Intel Just Secured a Huge Customer for Its Foundry Business

Intel announced Fortinet as its first named customer for its foundry business, a significant milestone for the division. While the foundry segment showed strong 31% revenue growth to $5.8 billion in Q2, it remains unprofitable with a $2.1 billion loss. However, analysts caution that Intel's 150% stock surge this year may have already priced in these gains, with the stock trading at a forward P/E multiple exceeding 100, presenting potential downside risk despite positive business momentum.