Intel names Fortinet as first external foundry customer under Lip-Bu Tan; shares jump more than 8% ahead of July 23 earnings

Intel Foundry said cybersecurity company Fortinet will be its first publicly named external customer, using the Intel 4 process to manufacture Fortinet’s next-generation SP6 security chip. Intel shares rose more than 8% on the day of the announcement, though the deal does not involve the 14A or 18A advanced nodes and external foundry revenue accounts for about 1.3% of total company revenue. The news came two days before Intel’s Q2 earnings release, with investors focused on whether outside foundry revenue is gaining traction and whether profitability is improving.