"Intel's 2023 Financial Update: Widening Losses at Factories"

Intel's financial update reveals declining revenue and widening losses at its manufacturing operations, with the new Intel Foundry division reporting a $7 billion operating loss in 2023. CEO Pat Gelsinger aims to make the division more independent to pursue chip production for other companies. Intel anticipates peak losses in 2024 and aims for profitability by 2030. The company faces competition from industry leaders like TSMC and Nvidia, but has secured Microsoft as a customer for its foundry business. Despite challenges, Intel is pushing ahead with a costly expansion of its factories in the US and Europe.