“Made in America” sounds great, but it’s no excuse to make costly and dangerous decisions — just ask aerospace titan BoeingBA

, which spent 2024 in the shadow of a near-catastrophic accident. In the end, they seem to be turning things around. But for chipmaker IntelINTC

, it’s too early to tell. On Thursday, the chipmaker capped off a rough 2024 — marked by the firing of its CEO and a year-over-year decline in product sales — by announcing its revenue fell 2% from 2023.

• At the core of the losses was Intel’s foundry business, in the middle of an expensive build-out of semiconductor factories in the US, hemorrhaging $13.4B in 2024 — nearly double the $7B loss from 2023, despite receiving $2.2B in CHIPS Act funding.
• The big spending forced Intel to cancel its “next big AI chip” and delay other data center chips, with the company hoping to get back on track by prioritizing its next-gen process.

Strategic pivot: The new leadership team — including co-CEOs Michelle Johnston Holthaus and David Zinsner — is attempting to right the ship amid fierce competition and manufacturing challenges. Focusing on the future, Holthaus acknowledged the company’s struggles in the AI data center market and plans to redirect resources toward Jaguar Shores, a “system-level solution at rack scale.” It also aims to simplify its business into three core segments: client and edge, traditional data center, and AI data center — adopting a “cannot be all things to all people” philosophy while promising to “fight for every socket” in its core markets.

Contributing reporting by Rhea Lobo.