Citi says Elon Musk was reportedly mentioned as a potential buyer of Intel (INTC) behind the paywall of SemiAccurate, the website that broke the news this morning of takeover interest in the chipmaker. Citi would view this as a “poor outcome” for Intel unless it was able to hire a CEO who would exit the merchant foundry business and have the three qualifications of advanced manufacturing experience, technical acumen, and Intel experience, the analyst tells investors in a research note. The firm keeps a Neutral rating on Intel with a $22 price target The stock in afternoon trading is up 9% to $21.40.
If you look at the Intel buyout saga, we see potential customers like Qualcomm, ARM, and even AMD pop up, but the newest rumor looks to be more solid than ever, as with the Trump administration coming in, there's more hope for Intel. Dylan from SemiAnalysis claims that there are some kinds of talks going around that involve Elon Musk, the semiconductor firm Global Foundries, and the chipmaker Qualcomm, saying that all of these parties are at Mar-a-Lago potentially discussing Intel's takeover along with several other aspects.
Elon getting involved in the party is undoubtedly huge for Intel as a business, given how big of an influence he would have on the takeover. While there's uncertainty around how big of a role Elon will play in this deal, it's likely that he might put his financial resources to good use, transforming Intel into something completely different and maybe revolutionary. While this rumor should be taken with a grain of salt for now, it shouldn't be ruled out entirely, given that Musk tends to surprise us several times.
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