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Intel shares experienced a decline today following revelations in a filing about significant losses in its foundry business, which had not been previously disclosed in such depth.
The update underscored major challenges in a sector many thought could drive growth for the company. As of 11:12 a.m. ET, the stock had dropped 6.7% in response to the news.
Intel’s Foundry Venture Won’t Rescue the Company
In a recent SEC filing, Intel disclosed a $7 billion loss in its foundry division, alongside losses of $5 billion in each of the preceding two years. This update underscores the significant burden the foundry division poses on the company’s overall performance. 
Despite manufacturing products for both Intel and third-party clients, the division’s struggles contributed to Intel’s meager $93 million in GAAP operating income last year, partially attributed to industry-wide semiconductor weakness.
While Intel’s foundry business has been a focal point for bullish investors, the substantial losses cast doubt on the profitability of expanding these services, despite receiving $8.5 billion from the CHIPS Act for new semiconductor manufacturing facilities in the U.S.
An Element of a Wider Challenge
Over the past decade, Intel has notably lagged behind fabless competitors such as Advanced Micro Devices, Broadcom, and Nvidia, with its own fabrication facilities appearing as a vulnerability for the company.
During an investor presentation, CEO Pat Gelsinger indicated that operating losses for the foundry business would reach their peak in 2024, with expectations for it to achieve breakeven on an operating basis around 2027.
Nevertheless, the company faces a considerable uphill battle, which explains the stock’s decline in response to the news. Investors likely harbor doubts regarding Intel’s ability to meet its target of reaching breakeven by 2027.
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