Intel's Foundry Just Landed Its First Named Outside Customer Under Lip-Bu Tan. The Stock Jumped More Than 8% -- 2 Days Before Earnings.
Yahoo Finance ·
Intel ( INTC -2.68% ) CEO Lip-Bu Tan told CNBC in May that "multiple customers" were working with the company's foundry business, but that it was his personal policy not to name them. On Tuesday, Intel finally named one. Cybersecurity specialist Fortinet will use Intel's foundry (the business that manufactures chips for other companies) to produce its next-generation security chip, called the SP6, the two companies announced. The chip will be built on the Intel 4 process, and Fortinet becomes the first named outside customer for the foundry since Tan took over in March 2025. Investors saw plenty to like. Intel shares jumped more than 8% on Tuesday to close at $105.40, adding to a run that has lifted the stock more than 300% over the past year. And the timing raises the stakes. Intel reports second-quarter results after the market closes on Thursday, July 23.
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