<div id="readability-page-1"><div>Intel has begun large-scale production at its new $32bn, 700-acre chip factory in Chandler, Arizona, betting heavily on its “18A” process to regain leadership in advanced manufacturing and challenge Taiwan’s TSMC, the FT detailed in a new writeup.“It is the most advanced semiconductor technology in production today on planet earth,” said Kevin O’Buckley, Intel’s foundry chief, though he admitted the company still needs to “deliver trust for our customers.”Financial Timeswrites that retrospective clients such as Apple, Nvidia and Qualcomm will test Intel’s chips in the next 6–8 months before deciding whether to commit. Analyst Ben Bajarin warned, “There comes a point in time where they have to make a call on whether they can do it or not.”<img height="643" width="500" src="https://imageproxy.pbkrs.com/https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/Screenshot%202025-10-10%20at%2010.17.11%E2%80%AFAM.jpg/query-aXRvaz1TdGlFaU5lTA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" original-src="https://imageproxy.pbkrs.com/https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/Screenshot%202025-10-10%20at%2010.17.11%E2%80%AFAM.jpg/query-aXRvaz1TdGlFaU5lTA"/>If the 18A process fails to impress, Intel’s multibillion-dollar gamble on US-based chipmaking could collapse.The stakes are enormous. Building the Arizona site will consume more than half of Intel’s 2024 revenue, while its foundry division has been losing over $10bn a year. Morgan Stanley analysts note it is “hard to attribute much value to a foundry business losing over $10bn per year” while burdened with $20bn in net debt.The US government has intervened, converting planned subsidies into equity and taking a 10% stake in Intel. That move, followed by investments from Nvidia and SoftBank, lifted Intel’s shares more than 50% in a month. “Intel went from too big to save, to too big to fail,” said Dan Hutcheson of TechInsights. Trump’s pressure on Big Tech to support domestic manufacturing could also push customers toward Intel.<img height="299" width="500" src="https://imageproxy.pbkrs.com/https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/Screenshot%202025-10-10%20at%2010.17.19%E2%80%AFAM.jpg/query-aXRvaz1TR2g2Mi1aNA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" original-src="https://imageproxy.pbkrs.com/https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/Screenshot%202025-10-10%20at%2010.17.19%E2%80%AFAM.jpg/query-aXRvaz1TR2g2Mi1aNA"/>Intel’s new fabs, Fab 52 and the unfinished Fab 62, symbolize both ambition and risk. Fab 52 required twice as much concrete as the Burj Khalifa, and now houses EUV lithography machines from ASML, each costing hundreds of millions.Engineers say early “yield” issues have been fixed, and Intel will soon roll out two new chips—Panther Lake for PCs and Clearwater Forest for servers.The company must now prove 18A works at scale to secure pre-orders for its 14A process, targeted for 2028. Without customers, Intel has warned it will abandon the technology. “If the chips are good, that’s a positive signal to start taking Intel foundry much more seriously,” said Bajarin.</div>Loading recommendations...</div>

英特爾

英特爾已在其 320 億美元的亞利桑那州芯片工廠啓動大規模生產，專注於其新的 “18A” 工藝，以重新獲得市場領導地位。這項技術的成功至關重要，因為它可能決定公司的未來。蘋果和英偉達等主要客户將在未來幾個月測試這些芯片。英特爾的代工部門每年虧損超過 100 億美元，且負債累累，因此其賭注相當高。近期的政府和私人投資提升了其股票，但公司必須證明其技術的可行性，以確保未來的訂單

"The Stakes Are Enormous": Intel's Bet On Its New "18A" Process Could Make Or Break The Company

- 英特爾在亞利桑那州新建的芯片工廠已開始大規模生產。  
- 該公司押注於 “18A” 工藝以重奪先進製造領導地位。  
- 客户如蘋果和英偉達將在 6-8 個月內測試其芯片。  

“賭注巨大”：英特爾對其新 “18A” 工藝的押注可能會決定公司的成敗