Intel has announced it will reduce its workforce by over 20%, impacting over 21,000 employees, as part of a major restructuring under CEO Lip-Bu Tan. Facing a projected $19 billion loss in 2024, the company aims to cut costs by $10 billion, pivot to focus on AI chips and foundry services, and streamline management. Tan's actions reflect an urgency to restore an engineering-led culture and refocus the company's strategy to compete against rivals like Nvidia and AMD amid the rapidly changing semiconductor landscape.
Intel's drastic restructuring, including a 20% workforce cut, aims to redefine its position in an AI-driven market, signaling a significant shift in strategy and operations.
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