Intel's new CEO, Lip-Bu Tan, is set to overhaul the company's chipmaking strategy and reduce jobs amid increasing competition in the semiconductor industry. His focus will be on improving Intel's manufacturing process to produce more AI chips, a market where Intel previously lagged behind competitors like Nvidia. Tan's approach marks a significant shift from his predecessor, Pat Gelsinger, who faced criticism for being reluctant to trim middle management. This revamp comes after Intel's $19 billion loss in 2024, signaling urgent changes are needed to regain the company's market position.
"Lip-Bu Tan, Intel's incoming CEO, aims to streamline chipmaking operations and cut jobs to enhance competitiveness against rivals like Nvidia and AMD."
"After months of disappointing earnings, Tan is expected to implement significant changes at Intel, coping with the company's first annual loss since 1986."
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