[Intel's stock soars](https://www.marketwatch.com/story/intels-stock-soars-as-the-companys-blue-chip-roster-of-customers-looks-to-be-growing-264cd9d2?mod=mw_rss_topstories) on the idea that it's becoming Nvidia and Google's backup supplier. Sure—that's real demand. But the euphoria is pricing in a structural problem that hasn't moved: Intel's cost of goods sold per wafer at 7nm or below is still 30-40% higher than TSMC's.

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