00:00Ed, let's start with Intel. What are its plans with Apple?
00:03Yeah, I mean, all we have to go on is verbatim what the president said, which is Apple has agreed
00:08to work with Intel to design and build its chips in America.
00:11What the word agreed means in practice, you know, we don't know.
00:14The market is clearly interpreting it as a win for Intel's foundry business, the business of being a contract manufacturer
00:21of chips for third parties.
00:23The idea isn't new. In May, Bloomberg reported that Apple basically was worried about its ability to manufacture semiconductors without
00:32relying solely on TSMC and that they had held preliminary talks, not just with Intel, but with Samsung as well.
00:40But at that stage, the key point of the story was that no orders had been placed.
00:45And that's been the story for Intel, right? There's been a lot of hope under multiple CEOs for the foundry
00:50business.
00:51The idea of customers that no deal's ever signed. So, you know, whether this moves forward, it remains unclear.
00:57But that is the bigger picture. Intel's foundry business needs a win.
01:01The president framed this in the context of American chip manufacturing coming back.
01:05And Apple has already been looking at this. It's just nothing concrete.
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