Intel shares closed down 8% on Wednesday after the company disclosed long-awaited financials for its semiconductor manufacturing, or foundry, business, revealing an operating loss of $7 billion in 2023.
It was the first time Intel had reported revenue totals for its foundry arm alone, separating it from the products business, which reported $11.3 billion in operating income in 2023.
Intel said Tuesday that it expects its foundry losses to peak in 2024 and break even halfway between the current quarter and the end of 2030.
"NOW is when the real work begins," the analysts wrote in a Tuesday investor note.
"With a multi-year execution cycle still ahead, we continue to prefer nearer-term AI beneficiaries, NVDA and AMD," the analysts wrote.
Persons:
Cantor Fitzgerald, Intel's, —, Kif Leswing
Organizations:
Intel, AMD