The analysis discusses Intel (INTC), highlighting early talks of adding AMD as a foundry customer. Intel has invested aggressively in manufacturing capabilities, aiming to serve external customers and enhance technology. Despite investments, Intel hasn't shown significant returns, and investors have felt those investments were too much. The share price jumped 7% on the news of potential AMD interest. The analyst has rated INTC as a buy all year long, but calculated an intrinsic value per share at $29.45, while the current market price is $35.94. This suggests the stock may be overvalued. The AMD deal isn't reflected in the intrinsic value, as free cash flow expectations haven't been updated. A key point is that Intel was one of the laggards during this AI boom up until recent weeks.