It is obvious that although the challenge continues, Intel's next-generation 18A process is finally ready, and Northland analyst Gus Richard, believes that "Intel is the only option that can replace NTD" and reiterates the "better than the big plate" rating and target price of 28 yuan.
Richard pointed out in the report that there are still doubts about whether Intel can turn the data, but he believes that the company has a large number of technical and operating rods to promote the reform plan. "Next year, Intel will be able to drive and drive with NTD, have similar process technology, and become the leader of advanced packaging with NTD."
It is worth mentioning that Intel is currently building a large-scale factory in Fab 52 and Fab 62, Arizona; NTD is also building a dedicated crystal factory in Phoenix City.
Richard further predicts that due to Intel's leading advantages in advanced packaging, it may be transformed into a SiP (system-level packaging) foundry in the future.
Richard also pointed out in the report that if the final ceasefire between Iran and Israel in the Central East ended up with a ceasefire, it could provide China with the opportunity to eventually engulf Taiwan by blocking it, which would further enhance Intel's strategic value.
The Intel 18A process is now close to commercialization. The company announced in the recent 2025 VLSI Technology and Circuit Seminar that this new process will be used for future Panther Lake CPUs and Clearwater Forest E-Core-only Xeon servers, and compared to the current Intel 3 process, providing a higher density expansion of 30%, a higher frequency increase of 25%, and a reduced power consumption of 36%.
In addition, Intel Products Group Executive Director Michelle Johnston also revealed in the recent BofA Global Technology Conference 2025 that the company will terminate research and development projects for any products that do not bring at least 50% profit.
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