You hold shares in Qualcomm. If it could possibly go through regulators, would it be a good deal from your perspective? Well, you know, Carolina, I think if anything, the interests that Qualcomm might have in Intel would be strictly on the design side, on the chip designs for PCs. That's still a huge market. And just Intel and AMD are players there, and it's likely to remain the dominant form of technology for the PC CPU. So, I mean, I could see Qualcomm being interested, but I would think that the regulators would have a hard time because, as Ian just pointed out, it would suggest that Qualcomm would be ready to throw away its approach to PC chips, that it's ARM-based, and that would definitely reduce competition. But on the other hand, for Intel, if something like Qualcomm were to buy the design side, it would give Intel a huge infusion of capital, which it desperately needs to shore up the

manufacturing side to give Intel the time it needs to fix the manufacturing process. And potentially, and this is a stretch, I think, for Intel to get into the foundry business, which it ultimately would like to do to diversify on that fab business. That's where the relationship already lies with Apollo and that they've gone in with a deal in Ireland. What do you think about a capital infusion? What sort of form you'd like that to take if we did get one from Apollo into Intel? Yeah. I mean, $5 billion would help. It's just going to take patience of investors, though, because $5 billion, when you look at the cost of a new fab, is really almost a drop in the bucket. So Intel does need a lot more capital to give it the time it needs to fix the manufacturing recipe, which has really suffered over the last five years. And then to be able to build the kind of libraries it would need to become a

foundry player like TSMC. And we know Intel has tried in the past and failed under previous leadership. Now Pat Gelsinger has more experience and, you know, I think is the right person to try to make this happen. But 5 billion will help. But it really is going to take patient investors, a potentially more infusion of capital to get that job done. As he pointed out, Joanne Apollo has an existing relationship with Intel, and when we spoke to them earlier in the summer, they did hint that there could be an expansion of that. Listen to this clip from June. These types of blue-chip, large-cap companies, they're not talking about 100 million or 500 million. They're talking 2 billion, 5 billion, 10 billion plus. And so the ability to really come up with those creative solutions in scale is really, really critical. But I think you're going to see more and more of this come from Apollo.

Absolutely more from Apollo. But in general, just the need for this type of capital is insatiable. So based on that from Apollo co-president Scott Kleinman, not such a surprise that this has come up. On the other hand, this is a firm that started as a distressed investor in the nineties. When you see a name like Apollo circling Intel, given the news headlines of late. What does that make you think about? Well, you know, you think about the difficult situation Intel is in and something like Apollo coming in to help reminds me of how AMD's manufacturing side was ultimately rescued through investments by Abu Dhabi and Silver Lake. And that allowed AMD to spin off manufacturing and really be able to focus its attentions on the design side, which ultimately led to its current successes. So, you know, we could see more private capital coming into Intel, and that would really help. There's a huge potential there,

obviously, but they have some work to do to fix that manufacturing recipe. So I think it's a positive sign for the ultimate recovery of Intel that we're seeing this kind of investment being potentially made by Apollo. And I suspect it wouldn't surprise me if others came in as well. Joanne, at a dinner the other night with another semiconductor CEO. It was not Intel. This person said that Intel is too big to fail in the context of its footprint in the United States. Is that sort of territory we're talking about right now? You know, that's an interesting take, and I think that's a fair way to look at it. Clearly, the US government is interested in making sure that we have manufacturing capabilities for the most advanced chips in this country for obvious reasons, the vulnerability to the political upheaval. You know, that might be possible down the line. So I think that that's a fair view of

things. And so that's why I think Intel has a better chance of recovering than if we weren't in this kind of a world where geopolitical risks were becoming more prominent. And of course, this is why it's American names that I an American company giants such as Intel. Meanwhile, we think about who else can potentially have skin in the game. There was a report that Broadcom will not be following Qualcomm in terms of eyeing a bid. What of other companies that you think could look at parts of Intel? Yeah. You know, Caroline, I think when you look at a company like Broadcom, they've been really careful about the sorts of acquisitions they make. Are companies that already have a leadership position that are succeeding, that perhaps needs need, some fine-tuning where they can extract, you know, remove costs and make them even more profitable. So I can see why Broadcom would not be interested in this kind of a situation. You know, other companies, I think you

just have to think about the regulatory challenges. Yes, it has to be an American company. I think Qualcomm is probably the most likely suitor. But again, I think just for the design side, I think the manufacturing side would probably in this kind of a situation, be spun off. And that cash infusion from Qualcomm could really help lead to more success down the line for Intel.

Intel Gets Apollo Offer as Qualcomm Circles

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Intel Gets Apollo Offer as Qualcomm Circles

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