Intel Foundry Snags First Named Customer Under New CEO Tan
Fortinet signs on for security chips, marking Intel Foundry's first announced win under CEO Lip-Bu Tan.
Intel's foundry business just got its first public win since Lip-Bu Tan took the helm in March 2025 — and it's a name worth paying attention to. Fortinet, the network security giant, has signed on to have Intel manufacture its security chips. That's a real customer, with a real product, on the books. For a foundry unit that has been fighting for credibility, this matters.
Tan inherited a foundry operation that was deep in turnaround mode. Intel has been bleeding market share to TSMC and Samsung in the contract chip-making space for years. Landing a named, publicly announced customer like Fortinet is exactly the kind of signal Tan needs to send — both to Wall Street and to the dozens of potential clients sitting on the fence.
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Fortinet's decision to use Intel's foundry for security chips is strategically interesting. Security silicon is a high-stakes, high-trust category. If Fortinet is comfortable betting its chip supply chain on Intel Foundry, that's a quiet vote of confidence in the manufacturing quality and reliability Tan has been promising since day one.
For traders watching Intel, this is a momentum data point — not a revenue catalyst yet. One customer doesn't fix a foundry business overnight. But it does confirm the turnaround narrative is moving from PowerPoint slides to actual signed deals. Watch for more customer announcements; that's the real signal the thesis is working.
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