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Fitch Ratings has indicated that the recent equity investment by the US government in Intel Corporation signifies a possible upgrade in its industrial policy, which may lead to unexpected large-scale efficiency distortions in the global semiconductor industry. Intervention is unlikely to have a negative impact on the overall credit conditions of chip manufacturers. Fitch stated, "If the transaction is legally confirmed, it may distort the capital investment of wafer foundries in the United States, including Intel and the current wafer foundry leader Taiwan Semiconductor Manufacturing Company (TSMC), and prompt chip designers without wafer foundries to establish redundant supply chains."