Intel plans to cut thousands of jobs to finance recovery: Report
7 months, 4 weeks ago

Intel plans to cut thousands of jobs to finance recovery: Report

The Hindu  

Intel plans to cut thousands of jobs to finance a recovery and cope with eroding market share, Bloomberg News reported on Tuesday, citing people familiar with the matter. CEO Pat Gelsinger has initiated a turnaround to regain the company's competitive edge, focusing on revitalizing its manufacturing capabilities, investing in advanced chip technologies, and expanding into new markets. In October 2022, Intel announced a cost-reduction plan that included "people actions", aimed at slashing annual costs by $3 billion in 2023, reducing the chipmaker's headcount to 124,800 at the end of 2023 from 131,900 a year earlier, according to regulatory filings. Investors expect a push to promote chip manufacturing in North America by the Biden administration to diversify supply chains and reduce reliance on Taiwan to boost Intel's prospects.

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History of this topic

Microchip to cut 2,000 jobs, impacting 9% of global workforce
3 weeks, 4 days ago

Microchip to cut 2,000 jobs, impacting 9% of global workforce

India Today  

Microchip Technology has announced plans to lay off 2,000 employees, about 9% of its global workforce, as part of a restructuring effort, reported Reuters. The said move was majorly triggered by the declining demand from the automotive sector, with companies struggling to clear their existing semiconductor stock. COSTS INVOLVED AND EXPECTED SAVINGS Microchip estimates $30–$40 million in restructuring costs, majorly …

Microchip Technology layoffs: Chipmaker to cut 2000 jobs and closes several plants
3 weeks, 5 days ago

Microchip Technology layoffs: Chipmaker to cut 2000 jobs and closes several plants

Live Mint  

Microchip Technology has announced plans to reduce its workforce by approximately 2,000 roles, equating to about nine per cent of its global staff, as part of a strategic restructuring initiative. Restructuring Cost Microchip anticipates restructuring costs to range between $30 million and $40 million, largely comprising cash severance payments and related expenses. As part of its broader cost-saving measures, Microchip …

Intel’s stock is soaring, but a rescue will be hard to pull off
1 month, 2 weeks ago

Intel’s stock is soaring, but a rescue will be hard to pull off

Live Mint  

The Trump administration has effectively put a buy rating on Intel’s stock. Citing “discussions from the Asia supply chain," the report said Taiwan Semiconductor Manufacturing—better known as TSMC—could become a joint owner of Intel’s manufacturing business following a spinoff while also having charge of running the facilities. Still, Intel’s position as the only U.S.-based chip maker with leading-edge production capabilities …

Intel fourth-quarter revenue tops expectations as investors await new CEO
Trending News
1 month, 4 weeks ago

Intel fourth-quarter revenue tops expectations as investors await new CEO

The Hindu  

Intel on Thursday posted December-quarter results that beat analysts' low expectations, while its forecast for current-quarter revenue missed estimates as the chipmaker grapples with tepid demand for its data center chips and as investors wait for a new CEO. In its quarterly report after the closing bell, Intel said it expects first-quarter revenue of $11.7 billion to $12.7 billion, compared …

Intel’s CEO search in focus as chipmaker set to post lower revenue
2 months ago

Intel’s CEO search in focus as chipmaker set to post lower revenue

Live Mint  

By Arsheeya Bajwa - Intel will face investor scrutiny on its CEO search when it reports quarterly results on Thursday, as the chipmaker stares at another big decline in revenue due to weak PC sales and its shrinking share in the datacenter market. Interim co-CEOs, Michelle Johnston Holthaus and David Zinsner, said last month a spinoff of that business may …

Intel to Turn Venture Arm Into Separate Business With New Name
Trending News
2 months, 2 weeks ago

Intel to Turn Venture Arm Into Separate Business With New Name

Live Mint  

-- Intel Corp., the once-dominant chipmaker struggling to revive its business and finances, plans to turn its venture capital arm into a separate fund with a new name. Intel’s venture arm is one of the best-known corporate investment vehicles in the history of Silicon Valley and has put more than $20 billion into businesses over the last 30 years. “Standalone …

Are Intel’s problems too big to fix?
3 months, 3 weeks ago

Are Intel’s problems too big to fix?

Live Mint  

Pat Gelsinger’s quest to save Intel has come to an abrupt end. Much rides on their success as 18A is the final phase of Gelsinger’s plan to have Intel race though five so-called “nodes" in four years. “As the standard-bearer for the company’s ‘five nodes in four years’ guiding mantra, Mr. Gelsinger’s sudden departure leaves us unsure of the strategic …

Intel’s CHIPS Act funding reduced from $8.5 billion to $7.85 billion because of recent military contract
4 months ago

Intel’s CHIPS Act funding reduced from $8.5 billion to $7.85 billion because of recent military contract

Firstpost  

Intel, the largest recipient of CHIPS Act funding, is facing mounting scrutiny over its ability to deliver on its commitments, particularly as it navigates financial struggles and extended project timelines Intel remains the only US-based logic chip manufacturer, a factor that has led US Secretary of Commerce Gina Raimondo to encourage collaboration between Intel and tech giants like Apple, NVIDIA, …

Intel's $7.86 billion subsidy deal restricts sale of its manufacturing unit
4 months ago

Intel's $7.86 billion subsidy deal restricts sale of its manufacturing unit

The Hindu  

Intel said on Wednesday its deal for $7.86 billion in U.S. government subsidies restricts the company's ability to sell stakes in its chipmaking unit if it becomes an independent entity. The U.S. Commerce Department announced the subsidy to Intel on Tuesday, part of $39 billion for the sector including Taiwan Semiconductor Manufacturing Co and others in an effort to revitalize …

Intel gets $7.86 billion chips manufacturing subsidy from the US government
4 months ago

Intel gets $7.86 billion chips manufacturing subsidy from the US government

Hindustan Times  

The U.S. Commerce Department said Tuesday it was finalizing a $7.86 billion government subsidy for Intel, down from $8.5 billion announced in March after the California-based chips maker won a separate $3 billion award from the Pentagon. Intel has already met some initial project milestones and will receive at least $1 billion of the award before the end of December, …

Commerce Department to reduce Intel’s funding on semiconductors
4 months ago

Commerce Department to reduce Intel’s funding on semiconductors

Associated Press  

LOS ANGELES — The Biden administration plans on reducing part of Intel’s $8.5 billion in federal funding for computer chip plants around the country, according to three people familiar with the grant who spoke on the condition of anonymity to discuss private conversations. President Joe Biden announced the agreement to provide Intel with up to $8.5 billion in direct funding …

Intel’s surprising move: Free coffee and tea return after massive cost-cutting
4 months, 2 weeks ago

Intel’s surprising move: Free coffee and tea return after massive cost-cutting

Live Mint  

Intel has announced the return of free coffee and tea at its work sites, reinstating a benefit that was cut last summer as part of the company's efforts to reduce its annual budget by $10 billion, according to an Oregonian report. In a message shared with employees via its internal platform, Circuit, Intel reportedly acknowledged the continued financial challenges but …

After firing 15,000 employees, Intel brings back free coffee, tea to boost morale
4 months, 2 weeks ago

After firing 15,000 employees, Intel brings back free coffee, tea to boost morale

Hindustan Times  

Intel is planning to bring back free coffee and tea for its staff after several employee perks were slashed as part of cost-cutting efforts during this year. In August, Intel announced that 15,000 workers will be cut from the company either through voluntary separation agreements and layoffs. In August, it announced that 15,000 workers will be cut from the company …

Intel stock surges on plans to make AI chips for Amazon and to turn foundry into subsidiary
6 months, 1 week ago

Intel stock surges on plans to make AI chips for Amazon and to turn foundry into subsidiary

Associated Press  

Shares of Intel are surging before the market opens Tuesday after the chipmaker said its foundry business would make some custom artificial intelligence chips for Amazon Web Services as it attempts to reinvigorate its business. CEO Pat Gelsinger said in a message to employees late Monday that Intel will create an AI fabric chip for Amazon’s cloud services division at …

Intel shares jump on chip deal with Amazon
6 months, 1 week ago

Intel shares jump on chip deal with Amazon

CNN  

New York CNN — Intel’s struggling chip-making business got a boost Monday from a high-profile client: Amazon. Intel Foundry and Amazon Web Services will coinvest in a custom chip design for the latter and “announced a multi-year, multi-billion-dollar framework,” according to a release. “Specifically, Intel Foundry will produce an AI fabric chip for AWS on Intel 18A,” Intel CEO Pat …

Intel shares jump on chip deal with Amazon
6 months, 1 week ago

Intel shares jump on chip deal with Amazon

CNN  

New York CNN — Intel’s struggling chip-making business got a boost Monday from a high-profile client: Amazon. Intel Foundry and Amazon Web Services will coinvest in a custom chip design for the latter and “announced a multi-year, multi-billion-dollar framework,” according to a release. “Specifically, Intel Foundry will produce an AI fabric chip for AWS on Intel 18A,” Intel CEO Pat …

Intel CEO to pitch board on plans to shed assets, cut costs, source says
6 months, 3 weeks ago

Intel CEO to pitch board on plans to shed assets, cut costs, source says

The Hindu  

Intel CEO Pat Gelsinger and key executives are expected to present a plan later this month to the company’s board of directors to slice off unnecessary businesses and revamp capital spending, according to a source familiar with the matter, as they try to revive the once-dominant chipmaker's fortunes. The plan will include ideas on how to shave overall costs by …

Intel: Too big to turn, too vital to fail
7 months, 2 weeks ago

Intel: Too big to turn, too vital to fail

Live Mint  

The chips are down as never before for Intel. Intel is already the biggest fish in the American pond; the company’s current fabs account for about 41% of the country’s 300 mm wafer production capacity—the type of chip production most commonly used in key market segments—according to market research firm TechInsights. Intel’s data center revenue is projected to hit $12.6 …

Intel lays off 15,000 employees. CEO says ‘painful but more tough days ahead’
7 months, 3 weeks ago

Intel lays off 15,000 employees. CEO says ‘painful but more tough days ahead’

Hindustan Times  

Intel CEO Pat Gelsinger informed employees that the company is cutting jobs in order to save money and reduce costs. Intel will announce a enhanced retirement offering for eligible employees and offer an application program for voluntary departures next week. This is an incredibly hard day for Intel as we are making some of the most consequential changes in our …

Intel Layoffs: Chipmaker To Fire Over 15,000 Employees Amid Cost Cutting Measures
7 months, 3 weeks ago

Intel Layoffs: Chipmaker To Fire Over 15,000 Employees Amid Cost Cutting Measures

ABP News  

Intel Layoffs: The tech firm Intel will be laying off over 15,000 employees in an effort to overcome the losses the company has been experiencing. Additionally, it will reduce capital expenditures by over 20 per cent this year, restructure operations to eliminate non-essential activities, and review all ongoing projects and equipment to ensure spending remains in check. In the press …

Intel to lay off 15% of its workforce, cut $20 billion in costs
7 months, 3 weeks ago

Intel to lay off 15% of its workforce, cut $20 billion in costs

Firstpost  

Intel CEO Gelsinger emphasised the need to align Intel’s cost structure with a new operating model to improve margins and better position the company for future growth, especially as it faces a challenging outlook for the second half of 2024 CEO Gelsinger has noted that while investments in the AI PC market may pressure profit margins in the short term, …

Intel to lay off 17,500 employees, suspend dividend in turnaround plan; stock plunges
7 months, 3 weeks ago

Intel to lay off 17,500 employees, suspend dividend in turnaround plan; stock plunges

Live Mint  

Intel share price plunged 20% in extended trade, losing more than $24 billion in market value, after the chipmaker announced job cuts and suspension of its dividend. Intel said it would cut more than 15% of its workforce, around 17,500 people, and suspend its dividend starting in the fourth quarter amid plans of a turnaround focused on its money-losing manufacturing …

Chipmaker Intel to cut 15,000 jobs as it tries to revive its business and compete with rivals
7 months, 3 weeks ago

Chipmaker Intel to cut 15,000 jobs as it tries to revive its business and compete with rivals

LA Times  

Intel, based in Santa Clara, Calif., is also suspending its stock dividend as part of a broader plan to cut costs. “Simply put, we must align our cost structure with our new operating model and fundamentally change the way we operate,” he wrote in the memo published on Intel’s website. “Intel’s announcement of a significant cost-cutting plan including layoffs may …

Chipmaker Intel to cut 15,000 jobs as tries to revive its business and compete with rivals
7 months, 4 weeks ago

Chipmaker Intel to cut 15,000 jobs as tries to revive its business and compete with rivals

Associated Press  

Chipmaker Intel says it is cutting 15% of its huge workforce — about 15,000 jobs — as it tries to turn its business around to compete with more successful rivals like Nvidia and AMD. “Intel’s announcement of a significant cost-cutting plan including layoffs may bolster its near-term financials, but this move alone is insufficient to redefine its position in the …

Intel to cut more than 15% of workforce as it cuts costs to try to turn chip business around
7 months, 4 weeks ago

Intel to cut more than 15% of workforce as it cuts costs to try to turn chip business around

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Chipmaker Intel Corp. is cutting …

Intel Layoffs: Tech Firm Plans To Fire Thousands Of Employees, Says Report
7 months, 4 weeks ago

Intel Layoffs: Tech Firm Plans To Fire Thousands Of Employees, Says Report

ABP News  

Intel Layoffs: Intel reportedly plans to cut thousands of jobs as part of a cost-cutting strategy to support the critical initiative of recovering from recent earnings declines and market share losses. Intel’s Chief Executive Officer Pat Gelsinger is investing heavily in research and development to improve the firm’s technology and restore its leading position in the semiconductor industry. Under Gelsinger's …

Intel to delay construction on its $25 billion chip-manufacturing plant in Israel
9 months, 2 weeks ago

Intel to delay construction on its $25 billion chip-manufacturing plant in Israel

Firstpost  

Intel is currently expanding its operations across the world, albeit in a strategic manner and is therefore assessing which facilities need to be prioritised Intel has been reassessing its investment plans for expanding its production facilities. Image Credit: Reuters Intel has decided to push the construction of its highly anticipated $25 billion chip-manufacturing plant in Israel. Intel is currently expanding …

Intel Loses $7 Billion In Its Chip Business Battle With TSMC Last Year
11 months, 3 weeks ago

Intel Loses $7 Billion In Its Chip Business Battle With TSMC Last Year

News 18  

– Intel on Tuesday disclosed deepening operating losses for its foundry business, a blow to the chipmaker as it tries to regain a technology lead it lost in recent years to Taiwan Semiconductor Manufacturing. Intel said the manufacturing unit had $7 billion in operating losses for 2023, a steeper loss than the $5.2 billion in operating losses the year before. …

Intel to make world's largest AI chip factory in the US, spend over $100 billion across four states
1 year ago

Intel to make world's largest AI chip factory in the US, spend over $100 billion across four states

Firstpost  

Intel CEO Pat Gelsinger wants to build the largest AI chip manufacturing site in the world near Columbus, Ohio. The AI chip factory will be the centrepiece of Intel’s ambitious five-year spending plan to expand in the US Intel wants to build the world's largest AI chip making factory in Ohio, and plans to have it operational by 2027. Image …

Biden is giving Intel $8.5 billion for big semiconductor projects in 4 states
1 year ago

Biden is giving Intel $8.5 billion for big semiconductor projects in 4 states

NPR  

Biden is giving Intel $8.5 billion for big semiconductor projects in 4 states Enlarge this image toggle caption Brendan Smialowski/AFP via Getty Images Brendan Smialowski/AFP via Getty Images CHANDLER, Ariz. — President Biden announced a deal with Intel that will give the chipmaker up to $8.5 billion in grants and another $11 billion in loans to build semiconductor plants in …

Intel to lay off 235 employees over two weeks in the US
1 year, 3 months ago

Intel to lay off 235 employees over two weeks in the US

Live Mint  

Santa Clara-based IT major Intel Corporation is set to undertake its fifth round of job cuts from December 31, 2023. The company will lay off around 235 employees at its research and development facility in Folsom, Sacramento County over two weeks, as per the Hindustan Times. “Intel is working to accelerate its strategy while reducing costs through multiple initiatives, including …

Intel’s Big Chip-Making Push in Germany Hits Bottleneck
1 year, 6 months ago

Intel’s Big Chip-Making Push in Germany Hits Bottleneck

Live Mint  

MAGDEBURG, Germany—Intel says it needs 3,000 people to staff the semiconductor factory it plans to build in eastern Germany by the end of the decade. The German government trumpeted Intel’s planned development as a game changer, backed by federal subsidies totaling 10 billion euros—equivalent to $10.59 billion—that would help the economy pivot toward new industry. Intel and local officials said …

Intel to build $33-billion chip plant in Germany after government pledges to cover a third of the cost
1 year, 9 months ago

Intel to build $33-billion chip plant in Germany after government pledges to cover a third of the cost

LA Times  

German Chancellor Olaf Scholz, right, and Intel CEO Pat Gelsinger in Berlin at a signing ceremony for a new chip plant. Intel and the German government signed a deal Monday that will see the U.S. company spend more than $32.8 billion to build a chip manufacturing plant in the eastern city of Magdeburg, after Germany pledged to cover a third …

Intel Sees More Losses as PC Makers Sharply Cut Chip Buying In 2023
2 years, 2 months ago

Intel Sees More Losses as PC Makers Sharply Cut Chip Buying In 2023

News 18  

-Intel Corp said it expects to lose money in the current quarter, surprising investors with a bleaker-than-expected outlook for both the PC market and slowing growth in its key data center division. "We expect some of the largest inventory corrections literally that we've ever seen in the industry taking place that's affecting the Q1 guide in a meaningful way," Intel …

Microsoft profit drops 12% to $16.4B as revenue grows at its slowest pace in six years
2 years, 2 months ago

Microsoft profit drops 12% to $16.4B as revenue grows at its slowest pace in six years

Daily Mail  

A slew of tech companies have announced cost-cutting measures, with Amazon, Apple and Google-parent Alphabet all announcing hiring slowdowns or freezes. Twitter laid off half its workforce across teams ranging from communications and content curation to product and engineering Musk previously said there was no other choice but to impose mass layoffs as the company loses hundreds of millions of …

Tech wreck sweeping Silicon Valley wipes out jobs paying combined $12B annually
2 years, 2 months ago

Tech wreck sweeping Silicon Valley wipes out jobs paying combined $12B annually

Daily Mail  

A slew of tech companies have announced cost-cutting measures, with Amazon, Apple and Google-parent Alphabet all announcing hiring slowdowns or freezes. Twitter laid off half its workforce across teams ranging from communications and content curation to product and engineering Musk previously said there was no other choice but to impose mass layoffs as the company loses hundreds of millions of …

Intel splits graphic chips unit into two
2 years, 3 months ago

Intel splits graphic chips unit into two

The Hindu  

Intel Corp. is splitting its graphic chips unit into two, the company said on Wednesday, as it realigns the business to better compete with Nvidia Corp. and Advanced Micro Devices. The consumer graphics unit will be combined with Intel's client computing group, which makes chips for personal computers, while accelerated computing teams will join its data center and artificial intelligence …

Layoff watch: These tech firms are looking at job cuts amid economic slowdown
2 years, 3 months ago

Layoff watch: These tech firms are looking at job cuts amid economic slowdown

Hindustan Times  

Layoffs are accelerating across technology companies. “This is not about reducing our workforce — in fact we’ll have roughly the same number of employees at the end of this fiscal year as we had when we started,” Herren said. “We need 2023 to be a period where we can better execute without having to change plans in response to external …

Tech job cuts - including mass layoffs at Meta and Twitter - are accelerating
2 years, 4 months ago

Tech job cuts - including mass layoffs at Meta and Twitter - are accelerating

Daily Mail  

A slew of tech companies have announced cost-cutting measures, with Amazon, Apple and Google-parent Alphabet all announcing hiring slowdowns or freezes. Twitter laid off half its workforce across teams ranging from communications and content curation to product and engineering Musk previously said there was no other choice but to impose mass layoffs as the company loses hundreds of millions of …

Intel set to lay offs employees as it cuts billions of dollars in spending
2 years, 5 months ago

Intel set to lay offs employees as it cuts billions of dollars in spending

India TV News  

Highlights Intel is likely to layoff people from both operations and sales departments Earlier reports stated Intel is planning job cuts that can run in thousands Intel posted $15.3 billion in revenue in Q3, flat sequentially Chip-maker Intel will begin to lay off workers soon as the company plans to drive nearly $3 billion in annual savings in the near …

Intel to slash several jobs amid PC market slowdown
2 years, 5 months ago

Intel to slash several jobs amid PC market slowdown

The Hindu  

Intel is cutting several jobs after a slowdown in the PC market sends the global chipmaker and PC vendors reeling, report said. Besides the PC vendors themselves, one of the companies most affected by the decline in the PC market is Intel, which is now cutting thousands of jobs to reduce losses in its revenue, 9to5 Mac reported. Intel losing …

Intel To Increase Chipset Prices Due To Rising Costs: What It Means For You
2 years, 8 months ago

Intel To Increase Chipset Prices Due To Rising Costs: What It Means For You

News 18  

-Intel Corp said on Thursday it has started informing customers of its plan to raise prices for many of its chip products due to rising costs, a move that the company had first hinted in its first-quarter earnings call on April 28. The price increases could come into effect in autumn and the percentage increases are likely to range from …

Intel plans $20 bln chip manufacturing site in Ohio
3 years, 2 months ago

Intel plans $20 bln chip manufacturing site in Ohio

The Hindu  

Intel Corp will invest $20 billion in two new plants in Ohio to make advanced chips, the company said on Friday, the first step to a "mega-site" that can accommodate eight chip factories costing $100 billion. Chief Executive Pat Gelsinger is driving Intel plans to expand, especially in Europe and the United States, as it seeks to heat up competition …

Intel will build Ohio computer chip factories amid global shortage
3 years, 2 months ago

Intel will build Ohio computer chip factories amid global shortage

LA Times  

Intel will spend $20 billion on a new semiconductor manufacturing facility in Ohio. Intel will invest $20 billion in a new computer chip facility in Ohio amid a global shortage of microprocessors used in a wide variety of products, including phones, cars and video games. “Intel’s work is essential to our efforts to rebuild America’s chip building capacity and create …

Intel is building a $20 billion computer chip facility in Ohio amid a global shortage
3 years, 2 months ago

Intel is building a $20 billion computer chip facility in Ohio amid a global shortage

NPR  

Intel is building a $20 billion computer chip facility in Ohio amid a global shortage Enlarge this image toggle caption Richard Drew/AP Richard Drew/AP COLUMBUS, Ohio — Intel will invest $20 billion in a new computer chip facility in Ohio amid a global shortage of microprocessors used in everything from phones and cars to video games. "Intel's work is essential …

Intel shows research for packing more computing power into chips beyond 2025
3 years, 3 months ago

Intel shows research for packing more computing power into chips beyond 2025

The Hindu  

Research teams at Intel Corp on Saturday unveiled work that the company believes will help it keep speeding up and shrinking computing chips over the next ten years, with several technologies aimed at stacking parts of chips on top of each other. While Intel CEO Pat Gelsinger has laid out commercial plans aimed at regaining that lead by 2025, the …

Intel to invest up to 80 bln euros in boosting EU chip capacity-CEO
3 years, 6 months ago

Intel to invest up to 80 bln euros in boosting EU chip capacity-CEO

The Hindu  

Intel Corp on Tuesday said it could invest as much as 80 billion euros in Europe over the next decade to boost the region's chip capacity and will open up its semiconductor plant in Ireland for automakers. Intel CEO Pat Gelsinger, speaking at Munich's IAA auto show, also said the company would announce the locations of two major new European …

Intel reiterates chip supply shortages could last several years
3 years, 9 months ago

Intel reiterates chip supply shortages could last several years

The Hindu  

Intel Corp's CEO said on Monday it could take several years for a global shortage of semiconductors to be resolved, a problem that has shuttered some auto production lines and is also being felt in other areas,including consumer electronics. "But while the industry has taken steps to address near term constraints it could still take a couple of years for …

Intel offers up factories to ease chip shortage
3 years, 11 months ago

Intel offers up factories to ease chip shortage

The Telegraph  

Intel is in talks with car makers to quickly produce bulk orders of computer chips within the next nine months in an attempt to remedy a shortage that has ground production to a halt. Pat Gelsinger, Intel's chief executive, told officials and business executives at a White House briefing on Monday that his company's new third-party manufacturing division could help …

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