August 1, 2024 · Reuters
Intel Announces Massive 15,000 Job Cuts in Largest Restructuring in Decades
Intel CEO Pat Gelsinger announced the company would eliminate more than 15,000 jobs — roughly 15% of its global workforce — as part of a sweeping cost-reduction plan. The chipmaker has struggled to compete with Nvidia and AMD in AI chips while its foundry business burns cash. Intel expects to save $10 billion annually by 2025 through the cuts and operational changes.
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