Chipzilla expected the Tower to be done and dusted in a year, but 13 months later, it still has not been cleared by China's State Administration for Market Regulation. Intel remains optimistic that it will take over Tower by end of June.

Intel said: "While we continue to work to close the Tower transaction within the first quarter of 2023, the transaction may close in the first half of 2023, subject to certain regulatory approvals and customary closing conditions," the statement reads.

Intel achieves multiple goals by getting its claws into Tower. It gets a contract maker of semiconductors with dozens of loyal customers and a stable revenue stream, which will be a good addition to the company's existing IFS clients. Then there are fabs with shedloads of mature process technologies. Lastly, it will gain a team of seasoned executives with vast experience in contract chipmaking — something that the company currently lacks.

China's State Administration for Market Regulation (SAMR), suspended the clock in its review of the transaction in January. Intel is about to get grants from the U.S. government's CHIPS and Science fund on the condition that it will not invest in China for the next 10 years after the receival. Meanwhile, China wants Intel to keep investing in Chinese assets and is trying to leverage this by potentially blocking the transaction.