"Intel's Foundry Business Reports $7 Billion Operating Loss, Shares Plummet"

Intel revealed a $7 billion operating loss in its foundry business for 2023, wider than the previous year, causing a 4% drop in its shares. The company, historically involved in both chip design and manufacturing, plans to expand its foundry business to produce chips for other companies. Intel expects the foundry's losses to peak in 2024 and aims to break even by the end of 2030, with $15 billion in foundry revenue already booked. CEO Patrick Gelsinger emphasized the potential for considerable earnings growth from the foundry business, attributing the lack of profitability to past decisions and slow adoption of advanced chip-making technology.