On Wednesday, Nvidia Corporation NVDA CEO Jensen Huang dismissed reports that the company is involved in any negotiations to take over Intel Corp’s INTC foundry operations.
What Happened: “I don’t know where that came from but nobody’s invited us to a consortium,” Huang said during a press briefing at Nvidia's GTC conference, reported Nikkei Asia. “I’m not trying to say it’s not news, but nobody invited me.”
Earlier this month, it was reported that Taiwan Semiconductor Mfg. Co. Ltd. TSM had approached Nvidia and other major U.S. semiconductor firms to support a plan to manage Intel's foundry division.
See Also: Jensen Huang Loses $20B In Wealth: How DeepSeek Hit Nvidia Stock And World’s Richest People
The reports also suggested that TSMC approached Qualcomm Inc. QCOM.
Although Huang denied involvement in the alleged talks, he highlighted Nvidia's growing need for onshore manufacturing in the U.S., particularly amid ongoing tariff uncertainty.
“In the near term, based on what we know, we’re not expecting a significant impact [from Trump tariffs] on our outlook,” he stated, adding, “Long term, we want to retain the [supply chain] agility, but add a very significant part of our agility which is onshore.”
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Why It's Important: Intel’s stock has dropped more than 42.64% in the past 12 months, with the company posting a net loss of $18.8 billion in 2024. According to a company filing, as of Dec. 31, its foundry division’s assets were valued at $108 billion.
Meanwhile, Nvidia has seen a significant drop in its market capitalization, losing $420 billion since the launch of its DeepSeek initiative in January 2025.
This decline was exacerbated by a lackluster response to announcements made at the recent GTC AI Conference despite unveiling new AI and robotics tools, including the DGX SuperPOD powered by Blackwell Ultra GPUs.
Despite these setbacks, Nvidia continues to lead in AI technology, with a roadmap extending to 2028. According to JPMorgan analyst Harlan Sur, Nvidia remains “1-2 steps ahead” in AI acceleration
Price Action: Nvidia’s stock rose 1.81% on Wednesday, closing at $117.52. In after-hours trading, it climbed another 1.08% to reach $118.79. So far this year, the company’s shares have declined by 15.03%, according to Benzinga Pro.
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