Intel provided more information about its foundry plans this week, but a Citi analyst still isn't sold on the company's initiatives in that area.
Intel Corp. provided more information about its foundry plans this week, but Citi Research analyst Christopher Danely still isn’t sold on the company’s interest in making chips for other companies.
“Intel would be best served by exiting growth businesses that in our view it has little chance of succeeding in and focusing on its core CPU business,” Danely wrote in a Thursday note to clients. He thinks Intel INTC “should consider going back to basics.” “We believe the primary reason Intel has fallen behind TSMC in manufacturing is delays at Intel, not an accelerating roadmap at TSMC,” he wrote. “We see the main reason Intel’s margins have collapsed as higher spending/lower margins chasing revenue growth in foundry and other areas where we believe it has little chance of success. Intel stated its capital intensity has climbed from the high teens to a whopping 40% due to chasing growth.
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