Intel's Foundry Grew 31% Last Quarter and Lost $2.1 Billion Doing It.

Intel Foundry achieved 31% revenue growth to $5.8 billion in Q2 2026, but posted a $2.1 billion operating loss. While the loss per revenue dollar improved significantly from 72 cents to 36 cents year-over-year, nearly 95% of foundry revenue still comes from Intel's internal operations rather than external customers. The unit aims for break-even in 2027, but the stock's valuation at 60x forward earnings assumes the foundry bet has already succeeded.