COLUMBUS, Ohio (WCMH) — Intel Ohio One is now five years from completion, but investors are watching new Intel CEO Lip-Bu Tan closely to see where he might take the project.

Tan was appointed in March and is tackling a steep order. Once the poster child for U.S. semiconductor manufacturing, Intel has faced significant financial difficulty over the past few years. In its turmoil, Intel’s $28 billion investment in New Albany has taken a back seat, leaving Ohioans to look to national Intel developments for possible insight toward Ohio’s future.

TSMC joint venture

The Taiwan Semiconductor Manufacturing Company (TSMC) is the most valuable semiconductor company in the world. Whispers of TSMC swooping in to “save Intel” with a joint venture agreement or buyout prevailed for months, but TSMC shut down the rumor last week.

At its first-quarter earnings call on April 16, TSMC CEO C.C. Wei denied plans for collaboration with any competitors, including Intel.

“TSMC is not engaged in any discussion with other companies regarding any joint venture, technology licensing or technology,” Wei said.

Altera business sale

On April 14, Intel announced it is selling 51% of its Altera business to technology investment firm Silver Lake for $8.75 billion. Altera is a programmable logic device manufacturer Intel acquired in 2015. Intel retained 49% control in the agreement, allowing it to still have input toward Altera while “focusing on its core businesses.”

Intel’s core businesses are largely understood to be Intel Foundry, which concerns the Ohio One plant, and Intel Products. Tan said Intel Products will remain the company’s primary focus as it seeks to overcome financial concerns.

As part of the agreement, Silver Lake took on some Intel debt and other financial commitments. Intel will also amend its Foundry agreement to produce up to 65,000 semiconductor wafers in the U.S. that Silver Lake will purchase by 2040. If it cannot make those wafers by Jan. 1, 2031, then Intel owes the other company $2.25 billion.

Intel makes this specific chip at facilities in Oregon, Arizona and Israel. It should be able to make them in Ohio once the plants are completed. Ohio’s role in this deal would be minimal at most; at least one of the Ohio fabs will not be complete by that production due date. However, increased demand for Intel wafer construction in the U.S. would theoretically help Ohio’s investment, offering some incentive for the company to complete the manufacturing plant.

Annual stockholder meeting

Intel’s stockholders will meet for a mass vote on May 6, part of its annual meeting for investors. Stockholders can vote on board of director elections, stockholder-driven proposals and more than 100 pages of other possibilities.

One proposal, a request from a stockholder for Intel to conduct an ethical impact assessment regarding its operations in Israel, garnered attention from two major Jewish organizations. The Anti-Defamation League and investing company JLens are both pro-Israel organizations who filed an official request with Intel stockholders to veto the assessment.

The two organizations said the proposal is anti-Israel because of the language it uses to characterize the Israel-Hamas war. Intel’s board of directors is also encouraging stockholders to vote against the assessment request, pointing to Intel’s long operational history in Israel and the 11,000 Israeli employees there.

Other agenda items for the annual meeting include approving compensation for Intel’s leaders, approving an accounting firm and confirming 11 board members, including Tan. These votes will likely have ripple effects toward Ohio’s construction, but those effects are not yet known and likely not immediate.

Upcoming events

Intel’s financial uncertainty will become a bit clearer this week, with the company disclosing its first quarter fiscal results on Thursday. It will livestream a conference call discussing those results. These results will offer insight into how Intel is progressing and where its priorities may lie.

On April 29, Intel will host its first Foundry-specific public event under Tan’s leadership with the annual Intel Foundry Direct Connect event. Tan will serve as the opening keynote speaker where he is set to share more about his plans for Intel Foundry, encompassing Ohio’s investment. During Tan’s first public address as CEO, he said he was waiting to discuss most Foundry developments until this meeting.

After Tan, CTO Naga Chandrasekaran and Foundry General Manager Kevin O’Buckley will each give updates on Intel Foundry’s progress. This event should offer key insights for the Ohio plant as a part of the Foundry’s future.