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☆ Intel shares fall after company reveals $7 billion operating loss in foundry business
▼ + stars: | 2024-04-02 | by ( Kif Leswing | ) www.cnbc.com time to read: +2 min

Intel shares fell 4% at one point in extended trading on Tuesday after the company revealed long-awaited financials for its semiconductor manufacturing business, commonly called the foundry business, in a SEC filing. Intel said its foundry business recorded an operating loss of $7 billion in 2023 on sales of $18.9 billion. That's a wider loss than the $5.2 billion Intel reported in its foundry business in 2022 on $25.7 billion in sales. "Intel Foundry is going to drive considerable earnings growth for Intel over time. 2024 is the trough for foundry operating losses," Gelsinger said on a call with investors on Tuesday.

Persons: Patrick Gelsinger, Gelsinger Organizations: Intel, SEC, Nvidia, AMD, Microsoft, Intel Foundry Locations: American

☆ Intel stock sinks as early 2024 outlook comes up short
▼ + stars: | 2024-01-25 | by ( Kif Leswing | ) www.cnbc.com time to read: +3 min

Pat Gelsinger, CEO Intel, speaking on CNBC's Squawk Box at the WEF Annual Meeting in Davos, Switzerland on Jan. 16th, 2024. Intel posted net income of $2.7 billion, or 63 cents per share, compared to a net loss of $0.7 billion, or 16 cents per share, last year. Intel CFO David Zinsner said in a statement that Intel had cut $3 billion in costs last year. Intel's Network and Edge department, which sells parts for carriers and networking, reported $1.5 billion in sales, down 24% from last year. Intel foundry services, its business making chips for other companies, remains nascent, with $291 million in revenue, a 63% annual increase.

Persons: Pat Gelsinger, Gelsinger, David Zinsner Organizations: Intel, Wall, Gartner, Nvidia, AMD, Taiwan Semiconductor Manufacturing Company, Intel's, Computing, Data Center, Edge Locations: Davos, Switzerland

Thursday's early calls featured a retail upgrade and an EV charging stock downgrade. The analyst reiterated his buy rating and $450 price target on the stock. Microsoft's AI cybersecurity solution Security Copilot, which was only recently expanded through an early access program on Oct. 19, already has tons of pent-up interest, Thill said. The firm downgraded shares from neutral to underperform and lowered its price target on the stock by $17 to $43. He gave the stock a $50 price target — $13 higher from the previous one — which implies 23.1% upside for shares since Wednesday's close.

Persons: Wells Fargo, Goldman Sachs, Kash Rangan, Rangan, Maia, Brent Thill, Thill, Vivek Arya, Arya, Raimo, Microsoft's, — Pia Singh, Elizabeth Suzuki, Vijay Rakesh, Rakesh, Vikram Bagri, Bagri, Fred Imbert, Edward Kelly, Kelly Organizations: CNBC, Citi, Microsoft's Ignite, Jefferies, Microsoft, Bank of America, Nvidia, Devices, Barclays, Advance, AAP, Mizuho, Intel, Mizuho Securities, Foundry, Foundry Services, Sapphire, Sierra, AMD, Wells Locations: Seattle, U.S, Wells Fargo, Wednesday's

☆ Israel's Tower Semiconductor forecasts quarterly revenue decline, shares fall
▼ + stars: | 2023-11-13 | by ( ) www.reuters.com time to read: +2 min

The logo of Israeli analog integrated circuits developer, Tower Semiconductor is seen at their offices in Migdal HaEmek, northern Israel, February 28, 2022. REUTERS/Amir Cohen/File Photo Acquire Licensing RightsNov 13 (Reuters) - Israeli firm Tower Semiconductor forecast a decline in quarterly revenue on Monday as chip firms faced with a supply glut continue to correct inventory. Chip giant Intel (INTC.O) had terminated its plans to acquire Tower Semiconductor in August after it was unable to get timely regulatory approval from China for the $5.4 billion deal. Approval from Chinese competition regulators is needed if companies involved in a deal have a sizable business presence in the country. Tower reported revenue of $358.2 million for the quarter ended Sept. 30, a decline of about 16% from a year ago.

Persons: Amir Cohen, Arsheeya, Pooja Desai Organizations: Semiconductor, REUTERS, Tower Semiconductor, Intel, LSEG, Thomson Locations: Migdal HaEmek, Israel, automotives, China, Intel's New Mexico, Bengaluru

☆ Intel to sell 10% stake in IMS Nanofabrication to TSMC
▼ + stars: | 2023-09-12 | by ( Max A. Cherney | ) www.reuters.com time to read: +1 min

REUTERS/Dado Ruvic/Illustration/File photo Acquire Licensing RightsSept 12 (Reuters) - Intel (INTC.O) said on Tuesday it has agreed to sell a stake of about 10% in the IMS Nanofabrication business to Taiwan Semiconductor Manufacturing Co (2330.TW). Intel will retain majority ownership of IMS, and the transaction is expected to close in the fourth quarter. "The investment by TSMC we believe also demonstrates the excitement across the whole semiconductor manufacturing ecosystem for the significant opportunity ahead of IMS," Intel vice president of corporate development Matt Poirier said. Intel is building a contract manufacturing business called Intel Foundry Services that competes with TSMC. Intel sold a 20% stake in IMS earlier this year to Bain Capital at the same valuation.

Persons: Dado Ruvic, Matt Poirier, TSMC, Elmar Platzgummer, Platzgummer, Yuvraj Malik, Max A, Shounak Dasgupta, Louise Heavens, David Evans Organizations: REUTERS, Intel, IMS, Taiwan Semiconductor Manufacturing, Intel Foundry Services, Bain Capital, Thomson Locations: Austrian, EUV, Bengaluru, Max, San Francisco

☆ Intel to offer foundry services to Tower Semiconductor after acquisition deal falls through
▼ + stars: | 2023-09-05 | by ( ) www.reuters.com time to read: +2 min

FILE PHOTO: Tower Semiconductor is seen on smartphone in front of displayed Intel logo in this illustration taken, February 15, 2022. REUTERS/Dado Ruvic/Illustration/File Photo/File Photo Acquire Licensing RightsSept 5 (Reuters) - Intel (INTC.O) will offer foundry services to Tower Semiconductor (TSEM.TA) in a new deal that will see the Israeli contract chipmaker invest $300 million in Intel's New Mexico factory, the companies said on Tuesday. "We see this as a first step towards multiple unique synergistic solutions with Intel," Tower CEO Russell Ellwanger said. The deal also strengthens Intel's foundry capacity as it advances on rivals such as industry leader Taiwan Semiconductor Manufacturing Co. In the second quarter, Intel's foundry business reported revenue of $232 million, up from $57 million a year earlier.

Persons: Dado Ruvic, Russell Ellwanger, Yuvraj Malik, Shweta Agarwal Organizations: Semiconductor, REUTERS, Intel, Tower Semiconductor, Taiwan Semiconductor Manufacturing, Thomson Locations: Intel's New Mexico, China, New Mexico, Ohio, Bengaluru

☆ Intel adds Synopsys IP to advanced contract manufacturing
▼ + stars: | 2023-08-14 | by ( Max A. Cherney | ) www.reuters.com time to read: +1 min

REUTERS/Dado Ruvic/Illustration/File PhotoAug 14 (Reuters) - Chip design tools maker Synopsys (SNPS.O) has signed a deal to bring its technical building blocks to the advanced contract manufacturing Intel (INTC.O) offers, the companies said on Monday. The two companies said Synopsys would offer a portfolio of designs that will work with Intel's advanced manufacturing capabilities Intel 3, and Intel 18A. Intel and Synopsys said that there was a framework in place for making the intellectual property available on future manufacturing processes. The partnership between Intel and Synopsys important step for Intel Foundry Services (IFS), its contract manufacturing business, to become a viable alternative to Taiwan Semiconductor Manufacturing Co Ltd (2330.TW) or Samsung Electronics Co Ltd (005930.KS). Intel launched IFS in 2021, and it reported revenue of $232 million in the second quarter of this year.

Persons: Dado Ruvic, Synopsys, Steve Leibson, Max A, Marguerita Choy Organizations: REUTERS, Intel, Intel Foundry Services, Taiwan Semiconductor Manufacturing Co, Samsung Electronics Co, Tirias Research, Thomson Locations: San Francisco

☆ Chipmaker Intel restructures manufacturing business
▼ + stars: | 2023-06-21 | by ( ) www.reuters.com time to read: +1 min

June 21 (Reuters) - Intel Corp (INTC.O) said on Wednesday its manufacturing business will work like a separate unit and will begin to generate a margin, but gave no clear timeline on when it will start scaling up, sending the chipmaker's shares down about 5%. The company also did not name a new external customer for the business as part of its foundry services, a key element of Intel's turnaround plans wherein it will offer its manufacturing services to other companies including its competitors. Intel's internal business units will now have a customer-supplier relationship with the manufacturing business, Chief Financial Officer David Zinsner said on an investor call. Based on that model, Intel will be the second largest foundry next year with manufacturing revenue of more than $20 billion, he said. "The presentation essentially tells investors that its current manufacturing is sub-scale and could remain sub-scale for a while," Chan added.

Persons: David Zinsner, Kinngai Chan, Chan, Chavi Mehta, Maju Samuel Organizations: Intel Corp, Intel, Taiwan Semiconductor Manufacturing, Thomson Locations: Bengaluru

☆ Intel shares jump as chipmaker sees second-quarter revenue at upper end of outlook
▼ + stars: | 2023-05-31 | by ( ) www.reuters.com time to read: +1 min

May 31 (Reuters) - Shares of Intel Corp (INTC.O) rose about 5% after the chipmaker's finance chief said on Wednesday that the company is on track to hit the upper end of its second-quarter revenue forecast. Semiconductor stocks have rallied over the past week after gaming and AI chip company Nvidia Corp (NVDA.O) forecast quarterly revenue that stunned Wall Street, with the firm betting on the rapid adoption of AI tools. "We're going to track at $12 billion to $12.5 billion as we close out the second quarter," Intel CFO David Zinsner said at the TD Cowen conference. The company's previous outlook in April was of revenue between $11.5 billion and $12.5 billion. Intel will be able to ride the AI wave as its foundry services could provide wafers to customers that have products for the AI market, Zinsner said.

Persons: David Zinsner, Cowen, Zinsner, Akash Sriram, Shounak Dasgupta Organizations: Intel Corp, Semiconductor, Nvidia Corp, Intel, Thomson Locations: Bengaluru

☆ Intel climbs as Wall St cheers early signs of recovery
▼ + stars: | 2023-04-28 | by ( ) www.reuters.com time to read: +2 min

TD Cowen analysts said the company "was not out of the woods yet but this was a starting point." Intel's market capitalization is set to rise by nearly $8 billion to more than $130 billion, if premarket gains hold. "We see gross margin pressured for the foreseeable future reflecting aggressive process and new product spend as well as IFS (Intel Foundry Services) investment," Oppenheimer said. Intel posted its biggest quarterly loss in the first quarter as it ramped up production and investments in manufacturing plants. Reporting by Eva Mathews and Aditya Soni in Bengaluru; Editing by Sriraj KalluvilaOur Standards: The Thomson Reuters Trust Principles.

☆ Here's what Intel's terrible results mean for longtime rival and Club holding AMD
▼ + stars: | 2023-01-27 | by ( Kevin Stankiewicz | ) www.cnbc.com time to read: +6 min

When Advanced Micro Devices (AMD) reports quarterly earnings next week, the Club holding's results should not look nearly as bad as longtime rival Intel 's (INTC) dismal numbers. But the magnitude of the Intel's disappointment stems from many company-specific factors, including lost market share to chip peers such as AMD. This multi-quarter, industrywide problem will likely show up in the fourth-quarter results AMD is scheduled to release after Tuesday's close. Implications for AMD Morgan Stanley said it believes Intel's results are "cautious" for peers, especially AMD. Bank of America sees Intel's results as "only incrementally negative" for AMD, partially because the analysts believe AMD's inventory correction in the second half of the year was larger than Intel's.

☆ Who is DCG's Barry Silbert, the crypto baron in the crosshairs of the Winklevoss twins over 'bad faith' business practices?
▼ + stars: | 2023-01-09 | by ( Morgan Chittum | ) www.businessinsider.com time to read: +4 min

Barry Silbert is the CEO of Digital Currency Group, the crypto conglomerate that owns Genesis and Grayscale. In 2015, the 46 year old started Digital Currency Group (DCG), the $10 billion parent company that controls industry giants like crypto brokerage Genesis and digital asset manager Grayscale. The conglomerate also owns trade publication Coindesk, crypto mining firm Foundry Services, crypto index provider TradeBlock, and digital asset platform Luno Global. Cameron Winklevoss blasted Silbert for "bad faith" business practices last week, alleging the crypto baron owes the digital asset exchange's customers $900 million. Prior to launching DCG, Silbert went to Emory University's Goizueta Business School and began his career as an investment banker at Houlihan Lokey.

☆ JPMorgan double-downgrades Intel as chipmaker loses market share to rivals such as AMD
▼ + stars: | 2022-11-11 | by ( Alex Harring | ) www.cnbc.com time to read: +3 min

JPMorgan is making a complete 180-turn on Intel as the chipmaker continues to fall behind its rivals. "We believe it will be several years before Intel is able to reverse the tide to reclaim technology leadership in hopes of regaining market share." Part of that stems from current challenges with a new central processing unit, called Sapphire Rapids, that had production pushed due to security issues. He said Intel will also be pressured by weakening demand for personal technology over the next 12 to 18 months. Cloud and data needs will remain strong, but Intel will not feel the full tailwinds as it continues to lose market share, he added.

☆ Intel announces up to $10 billion in cost reductions through 2025
▼ + stars: | 2022-10-27 | by ( Jordan Novet | ) www.cnbc.com time to read: +4 min

Here's how the company did:Earnings: 59 cents per share, adjusted, vs. 32 cents per share as expected by analysts, according to Refinitiv. 59 cents per share, adjusted, vs. 32 cents per share as expected by analysts, according to Refinitiv. Revenue: $15.34 billion, vs. $15.25 billion as expected by analysts, according to Refinitiv. Intel said it's aiming for $3 billion in cost reductions in 2023, and the number will reach $8 billion to $10 billion in annualized reductions and gains by the end of 2025. The company now sees $1.95 in adjusted earnings per share and $63 billion to $64 billion in revenue, compared with $2.30 in adjusted earnings per share and $65 billion and $68 billion in revenue three months ago.

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