%{{tag.tag}} {{articledata.title}} {{moment(articledata.cdate)}} @{{articledata.company.replace(" ","")}} comment %Intel Corp. ($INTC ) says it plans to manufacture %Semiconductors for Taiwanese company %MediaTek (TPE:2454), helping to bolster the U.S. chipmaker’s contracting business. MediaTek is one of the biggest suppliers of smartphone microchip processers in the world. Intel will manufacture multiple chips for MediaTek for a range of smart devices, the two companies announced. Intel chief executive officer (CEO) Pat Gelsinger has made revitalizing the company’s foundry business a priority to catch up to rivals TSMC and Samsung. Intel has said that it will spend more than $40 billion U.S. building fabrication plants around the world. However, it is unclear what MediaTek semiconductors Intel will manufacture going forward. Chip companies around the world have been focusing on strengthening their supply chains and diversifying amid a global microchip shortage that began in 2021. But the manufacturing of the most advanced chips is not something most companies can do and is dominated by TSMC and Samsung. Those two companies account for more than 70% of global foundry revenue, according to industry data. While Intel is far behind currently in chip manufacturing, securing MediaTek as a customer gives the company a boost. MediaTek had 38% of the smartphone application processor market in the first quarter of this year, making it the biggest company in the segment. Intel stock is down 26% this year and trading at $39.16 U.S. per share.