Save America’s most important manufacturer? More like save our portfolio and let Uncle Sam pick up the pieces
A gaggle of ex-Intel board directors have called on the chipmaker to spin off its floundering foundry business while glossing over the fact that a company bleeding billions each quarter is unlikely to survive on its own.Q2 earnings call, CEO Pat Gelsinger announced Intel reported $1.6 billion in net losses, planned to lay off 15 percent of its global workforce , and was cutting capital expenditures.
The group argues that there are numerous advantages to spinning off Foundry, including alleviating concerns by competitors like Broadcom, Nvidia, and Apple, which they argue are desperate for an alternative to TSMC but are hesitant to do business with a potential competitor — something we've The problem is Intel is already doing this and it still can't turn a profit. Intel Products reported $2.9 billion in operating income in Q2, while Foundry posted a $2.8 billion operating loss. Between that, its other divisions and expenses, and the chipmaker reported $1.6 billion in losses last quarter.before, part of this comes down to the fact Intel doesn't actually produce much of its portfolio in house anymore.
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