Intel shares plunged 14% Friday after the chipmaker issued lackluster guidance and warned of a supply shortage.

During a fourth-quarter earnings call with analysts on Thursday, CEO Lip-Bu Tan said the company wouldn’t be able to meet full demand for its products. He said production efficiency, or yield, is also below his targets.

“We are on a multiyear journey,” he said. “It will take time and resolve.”

The chipmaker expects first-quarter revenue to range between $11.7 billion and $12.7 billion, and breakeven adjusted earnings per share. That was below LSEG expectations for earnings of 5 cents per share and $12.51 billion in revenue.

Over the last year, Intel shares have rallied more than doubled on hopes of a turnaround for the embattled American chipmaker, following investments from the U.S. government, SoftBank and Nvidia.

The company’s foundry business has long underperformed competitors, which are profiting massively off of the data center artificial intelligence boom.

Investors were looking for clarity on foundry customers as the next momentum mover for the stock. The company’s foundry business creates chips for other companies.

CFO David Zinsner told CNBC that Intel expects customers for its next-generation 14A technology to appear in the second half of the year.

But analysts at RBC Capital Markets warned that a “meaningful revenue contribution” from 14A customers may not pop up until late 2028.

“We appreciate the recent excitement around opportunity for INTC but still don’t see a clear path forward given further share loss, no AI strategy and unclear fab/packaging opportunities,” wrote analysts at Jefferies.

Despite the soft outlook, Intel topped Wall Street’s fourth-quarter earnings and revenue expectations.

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