Intel announced a significant layoff of 15,000 employees as part of a $10 billion spending reduction plan due to underperforming financial results and missed opportunities in AI.
CEO Pat Gelsinger highlighted the need for bold actions to address high costs and low margins, attributing the challenges to the company's struggle to capitalize on trends like AI.
Intel's revenue fell $24 billion between 2020-2023 despite a 10% growth in its workforce, showing a significant contrast to competitors benefiting from the AI boom.