BUZZ-Intel rises after VP Vance backs US AI systems; Baird notes possible TSMC JV

Updates

Shares of Intel INTC.O extend gains on Wednesday, after a 6.1% rise in previous session; last up 6% at $22.22

U.S. Vice President JD Vance said at the AI summit in Paris on Tuesday that President Donald Trump's administration would ensure that the most powerful artificial intelligence systems would be built in the U.S.

"This administration will ensure that American AI technology continues to be the gold standard worldwide, and we are the partner of choice for other foreign countries and certainly businesses as they expand their own use of AI" - Vance

Separately, Baird analysts say TSMC 2330.TW would possibly send engineers to Intel's 3nm/2nm chip fabrication facility

This is to ensure that fab and subsequent manufacturing projects from Intel become viable, Baird says

The fab could be spun off into a new entity jointly owned by TSMC — the world's largest contract chip manufacturer — and Intel, and run by TSMC; entity would receive U.S. Chips Act funding, says Baird

U.S.-listed shares of Taiwan's TSMC down 1.2% at $206.21

Intel shares had fallen 60.1% in 2024