Reported 20 days ago
Intel CEO Pat Gelsinger has shared some encouraging news for investors following a poor earnings report, revealing partnerships with Amazon Web Services to produce custom chips and restructuring plans to enhance their foundry business. Additionally, Intel secured $3 billion in funding from the CHIPS Act aimed at bolstering the US chip supply chain. However, the company still faces challenges, including plans to lay off 15% of its workforce and delays in new facility constructions in Europe. With competition intensifying, especially from companies like Nvidia, Intel's upcoming products will be crucial for regaining market confidence.
Source: YAHOO