Intel Foundry Ramp Slower Than Expected, $7B Loss in 2023 and Breakeven Pushed to 2027

• Intel's foundry business lost $7B in 2023, revealing slower than expected ramp and breakeven timeline • Only $950M of $18.9B foundry revenue in 2023 came from external customers, raising concerns about attracting clients • Intel aims for just 30% of foundry capacity/revenue from external clients by 2030, remaining majority internal • Foundry business won't hit operating margin breakeven until 2027, implying slower 2025-2026 ramp than anticipated • Intel needs patience from investors amid semiconductor industry interest, but market conditions challenge that