Intel CEO addresses Q1 guidance concerns, says it is an 'overreaction'

Intel (INTC) shares sink lower Friday morning after releasing less than optimistic first-quarter guidance than Wall Street was hoping for from the chipmaker. Intel topped fourth-quarter earnings estimates, but its wavering confidence in 2024 may be weighing on other semiconductor stocks.
Intel CEO Patrick Gelsinger sits down with Yahoo Finance Executive Editor Brian Sozzi to assess investor sentiment over the first-quarter outlook, detailing Intel's investment in its foundry — or semiconductor manufacturing — operations.
"There's a bit of an overreaction to Q1, but I don't run this business on 90 days and nobody should expect us to. These are long-term investments, and the transformation is well underway," Gelsinger explains.
Gelsinger goes on to detail Intel's expansion plans to match AI chip demand as tech innovators rollout new AI-powered PCs: "We just announced a new advanced packaging [plant] in New Mexico. We're well underway with our Arizona and Ohio expansions, as well as some of the international work that we're doing."
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