[ravst3s]

it's all internal revenue. IFS is charging Intel Products for making chips. 2023 was a down year bc of weaker cloud & IT demand. Outside of NVDA, semiconductor companies had a poor 2023.

"Revenue was $18.9 billion down $8.6 billion from 2022. Internal revenue was $18.0 billion, down $9.1 billion driven by lower intersegment volume. External revenue was $953 million, up $479 million from 2022, driven by higher packaging revenue"

https://www.intc.com/filings-reports/all-sec-filings/content...

[pclmulqdq]

Semiconductors are pretty cyclical in terms of demand, and 2023 should have been a bad year for them. This result may have been surprising in that the magnitude of the dip was worse than expected, but on some level this should have been priced in.