"Intel's Foundry Unit Reports $7 Billion Operating Loss, Stock Tanks Despite Turnaround Promise"

Intel stock dropped after the chipmaker revealed disappointing financials for its foundry business, with the unit reporting a $7 billion operating loss for 2023 and a 31% revenue decline. Despite plans to become a major contract chipmaker, analysts expressed skepticism over the unit's prospects, with doubts about Intel's financial targets and the timing of its goals. While Intel is separating its two main businesses internally, it is unlikely to split into two companies in the near future. The company is also receiving significant government funding to bolster semiconductor manufacturing in the U.S.