Intel withholds Ohio fab ceremony over US chip subsidies inaction Intel has found a new way to voice its displeasure over Congress' inability to pass $52 billion in subsidies to expand US semiconductor manufacturing: withholding a planned groundbreaking ceremony for its $20 billion fab mega-site in Ohio that stands to benefit from the federal funding. The Wall Street Journal reported that …
Intel: It'd be a shame if some of that sweet taxpayer money didn't make it into our hands - we might just have to slow down or curtail our buildout.
These American owned Corporations have no loyalty to our Country which has enabled them and their executives to become rich beyond their wildest dreams due to the freedoms of our Country enabling them to grow and prosper. It's all about the greed. At the end of the day, it wasn't China that "stole" jobs from America - it was the American Corporations who shipped those jobs overseas just so they could make a bigger profit. Anything made overseas by an American company and imported back to the US should be hit with tariffs to curtail this behavior of chasing cheap labor they can exploit.
We certainly don't have to concern ourselves with you learning about Adam Smith. Sounds more like the Elizabeth Warren school of punishing socialism.
Loyalty? Intel has had $80 Billion in buybacks. Losing all of it. The losing streak has been ongoing for years primarily because Intel lost the handheld market in Asia.
You have 20 upvotes for that Marxist trash. What is this weird Idea you promote sicking the dogs on company founders for making money? It might interest you to know that there are more billionaires and millionaires in China than the US and Britain and Australia Combined.
Asian economies are booming. Even China which had lockdowns just turned in great economic numbers and growth of 6%. Where are their sales? Since TARIFFS, the US trade deficit has nearly tripled. So much for Trump's unschooled economics and Marxist protectionism and Joe Biden's UNION protectionism. Protectionism makes you smaller.
Look at the Steel industry. The US makes commodity steel and the quality is marginal. It is made chiefly from scrap. The US doesn't have a single blast furnace, makes only cold and hot rolled steel and some rebard. The US makes no structural steel. The US only imports 2% of its imported steel from China. Yet all you hear is the protectionist screaming that China is dumping steel on the US. That is stunning and ignorant. China make 1000 mmt of steel a year. They are the largest producers. The hottest furnaces on earth. The US exports NO STEEL. ZERO. Your closed system produces sheet at 400% higher prices than Chinese Steel. Your quality is lower and your market choices are less. How is that winning in the marketplace?
Your post should have flown the white flag saying we surrender and can no longer compete instead of all the gobblygook about companies being loyal to the US and I assume you mean IRS, OSHA, the FTC, EPA and others. You also have the greatest employee theft against business, the most employee violence against businesses, the most employee theft, the most workers comp claims, the most tort litigation everything from injuries to meeToo.
Sing your song but conveniently leave out the reality.
Blame the GQP. The money for this was approved by both houses yet the Dark MAGA crew just want to deny everything to the people that voted them into power in the first place.
Moscow Mitch is the architect of this accompanied by his lapdog McCarthy. All they want to do is say NO NO NO NO NO and NO to everything.
Unless there is money in it for their district. M'Lord, I give you Lauren Boebert. Voted no to the Infrastructure bill but now wants over $30M from it for a bridge in her district. Hypocrite's the lot of them.
If you can vote in November, vote the MAGA/Amerika First KKK supporters out of office.
"Fuck 'em", yes, with electron microscope fine tax audits of every single C-level exec for the past ten years & the next fourty to come. Just to make sure that none of those bribes, errr "grants", find their way into personal accounts instead of to fund the projects as intended.
Intel just got a net income of $8,113,000,000 in Q1 2022, it desperately needs taxpayers 'money to survive in these harsh conditions.
This just in : 4th quarter revenue is $20 billion.
Pat, if you want to move forward rapidly, I think you have the money to do it.
I am tired of repeatedly seeing that it is the richest companies that profit the most from subsidies.
I'm not bashing the principle of subsidies, I'm sure it's a good thing, but dammit, why do Apple, Microsoft, IBM, Intel & Co get the lion's share when they're already stuffed with cash ?
Something's wrong here.
I simply don't understand this.
Intel are making billions ($43Bn last year and over $40Bn for some time). Why the hell does it need subsidies to entice these corporations to make their core product when they are generating that much profit?
The answer I suppose is partially that the reason they make that much profit is because of the subsidies, they get the plants to build their core products for free (or cheap).
This just shows who broken the system is. The only people losing are the end users of the products:
We have to pay inflated prices.
We have to pay the taxes to cover the subsidies.
Intel: So how are the subsidies coming along... Kinda be a shame if this here factory had an unfortunate accident, and was kinda late.
Goverment: Oh look what I found here. A bit of paper I found that says "All Goverment agencies, including the military, will be banned from using important computer components not made in the USA from 2025.... Would be a shame if this vague document became law."
Intel has blown abut 80 billion in buybacks. Here their Carnival Barker born-again CEO is after some Hot Gov money even after already failing miserably at 10 nm scale. There is a reason FAB is in Asia and not the US. It is a terribly manpower-intensive manufacturing process not suitable for the Kavaja drinking unfocused Western employee. This guy from Intel has zero experience in semiconductors. His background is in software.
Granted the Gov has helped destroy Intel. Obama blocked an INTEL CPU sale to China for a supercomputer. Rahh rahh rahhh. Fifteen months later China had their own fast RISC chip and laid claim to the ever-changing World's fastest Supercomputer.
Intel misses the handheld market. Why? No Asian firms wanted to have the Gov blocking chips for their products. So simple. So Intel was out in the cold. Failed at 5G. The list of failures is endless. This is not the Intel of Noyce, Moore, and Grove. It is a carnival barker trying to ridge the Gov Gravytrain of picking winners.
I will repeat over and over again, protectionism against China doesn't work. They are the largest BUYER of semiconductors. IF you don't sell to China, your chip dies on the shelf. Taiwan's largest customer is Mainland China. The US.
So let's buy into the Biden plan to give 56 Billion to Semiconductor companies. Let's say Intel builds three Fab plants, and Samsung build one in Arizona where there is no water and even TSMC builds one. Who is going to take there chips to Intel for Fab? Or Samsung? TSMC is the only pure FAB company. The rest are competitors. Are you going to share your designs with Intel and Samsung? Oh sure...
And what happens to Taiwan when TSMC in Taiwan is no longer important to the US? Taiwan gets dumped faster than you can say Afgoonistan.
The great thing about semiconductors before Trump and Biden came along is that it was a global division of labor. ARM did not get to be ARM by staying inside the UK. They went to Asia. They competed. But the moment ARM started getting blocked by the US to China, then up came RISK-V. Did blocking Huawei from ARM stop 5G and the future of 6G? NO. Huawei is building networks all over Asia.
Blocking nonsense makes Companies paranoid. Why do you think Samsung made their own Exynos phone chips and reduced Qualcomm Snapdragon? The US can block Qualcomm any time they don't like you. Every Asian phone maker now has a plan B chip. But Huawei is also changing 5G networks to be linked to more supercomputers to reduce the computational load on phones. So Asians will not need the fastest phones when they link into the most powerful networks.
Every time I post out here I get a raft of downvotes from protectionists. If you think the Nancy Kerrigan kneecapping strategy will win Olympic gold, you are sadly mistaken. As for China, the are relentless. They are already building world class ion implanters. The CEO of ASML say that by 2030 China will be self-sufficient and won't need ASML machines or anything else from Europe.
Yet every other story we have the Boris and company blocking the sale of some marginal British tech company because suddenly it is a national security issue. How is it a national security issue? A Chinese Firm owns Smithfield in the US and one of the amazing things is throughout COVID Smithfield has managed to keep its supply chain running in spite of shortages of feed and other issue. Maybe Chinese run businesses better. Employes aren't complaining.
The US and British Gov keep trying to pick winners... can you find a single winner among their endless failures? How bout Amtrak? Exactly.
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