The fact that Taiwan Semiconductor ( NYSE: TSM) is still reportedly sniffing around a joint venture to run Intel's ( NASDAQ: INTC) foundries — even after announcing a $100B U.S. investment this month — is still the "best option" for Intel, Wolfe Research said.

TSMC has reportedly proposed a joint venture to operate Intel's foundry division, engaging companies like Nvidia, AMD, Broadcom, and Qualcomm. The plan suggests that TSMC would not hold more than a 50% stake,