But Gelsinger's high hopes for the business largely floundered due to a lack of big customer commitments. Intel Foundry Services' losses ballooned to $13 billion in its 2024 fiscal year from $7 billion in 2023. Those losses helped send Intel's stock plunging 60% last year. Gelsinger was ousted by the company's board in December. The foundry business remains Intel's biggest concern, Wall Street analysts say. Some argue for selling it, while others point out that doing so would make it more expensive for Intel to manufacture its chips due to economies of scale. "This is a business that will continue to bleed cash at least through 2027," CFRA analyst Angelo Zino told Yahoo Finance. Citi ( C ) analyst Chris Danely downgraded Intel stock Friday, saying its recent rally was overdone given that contract manufacturing business has "minimal chance to succeed."