Not if you’re partially valuing your position in the stock as an option on that black swan event. If you think there’s a X% chance of this happening, and that

Not if you’re partially valuing your position in the stock as an option on that black swan event. If you think there’s a X% chance of this happening, and that this event will be the catalyst for intel’s value appreciating by Y% of TSMC’s market cap, you can value the opportunity cost of investing in intel in the interim as a (dividend-paying) insurance premium covering your TSMC position. If it never comes to pass, at least you earned a dividend. If you think Intel’s valuation has hit a trough, it’s both a good investment and a lot cheaper than a put option.