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On September 16th, Fitch Ratings highlighted that the U.S. government's recent equity stake in Intel Corporation represents a significant intensification of its industrial policy. This move has the potential to trigger extensive efficiency disruptions across the global semiconductor industry. Nevertheless, Fitch also noted that these types of interventions are probably not going to adversely affect the overall credit conditions of chip manufacturers.
Fitch further explained that should the transaction receive legal approval, it could lead to distortions in capital investments directed towards wafer foundries in the United States. This would involve major players such as Intel and TSMC. Moreover, it might encourage fabless chip designers (companies that design chips but outsource their manufacturing) to set up redundant supply chains as a precautionary measure.
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