Intel CEO Pat Gelsinger speaks during the Mobileye Global Inc. initial public offering at the Nasdaq MarketSite in New York, Oct. 26, 2022.Michael Nagle | Bloomberg | Getty ImagesIntel stock dropped 6% Wednesday after the company gave investors an update on the company’s turnaround plan to become a chip manufacturing company competing with Taiwan Semiconductor Manufacturing Company.Wednesday’s update featured Intel’s Chief Financial Officer David Zinsner explaining how the company would soon change the way it reports its financial results to give its foundry business, known as IFS, its own profit-and-loss statement, which would reveal the company’s manufacturing margins.Intel’s new reporting structure could also help control costs at the chipmaker, which is seeking to trim as much as $10 billion from its costs over the next three years.The update comes as investors continue to assess Intel’s turnaround plan under CEO Pat Gelsinger, which depends on catching up with TSMC’s manufacturing technology by 2026, a plan it calls “five nodes in four years.” Intel plans to use its own chips to work out problems in its manufacturing before opening the factories to third-party companies.If Intel catches up with TSMC, then it can compete for …
