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.
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Cost Brake: Intel Cuts 15 Percent of Jobs | heise online
Intel to slash 15,000 jobs amid struggles to keep up with Nvidia and AMD
Intel to cut 15% jobs, suspend dividend in turnaround push; shares plummet | South China Morning Post
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