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Intel's Foundry Billions, AMD's Bond Bet & Samsung HBM5 Pivot
Audio is available on Spreaker — see link below.
Intel's $20B equity raise, AMD's $4-5B bond sale, and Samsung's HBM5 fab pivot headline a capital-intensive week across the semiconductor and AI hardware landscape. Nvidia's SpaceX win and $500B infrastructure fund signal that institutional money is treating AI chips as a long-duration asset class.
Audio is available on Spreaker — see link below.
Intel just raised twenty billion dollars from equity markets to fund its foundry push. That's an upsized deal.
One analyst has Intel foundry reaching breakeven in the fourth quarter of twenty twenty-seven, with margin expansion following in twenty twenty-eight. That timeline assumes improving yields, deeper customer engagement, and no major program slips.
While Intel was tapping equity markets, AMD went to debt markets. A four-to-five billion dollar bond sale across four tranches, maturing between twenty twenty-nine and twenty thirty-six, priced at seventy to a hundred and fifteen basis points over Treasuries.
Samsung is pivoting one of its research and development lines, the NRD-K facility, to serve as a send-fab for two-nanometer HBM5 base dies. Production is targeted for the second half of twenty twenty-eight.
Nvidia's stock was trading at two hundred and twenty-five dollars and thirty-four cents, supported by data-center revenue running at plus ninety-two percent year over year. SpaceX has committed to a Rubin infrastructure build, which adds meaningful near-term revenue.
Nvidia is also anchoring a five-hundred-billion-dollar AI infrastructure financing vehicle with Goldman Sachs, Apollo, BlackRock, Blackstone, and KKR. Pension and insurer capital is being drawn in.
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