Intel Foundry Finally Opens Up? First Named Customer Announced After Chen Takes Over

Intel (INTC-US) announced on Tuesday (21st) that cybersecurity company Fortinet (FTNT-US) will adopt its foundry services to manufacture the next-generation SP6 security chip. This is the first publicly named foundry customer since Chen Liang Wu took over as Intel's CEO in March 2025, marking a significant step forward for Intel as it continues to seek marquee clients for its foundry business.

According to Intel representatives speaking to CNBC, Fortinet's SP6 chip will be produced using the Intel 4 process. This process is not Intel's most advanced technology—falling short of the 18A and 14A nodes primarily used for manufacturing computer processors—but rather an earlier, mature process suitable for producing application-specific integrated circuits (ASICs) needed for networking equipment.

In April, Intel acknowledged in a regulatory filing that it is still working to secure a 'significant' customer for its most advanced processes, to justify the massive capital expenditures required to build new fabs in the U.S. and overseas. Announcing a major customer partnership could boost confidence among chip designers and investors in Intel's ability to mass-produce advanced chips.

In a May interview with CNBC, Chen Liang Wu revealed that multiple customers are collaborating with Intel's foundry division but declined to name them due to personal principles. Currently, Intel's largest and confirmed foundry customer remains itself, and the U.S. government also utilizes its capacity to manufacture defense chips.

Under former CEO Pat Gelsinger, Microsoft announced in 2024 that it would outsource production of an undisclosed processor to Intel; Amazon also stated it would use Intel's foundry for custom AI chips, though the order size was relatively limited.

In April, Intel also announced it would assist Google in designing an Infrastructure Processing Unit (IPU) ASIC and is helping Elon Musk's Tesla and SpaceX build a chip factory called Terafab. In June, Trump claimed Apple (AAPL-US) would adopt Intel-made chips in the U.S., but neither company has officially confirmed such a deal.

While Fortinet is less well-known than Apple, Tesla (TSLA-US), or major cloud service providers, it operates in a rapidly growing market driven by rising demand for advanced cybersecurity due to AI adoption. Fortinet's stock has risen over 100% this year, and the company stated during its May earnings call that it will continue investing in ASIC technology.

Since the U.S. government acquired a 10% stake in Intel in August last year, the stock has surged over 300% in the past year. Intel is scheduled to release its second-quarter earnings after market close on Thursday (23rd), with investors closely watching updates on its foundry business, capital expenditures, and progress in securing advanced process customers.