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Intel shares experienced a steep decline of over 8% in early Friday trading. The semiconductor giant had previously projected a larger-than-anticipated quarterly loss and cautioned about a potential withdrawal from its foundry business, despite the transformation strategy outlined by new CEO Pat Gelsinger. During a Thursday earnings call, Gelsinger suggested a departure from his predecessor Bob Swan's core strategy, noting that Intel might exit the foundry business if investments fail to gain sufficient demand support. This potential move could endanger Intel's $100 billion asset base and further intensify its reliance on Taiwan Semiconductor Manufacturing Company (TSMC). Amid concerns over financial prudence, Intel has halted or axed several foundry projects in Europe and the United States.
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