Intel (INTC) posted first quarter earnings revealing better-than-expected profit but a lower-than-expected second quarter revenue forecast. While the market's immediate reaction sent shares lower, the chipmaker promises more for the future as one of the largest recipients of CHIPS Act grants to expand US chipmaking capacity.

Intel CEO Patrick Gelsinger joins Yahoo Finance Executive Editor Brian Sozzi for Wealth! to give insight into the company's more cautious second quarter outlook, broader market weakness, and hot AI PC demand.

Gelsinger elaborates on what is in store for the future of Intel: "By 2030, we believe that will become the leading AI systems foundry and the second largest foundry in the world. A business that today, as you see in the numbers, is tiny today for external foundry, but we see this becoming a very large capability and consistent with the theme that we've talking about. The world needs geographically balanced, trusted, sustainable supply chains. And we’re going to make that happen in the semiconductor segment. We saw the CHIPS Act coming forward this last quarter as really putting that stamp on the national champion Intel and what we're doing with the total of the $45 billion grant package."

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This post was written by Nicholas Jacobino