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

Intel’s shares fell by 8% on Wednesday after the release of its long-awaited financials for its semiconductor manufacturing business in an SEC filing. The report showed an operating loss of $7 billion in 2023 for the foundry arm of the company.

This was the first time that Intel had 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.

Analysts at Cantor Fitzgerald praised Intel for its new financial reporting structure but emphasized 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.

Despite the challenges ahead, 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.

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