Intel disclosed deepening operating losses of $7 billion for its foundry business in 2023, a significant increase from the $5.2 billion in losses the previous year. The company’s chipmaking revenue also declined by 31% in 2023, leading to a 4.3% drop in Intel’s shares after the SEC filing. CEO Pat Gelsinger expects 2024 to be the worst year for operating losses in the chipmaking business, with the goal of breaking even by 2027. Intel’s turnaround plan involves investing $100 billion in chip factories across four U.S. states and persuading outside companies to use its manufacturing services.
Lemmy.world’s Tl;Dr bot is the worst I’ve ever seen on the internet. Wouldn‘t be surprised if it was made by Intel.
I asked Claude 3 opus to summarize –
Intel disclosed deepening operating losses of $7 billion for its foundry business in 2023, a significant increase from the $5.2 billion in losses the previous year. The company’s chipmaking revenue also declined by 31% in 2023, leading to a 4.3% drop in Intel’s shares after the SEC filing. CEO Pat Gelsinger expects 2024 to be the worst year for operating losses in the chipmaking business, with the goal of breaking even by 2027. Intel’s turnaround plan involves investing $100 billion in chip factories across four U.S. states and persuading outside companies to use its manufacturing services.