According to Bernstein analyst Stacy Rasgon, the failure of the deal would be a setback for Intel and its foundry efforts. In a research note, Rasgon expressed his disappointment and stated that Intel’s foundry endeavors would become even more challenging without the partnership with Tower.
Although the deal was initially expected to close within 12 months, the target date was pushed to the first quarter of 2023 by October. Furthermore, Intel had warned of an additional three-month delay by March. These setbacks have cast doubts on the future of Intel’s foundry business.
Despite mixed messages from American officials, the trade relations between the US and China had been showing signs of improvement. US Treasury Secretary Janet Yellen, after her visit to Beijing in July, downplayed any suggestions of escalating conflicts between the two countries. She emphasized that President Biden sees the relationship with China in a different light, not through the lens of great power conflict. However, during a fundraising dinner with US business leaders, President Biden referred to Chinese President Xi Jinping as a “dictator” and acknowledged the economic difficulties faced by China.
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