"Intel's Chipmaking Unit Reports $7 Billion Operating Loss"

Intel disclosed a $7 billion operating loss for its foundry business in 2023, a steeper loss than the previous year, as it aims to regain a technology lead lost to TSMC. CEO Pat Gelsinger expects 2024 to be the worst year for operating losses and aims to break even by 2027. The company attributes the losses to past decisions and has outsourced 30% of its wafers to external manufacturers. Intel plans to invest $100 billion in building or expanding chip factories in the U.S. and hopes to attract outside companies to use its manufacturing services.