Intel Corp (INTC)

[fastpathguru]

I'll take a shot: Revenue starved GloFo --> Less money to invest in new processes going forward --> Delayed/poorer-performing AMD CPUs made by GloFo --> Better margins and marketshare for Intel CPUs.

Two things: Abu Dhabi's deep pockets, and AMD's newfound manufacturing flexibility.

The 1st is self-explanatory; As for the 2nd, as of the settlement, GF/Dresden can concentrate on higher margin large die (boutique) parts, because AMD can now fully utilize GF/Chartered. (Whereas pre-settlement, they were limited to 20% production there.)

Moving forward, AMD can leverage this further with designs that are geared towards packaging more mm/sq into higher margin parts, i.e. MCMs, Fusion, etc. that could never have been contemplated before given the requirement to allocate limited capacity between boutique and mainstream parts.

fpg