2024-08-02 05:50:09
Business
Technology
Artificial Intelligence

Cost Brake: Intel's Job Cuts and Challenges

Intel, once a chip industry leader, is cutting 15% of its jobs to save over $10 billion. The CEO aims to position Intel as a contract manufacturer and plans to build a €30 billion plant.

Intel lost ground in smartphones and faces tough competition in the AI chip system business. Sales have fallen, and the company expects a challenging second half of the year.

Additionally, Intel is struggling to keep up with competitors like Nvidia and AMD in AI. The company has adjusted its investment plans and is focusing on AI chips and for-hire manufacturing.

In an effort to boost its semiconductor production, Intel will receive $19.5 billion in grants and loans from the Biden administration. Despite these efforts, there are doubts about whether Intel can effectively execute its plan and maintain its competitiveness.

heise online
2. August 2024 um 04:43

Cost brake: Intel cuts 15 percent of jobs | heise online

Economy
Technology
Finance
Politics
Intel, once the chip industry leader, is cutting 15% of its jobs to save over $10 billion. CEO Gelsinger wants to position Intel as a contract manufacturer for other chip developers and plans to build a €30 billion plant in Magdeburg. Intel lost the battle for a place in smartphones and had to watch as Apple switched its Macs to its own Arm chips. In addition, Intel is far behind Nvidia in the lucrative AI chip system business. Intel has adjusted its investment plans to the expected market dev..
heise online
2. August 2024 um 04:43

Cost Brake: Intel Cuts 15 Percent of Jobs | heise online

Economy
Technology
Finance
Intel, the struggling semiconductor pioneer, is cutting 15% of its jobs to reduce costs. CEO Gelsinger wants to save over $10 billion. Intel wants to act more strongly as a contract manufacturer for other chip developers and plans to build a plant worth 30 billion euros in Magdeburg. In the last quarter, Intel recorded a loss of $1.6 billion. Gelsinger emphasizes that Intel's cost structure is not competitive and that revenue in 2022 was significantly lower than in 2020, even though the number..
Al Jazeera
2. August 2024 um 02:24

Intel to slash 15,000 jobs amid struggles to keep up with Nvidia and AMD

Economy
Technology
Finance
Intel, a major US chipmaker, will slash over 15,000 jobs, 15% of its workforce, to cut costs by $10bn by 2025. The company reported a $1.6bn Q2 loss on $12.8bn revenue and forecast $12.5bn-$13.5bn for Q3, missing expectations, as it struggles against Nvidia and AMD in AI. Intel has halted an Israel factory project and is focusing on AI chips and for-hire manufacturing, after losing ground to TSMC. The Biden administration will provide Intel with $19.5bn in grants and loans to build semiconductor..
Big Tech - South China Morning Post
2. August 2024 um 04:20

Intel to cut 15% jobs, suspend dividend in turnaround push; shares plummet | South China Morning Post

Economy
Technology
Finance
Intel to cut 15% jobs, suspend dividend; shares plummet. Turnaround plan, $10B cost cuts. PC chips selling better, data centre decline. Lags in AI chips. Lower consumer, enterprise spending; capital expenses cut 17% in 2025. CEO Gelsinger's 3+ years, Intel's $11.29B cash, $32B liabilities.
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