After Intel (INTC) agreed to buy Altera (ALTR), Pacific Crest says that the deal is negative for TSMC (TSM) since Altera (ALTR), currently a top ten customer for TSMC, is likely to use Intel's 10 nm foundry going forward. The firm sees the deal as a modest negative for TSMC. The firm thinks the deal could lead to a more challenging competitive environment for NVIDIA's (NVDA) Tesla product line, with Intel helping Altera obtain more design wins at data centers.

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Argus raised the firm's price target on TSMC to $160 from $130 and keeps a Buy rating on the shares. The analyst cites the company's Q1 earnings and revenue beat, stating that while the stock sold off on cautious company guidance for industry demand growth in 2024, the firm still expects solid company growth as inflation recedes and electronic device demand picks up. Throughout a down 2023, demand for the company's 5nm products remained strong, and TSMC has successfully ramped 3 nm node products, the firm added.

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The U.S. Department of Defense has awarded Intel Foundry Phase Three of its Rapid Assured Microelectronics Prototypes - Commercial, or RAMP-C, program, the company announced. "The award was announced through the National Security Technology Accelerator's consortium-based Strategic and Spectrum Missions Advanced Resilient Trusted Systems Other Transaction Authority program. The third phase of RAMP-C advances the tape-out and testing of early defense industrial base product prototypes, signifying a critical milestone for the program that highlights the readiness of Intel 18A process technology, intellectual property and ecosystem solutions for high-volume manufacturing. As part of the announcement, RAMP-C customers can begin manufacturing commercial and DIB product prototypes on Intel 18A process technology," Intel stated. Reference Link

Friday's total option volume of 56.7 million contracts resulted in net open interest growth of 6.01 million calls and 5.28 million puts. NVIDIA (NVDA), Tesla (TSLA), Apple (AAPL) and Advanced Micro Devices (AMD) saw the greatest growth. Top five new positions opened include 50k Lyft (LYFT) May-24 20 calls, 44k Energy Transfer (ET) 4/26 weekly 16.5 calls, 43k Las Vegas Sands (LVS) Sep-24 41 calls, 23k Tesla (TSLA) 4/26 weekly 162.5 calls and 21k Papa John's (PZZA) Jun-24 57.5 puts.

SoftBank (SFTBY) is planning to spend Y150B, or $960M, by 2025 to boost the number crunching power at its computing facilities to develop world-class generative artificial intelligence, Nikkei Asia's staff writers report, citing sources. The company's computing power is likely to be among the highest in Japan once the investment is complete and graphics processing units will be bought from Nvidia (NVDA). Reference Link