Intel’s chip-making division accumulated $7 billion in operating losses in 2023, Reuters reported on Tuesday. That’s a big increase from $5.2 billion it lost in 2022, and while it made $18.9 billion in revenue in 2023, that number is down 31 percent from the $27.49 billion it made the year prior.

However, based on CEO Pat Gelsinger’s comments to investors, the total loss isn’t a total surprise. Gelsinger says these latest numbers are partially the result of Intel’s past mistakes catching up with its foundry business, which caused the chipmaker to outsource about 30 percent of all its wafer production to other foundries, like TSMC, one of Intel’s biggest competitors currently.

But now Intel has invested in using extreme ultraviolet (EUV)…

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