Intel CEO Pat Gelsinger speaks during the Mobileye Global Inc. IPO at the Nasdaq MarketSite in New York on Oct. 26, 2022.
Intel stock dropped 6% on Wednesday after the company gave investors an update on the company's turnaround plan to become a chip manufacturing company competing with Taiwan Semiconductor Manufacturing Company.
Intel plans to use its own chips to work out problems in its manufacturing before opening up the factories to third-party companies.
"The manufacturing group will now face the same market dynamics as their foundry counterparts," Zinsner told analysts.
Wednesday's update was focused on how Intel would use its manufacturing capabilities for its own chips.
Persons:
Pat Gelsinger, David Zinsner, Zinsner
Organizations:
Inc, Nasdaq, Mobileye, Intel Corp, Intel, Taiwan Semiconductor Manufacturing Company, Apple, Nvidia, Qualcomm, Samsung, IMS, Bain Capital, AMD
Locations:
New York, Austrian