Intel's current 18A manufacturing technology remains uncompetitive versus TSMC's equivalent process, limiting its ability to win customers despite management confidence.

"One industry source says Intel's current 18A technology, while improving, is not yet equal to TSMC's. 'Tan talks about the fact that [Intel's 18A] is ramping ... What he doesn't talk about is how competitive it is in terms of performance and power area versus its equivalent TSMC namesake,' the source adds."