Intel announced a significant workforce reduction as part of a $10 billion cost-saving plan, laying off over 15,000 employees by the end of 2024. This move aims to align Intel's cost structure with its new operating model and address disappointing financial results, including a $1.6 billion loss in Q2 2024. CEO Pat Gelsinger emphasized the need to simplify operations, reduce complexity, and maintain core investments.
While Intel faces challenges from AI competitors and shifts in tech leadership, it remains committed to its IDM 2.0 strategy, focusing on innovation, manufacturing capacity, and AI integration. The company plans further cost reductions and restructuring to ensure long-term sustainability.
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