineering Program Manager at Intel Corporation’s LinkedIn profile page, we got a 404 error saying his account did not exist. Luckily for all of you interested in this story and what happened, you can read his post in full (while it is still up) right here: https://archive.ph/CAT5p
Several commentators poured in on the post and supported Bonetti. The sentiment seems to be that company insiders and engineers who understand the landscape see their years of work about ready for fruit, and they also see the sharks circling, poised to bite it right from their hands.
“This is a pivotal moment for Intel, and allowing TSMC to take control would not only undermine Intel’s growth potential but also damage the broader U.S. leadership in semiconductor manufacturing. We should support Intel as it works to demonstrate its capabilities and continue pushing the envelope for innovation. Selling off now would be a huge mistake and would send the wrong message at a time when Intel is finally regaining its footing.” IntelJungle see https://archive.ph/CAT5p
As I watch all this play out, I am reminded of the classic 1980s movie Wall Street. Gordon Gecko defined the 1980s as a cutthroat business environment where buying corporations and selling them in pieces was the technique for achieving the goal of greed. Greed Is Good—the Mantra for the Decade. And now, can we honestly say that this is not exactly the environment we are in?
Today Intel’s Value:
As of February 20, 2025, Intel Corporation’s market capitalization is approximately $111.37 billion. Companies Market Cap This valuation reflects a significant decline over the past year, with the company’s market cap decreasing by about 39.25%.
Today TSMC’s Value:
Based on current estimates, TSMC’s market capitalization is roughly $900 billion. This valuation makes TSMC one of the world’s most valuable semiconductor companies, reflecting its dominant position in advanced chip manufacturing.
So, I have to wonder if Bonetti is correct and if Intel is finally at the point where the company can harvest the fruit and see a significant return to the top. Many analysts believe that an Intel market evaluation of 1 trillion dollars would not be impossible if all of the tumblers had clicked into place. Would a Vance/Trump forced marriage between the two companies steal away the fire that the high-ranking Intel Engineer believes the company has once again achieved?
In this post, a stock analyst suggests that Intel could be bought, broken into parts, and sold for $237 billion, or just over $54 per share. With the Stock hovering at $24 a share right now, not that sort of gain would be something Mr. Gecko would be proud of.
https://www.ainvest.com/news/analyst-intel-spinoff-worth-237-billion-2502/
Intel is a massive company with hundreds of billions in equipment, fabs, and technology- not to mention the patents, the people, and the propriety aspects of their technology. Trump is also ratcheting tariff threats aimed at Taiwan and Taiwan Semiconductor. Read the latest https://apnews.com/article/taiwan-president-tariffs-semiconductors-trump-616f3fbdb20b017c2d19bd1c18a570f1.
Is Trump behind another “Deal” that will take Intel’s future away from it? Is that why Bonetti went public with his plea to all who would read it? To make a plea for Intel to complete their work and remain intact?
The bigger question is, why would he risk his career to do that- to out himself and the company in that very Jerry McGuire-like post only to take it down? Seeing his post go down and his profile with almost 1,500 followers disappear from LinkedIn makes one wonder.
Did Joseph Bonetti threaten a deal that was about to be done, was he forced to remove it, or did he get scared and run?
I am betting on the man, and as a community member in Hillsboro, I will take his post to be accurate and not just a sales pitch. I might even buy some shares for the first time in 30 years. I hold none now, but I used to, so maybe it’s time.
Joseph, wherever you are, I hope you are alright. I am at 503-799-8383 if you ever want to talk or need a place to hide. You are my kind of guy, and your bravery in coming out for what you believe in and for Intel is to be admired.
TSMC is very close to opening its first US Fab as I complete this story tonight….
The info the engineer published is publicly known and there are articles in newspapers that cover semiconductors such as eetimes. What he wrote, as per your article, is assumed to be accurate according to other sources and Intel. Of course, Intel still needs to meet these expectations with no hiccups in the projections
I think the issue being played out is short-term profits/stock price versus a strategically strong and innovative Intel. Intel has some of the best people in the world working for them, and not just the engineers and R&D staff, but people on the fab floor, support, etc.. Will Intel be picked apart, as we so often see done, and pieces sold off for short-term profits or will Intel be allowed to re-energize itself and arise again — as it has in the past?