Intel Foundry Woes Deepen With $7B Loss Forecast and Stock Drop After Presenting Grim Financials

Intel disclosed worse-than-expected financials for its foundry business, including $7B operating loss in 2023 and 31% drop in revenue
Intel aims to become 2nd largest contract chipmaker behind TSMC, but analysts doubt targets due to deepening losses
Intel stock dropped 7% on Wednesday following the investor presentation and financial disclosures
While Intel is separating its products and foundry businesses internally, an actual split into 2 companies is unlikely soon
Intel is receiving significant government funding under the CHIPS Act to bring semiconductor manufacturing back to the U.S.