Reported 2 months ago
Intel plans to lay off over 15% of its workforce, approximately 17,500 employees, and suspend dividend payments to refocus on its manufacturing operations. The company forecasts third-quarter revenues below market expectations, prompting a significant drop in its stock price. CEO Pat Gelsinger indicates a shift in strategy towards enhancing AI chip production and cutting costs, while competitors like Nvidia continue to thrive in the AI market.
Source: YAHOO