$Intel(INTC)$ $Micron Technology(MU)$ To those who are technology minded, 18A is part of the puzzle to being the one and only US supplier of cutting edge chips for AI and other workloads. The other and perhaps even more complicated part of the puzzle is 3D assembly of chiplets on various substrates from cheap-and-cheerful to extraordinarily complex for binding together chiplets with high bandwidth communications both laterally and perpendicular to the carrier. One major benefit is far higher chip yield for smaller dies that thereby have higher yield and therefore lower cost or higher complexity. Intel has mastered both size and how to put together chiplets. All it needs is a board of directors that have a clue, or ideally a new CEO who can subdue them. Left to itself we are looking at a return to a base of $6 annual income in 2026 which is a bare minimum at 20PE of $120. This is just the bare bones but with home team advantage who knows what premium the stock will have? And different to say Micron, this is complex tech with decades of know how and highly differentiated so cannot be copied but earned. Intel stands alone and I think quite soon very proud. imo. Oh, and of course chiplets allow for reuse so stock of say memory or logic or IO or special function can go on any chip so greatly simplifying and improving utilization, and indeed 2 year old IO stock is still valid on cutting edge product so not written off. This is the first time this has happened and something I have written about since the early 1990's.
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