Intel slides as foundry business loss spotlights wide gap with rival TSMC

A smartphone with a displayed Intel logo is placed on a computer motherboard in this illustration taken March 6, 2023. REUTERS/Dado Ruvic/Illustration

(Reuters) -Intel shares fell nearly 7% on Wednesday, as ballooning losses at its contract chip-making business signaled the company could take years to catch up with the profitability of rival Taiwan Semiconductor Manufacturing Co..

Disclosing new financials details for its foundry unit on late Tuesday, Intel said the business posted operating losses of $7 billion in 2023 compared with $5.2 billion in 2022.