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Intel plans to cut thousands of jobs to finance recovery

Economic TimesEconomic Times · 3m
Intel plans to cut thousands of jobs to finance recovery

Intel is reportedly planning significant job cuts in order to fund its recovery and deal with declining market share. The chipmaker's shares have dropped 40% this year, and it is struggling to keep pace with the demand for chips used in artificial intelligence. CEO Pat Gelsinger is leading a turnaround effort that includes investments in manufacturing capabilities, advanced chip technologies, and expansion into new markets. In 2022, Intel announced a cost-reduction plan expected to save between $8 billion and $10 billion by 2025. Intel's second-quarter revenue is predicted to be steady, with a 23% decline in the data center and AI segment. The company is also aiming to expand its presence in the foundry business.

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