The U.S. chip giant is now focusing more on its foundry business, which has been boosted by the increasing demand for AI chips. Despite the overall decline in annual revenue, the growth in the last quarter indicates a positive trend for the company.
Key takeaways:
- Intel reported 63.5% year-on-year revenue growth for its foundry business.
- For the three months ended Dec. 31, Intel reported $15.4 billion in revenue, up 10% on the year after seven quarters of decline.
- For the full year of 2023, revenue declined 14% to $54.2 billion.
- Intel is doubling down on its foundry business now that surging demand for AI chips has become a new tailwind for the company's contract chipmaking venture.