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Intel is expected to announce over 20% staff layoffs this week. Aimed at reducing costs and streamlining operations.
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New CEO Lip-Bu Tan is driving the restructuring.He took over just last month with a mission to revive Intel’s engineering roots.
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The decision of layoffs is done to cut bureaucracy, to focus on innovation, and to recover from years of sales decline.
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Intel is recently struggling by lagging behind in AI development, lost ground to rivals like Nvidia and delayed major chip production projects.
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Intel will report Q1 earnings this Thursday. More details on the CEO’s long-term plan expected. Layoffs mark the first major step in a tough turnaround
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“It won’t happen overnight… but I know we can get there.” – Lip-Bu Tan Stay tuned for updates on Intel’s restructuring and future moves.