If you had to choose between Intel and AMD for investment, which one would you pick?

The topic of Intel wanting to manufacture for AMD is quite interesting. Here's my take:

Background:

• Intel has its own foundry business (Intel Foundry Services, IFS), aiming to expand its wafer fabs from solely serving its own CPUs to becoming an external foundry like TSMC.
• AMD's current CPU/GPU chips are mostly manufactured by TSMC, especially advanced nodes (7nm, 5nm, 4nm).

Intel's Motivation:

• Capacity Utilization: Its own CPU market share is declining, and the foundry business needs customers.
• Strategic Significance: If it can secure AMD orders, it proves IFS can truly compete with TSMC.
• U.S. Domestic Manufacturing Advantage: Especially under geopolitics and U.S. government subsidies (CHIPS Act), AMD might partially shift orders to Intel for supply chain security.

AMD's Considerations:

• Pros:
  • Reduce reliance on TSMC for a more robust supply chain.
  • Potentially gain better domestic subsidies and government support.
• Concerns:
  • Intel is both a foundry and its biggest competitor, creating "conflict of interest" and IP risks.
  • TSMC still leads in yield and stability for advanced nodes; AMD won’t easily hand over its flagship products.

Realistic Possibility:

• Short-term, AMD is unlikely to outsource core CPU/GPU to Intel—too risky.
• But AMD might outsource non-core chips (e.g., chipsets, I/O dies, or legacy-node auxiliary chips) to Intel as a trial.
• This would satisfy the U.S. government (supply chain diversification) and pressure TSMC for better terms.

My Conclusion:
       If this materializes, it’d be a "political over commercial" move. AMD won’t outsource core CPUs but might delegate some edge chips to help Intel’s foundry business stabilize. Long-term, Intel’s goal of turning IFS into "America’s TSMC" with AMD as a client is more symbolic than substantive in order volume.

       If choosing between Intel and AMD now, I lean toward Intel short-term—cheap valuation, policy subsidies, and potential stock rebound if it secures AMD trial orders. Thoughts?

$Intel(INTC.US)