Intel is very much for sale. The good news is that buyer interest demonstrates that there is at least a modicum of confidence in a turnaround. The bad news is that by selling at a low point, the buyer or buyers will reap much of the upside rather than current shareholders.

There are multiple types of “sale” transactions. News reports in recent days suggest that Qualcomm is knocking on the door of Intel. A full acquisition is complicated and seems unlikely for regulatory and strategic reasons. Such a buyout would almost certainly be about eviscerating Intel’s cost base. 

A more likely outcome is that Intel relies on more multibillion-dollar, expensive private capital investments, similar to the project finance arrangements it already has with Brookfield and Apollo.