Intel (INTC) reported first-quarter earnings, with profits exceeding expectations, but second-quarter earnings forecasts came in below expectations. Although the immediate market reaction sent the stock price down, the company remains committed to further development in the future as one of the largest recipients of CHIPS Act grants to expand U.S. semiconductor manufacturing capacity.
Intel CEO Patrick Gelsinger joins Wealth! along with Yahoo Finance Executive Editor Brian Sozzi. Provides insight into the company's more cautious Q2 outlook, broader market weakness, and hot AI PC demand.
Gelsinger elaborates on what the future holds for Intel: “By 2030, we believe Intel will be the leading AI systems foundry and the second largest foundry in the world. As you can see by the numbers, today's business is small.'' Today it's for external foundries, but this is going to be a very large-scale capability, and the world will be a geographically balanced, reliable, sustainable We need a strong supply chain. And we're going to do it with semiconductors. We believe the CHIPS Act, delivered this final quarter, will give solid recognition to our work with National Champion Intel on a grant package totaling $45 billion. I was there. ”
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This post was written by Nicholas Jacobino
