"Intel's Chipmaking Unit Reports $7 Billion Operating Loss, Stock Drops"

Intel's chip-making division suffered a $7 billion operating loss in 2023, up from $5.2 billion in 2022, with a 31 percent revenue decrease. CEO Pat Gelsinger attributes this to past mistakes catching up, leading to outsourcing of wafer production to competitors like TSMC. Intel has now invested in ASML's EUV machines to improve cost-effectiveness and aims to break even by 2027, with plans to spend $100 billion on chip foundries and receiving $8.5 billion in U.S. government funding. Microsoft is a foundry customer, but Intel needs more to achieve its goals.