For it to be a good buy at $20 there needs to be a path to exit somewhere noticeably over that. In particular, you need to be somewhat optimistic that whatever

For it to be a good buy at $20 there needs to be a path to exit somewhere noticeably over that. In particular, you need to be somewhat optimistic that whatever happens to Intel at the end of the road will go in favour of the shareholders. Whether it's split into foundry and design, or acquired by someone who wants the fabs, or stolen by the government on national security grounds. I don't know whether any of those exits result in shareholders gaining money. It seems unlikely that any involve shareholders gaining 50% or so. Or you could bet on one of their competitors who seem to know what they're doing. Superficially I like global foundry as a US centric manufacturer of semiconductors.