Intel Corporation (INTC)

The next recession is going to be brutal. No more QE to soften the blow. The fittest will survive.
I would not be surprised if Intel has to cut prices significantly and curb spending and cut its workforce. It might have to curtail investment as well, particularly if the Chips act is delayed much more.
All companies are up against it.
Pat Gelsinger needs to focus on the parts of the business that generate cash and ensure that they continue to do so, and cut back on investment plans until we are through this crisis. Any investment should be focused on getting the euv processors to market on schedule, and getting sapphire rapids out.
Preserve mode.

Good Seeking Alpha article on TSMC vs INTC

Investor Takeaway
"I currently believe TSMC’s process leadership is falling apart more significantly than anyone (including myself) had previously expected.

First, actual measurements confirm that N5 is at least 20% (~1.25x) less dense than what had previously been reported in technical publications. Secondly, due to the laws of compounding this means that N3 is also less dense than what had previously been expected. This in turn means that Intel 3 might nearly match N3. Thirdly, whereas Intel will follow up on Intel 3 with 20A and 18A within respectively 6 and 12 months, TSMC has put N2 on a long 36 month cadence. In addition, TSMC’s latest disclosures indicate that logic transistor density will increase by less than 30%.

In that sense, Intel catching up will be similar to how TSMC gained its process leadership in the first place: simply by (nearly) following Moore's Law while others are having issues that are slowing them down considerably.

This ultimately implies that TSMC will lose its density leadership incredibly fast and by an incredible amount. Intel will nearly catch up to N3 in early 2024 with Intel 3, achieve a nearly 2x leadership within the next year with 20A/18A, and then further increase its leadership to up to 3x by the end of 2026"

Here's why the CHIPS Act hasn't been passed yet. According to a report today the Dems have attached completely unrelated Build Back Broke agenda to the China Competition bill that includes CHIPS. Dems could not get their BBB agenda passed on its own merit so they are attaching their agenda to the separate China Competition bill which has bi-partisan support. Items Dems want to include are massive tax increases on corporations and individual taxpayers and more "green" energy and climate justice spending. The energy programs definitely do not include producing more domestic energy or lowering the cost of gasoline.

The Republican Senate Minority leader objects to the Dems hijacking of CHIPS and said there will be no deal as long as Dems continue to burden the bi-partisan China Competition bill and CHIPS Act with failed partisan Democrat programs.

So that's where it stands but it's not suprising for a party that has done everything it could to destroy the American economy in under two years.

The CHIPS Act was rightfully designed to help domestic semiconductor manufacturers accelerate expansion plans to restore the U.S. from 15% to roughly 50% of the world's capacity. Apparently lobbyists for foreign companies convinced Congress to use taxpayer money to fund TSMC and Taiwan's GlobalWafers and they're refusing to build unless they get CHIPS money. TSMC is now demanding that U.S. taxpayers cover the difference in operating costs between Taiwan and the U.S. This is amusing because if Asia goes kinetic TSMC & GlobalWafers will be companies without a country.

It is outrageous to ask U.S. taxpayers to subsidize foreign companies with no allegiance to America. I wouldn't vote for that either. American companies created the semiconductor industry and they can certainly restore U.S. leadership provided the government rewards the right people.