Intel’s stock plunges 8% following substantial losses in foundry business

Intel’s shares saw an 8% decline on Wednesday following the release of its long-awaited financials for its semiconductor manufacturing business in an SEC filing. The document unveiled an operating loss of $7 billion for the foundry arm of the company, marking the first time that Intel has disclosed revenue totals for its foundry business separately from its products business, which reported $11.3 billion in operating income in 2023.

Intel expects its foundry losses to peak in 2024 and break even by the end of 2030, signaling a positive outlook for the company’s future. Despite these challenges, analysts at Cantor Fitzgerald praised Intel’s new financial reporting structure while emphasizing the need for the company to increase its foundry and product operating margins. Stifel analysts also viewed Intel’s strategic plans positively but reiterated a hold rating on the stock.

Both Cantor Fitzgerald and Stifel analysts are cautiously optimistic about Intel’s future. They recognize the long-term nature of Intel’s plans and suggest that investors consider other AI-focused companies like NVDA and AMD in the shorter term.

By Samantha Johnson

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