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Intel is laying off over 15,000 employees and will stop ‘non-essential work’
The Verge ^ | 8/1/24 | Alex Castro

Posted on 08/01/2024 6:08:47 PM PDT by CFW

Intel’s on a long, long road to recovery, and over 15,000 workers will no longer be coming along for the ride. The chipmaker just announced it’s downsizing its workforce by over 15 percent as part of a new $10 billion cost savings plan for 2025, which will mean a headcount reduction of greater than 15,000 roles, Intel tells The Verge. The company currently employs over 125,000 workers, so layoffs could be as many as 19,000 people.

Intel will reduce its R&D and marketing spend by billions each year through 2026; it will reduce capital expenditures by more than 20 percent this year; it will restructure to “stop non-essential work,” and it’ll review “all active projects and equipment” to make sure it’s not spending too much.

“This is painful news for me to share. I know it will be even more difficult for you to read,” reads part of a memo from Intel CEO Pat Gelsinger to staff, which you can also read in full at the bottom of this post.

The company just reported a loss of $1.6 billion for Q2 2024, substantially more than the $437 million it lost last quarter. “Our Q2 financial performance was disappointing, even as we hit key product and process technology milestones,” admitted Gelsinger in the company’s press release. “Our revenues have not grown as expected — and we’ve yet to fully benefit from powerful trends, like AI,” he writes in his employee memo.

(Excerpt) Read more at theverge.com ...


TOPICS: Business/Economy; Culture/Society; Front Page News; Government; Politics/Elections
KEYWORDS: bidenlegacy; bidenomics; economy; gowokegobroke; intel; recession
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To: Blue Highway
"new home sales not looking good.”

New homes will need new appliances. These appliances need solid state technology to run them. Companies like Intel fabricate the chips for that technology. We can blame the Biden crap job on the economy for those Intel layoffs. I'm worried about the chain reaction to entire country.

61 posted on 08/02/2024 12:12:00 AM PDT by jonrick46 (Leftniks chase illusions of motherships at the end of the pier.)
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To: CFW

Safeway is closing locations. Walgreens is closing thousands of its stores. Applebee’s, Macy’s and Reb Lobster are among the corporate companies closing stores across the United States in 2024. I compare this to the rumblings of a volcano before it blows. Blame the DemonKKKrats for setting the downturn in motion—on purpose!


62 posted on 08/02/2024 12:22:51 AM PDT by jonrick46 (Leftniks chase illusions of motherships at the end of the pier.)
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To: CFW

Layoffs are one thing, but cutting R&D will kill your future.


63 posted on 08/02/2024 12:30:08 AM PDT by Rummyfan (I’m In any war between the civilized man and the savage, support the civilized man.)
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To: CFW

In my area the increasing deaths of the boomers has opened up a glut of upscale second hand vintage furniture shops tht cater to the younger people. That and marketplace and craigslist are now furniture buying meccas.

Boomer retirements have also fuel the closing of a number of long term single and multi generation business in the area.

Boomers just didn’t have enough children.


64 posted on 08/02/2024 2:25:38 AM PDT by Chickensoup
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To: CFW

In my area the increasing deaths of the boomers has opened up a glut of upscale second hand vintage furniture shops tht cater to the younger people. That and marketplace and craigslist are now furniture buying meccas.

Boomer retirements have also fuel the closing of a number of long term single and multi generation business in the area.

Boomers just didn’t have enough children.


65 posted on 08/02/2024 2:25:47 AM PDT by Chickensoup
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To: ClearCase_guy

If they were fully benefiting from the powerful trend of AI, they would own Nvidia’s market—and have Nvidia’s 25,000 employee equivalent added to their staff.


66 posted on 08/02/2024 2:33:34 AM PDT by 9YearLurker
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To: imabadboy99
The H1Bs and Indian invaders will still be employed.

Why attack them? I don't support H1B programs, but we're the ones who wanted the cheap labor (as long as they didn't replace us) and they took the opportunities we gave them. What did THEY do wrong?

67 posted on 08/02/2024 3:30:58 AM PDT by TwelveOfTwenty (Will whoever keeps asking if this country can get any more insane please stop?)
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To: TwelveOfTwenty
What did THEY do wrong?

Because many Indians will only hire Indians, that's why.

68 posted on 08/02/2024 3:55:11 AM PDT by Yossarian
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To: CFW

I think they might be okay losing (aka not cheating much) in the election so they can hang the coming failure on DJT...if they don’t succeed killing him first.


69 posted on 08/02/2024 4:03:27 AM PDT by small farm girl
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To: Chickensoup
Boomers just didn’t have enough children.

What an ignorant & bigoted statement!

70 posted on 08/02/2024 4:18:17 AM PDT by newfreep ("There is no race problem...just a problem race")
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To: CFW
Intel will reduce its R&D and marketing spend by billions

Reducing marketing expenses probably good. Reducing R&D? Not smart if they want to catch-up and compete with AMD and NVIDIA.

71 posted on 08/02/2024 4:23:24 AM PDT by usconservative (When The Ballot Box No Longer Counts, The Ammunition Box Does. (What's In Your Ammo Box?))
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To: CFW

Intel outside?


72 posted on 08/02/2024 4:29:33 AM PDT by P.O.E. (Pray for America.)
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To: CFW

Bad stock prices, gee, who would have thought that companies with Price earnings ratios of 1000 to one or non existent would merit such a bad run.

I thought Bidet was going to be the technology president. At least that is what one of his handlers told him to stutter.


73 posted on 08/02/2024 4:43:43 AM PDT by Mouton (A 150MT hit may not solve our problems now but is a good start. )
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To: CFW

Intel - one of the original “woke” corporations, and with the Inel Foundation funding grants to “woke” interests globally.


74 posted on 08/02/2024 6:00:57 AM PDT by Wuli
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To: SteveH

In the future, at least two large computer manfacturing companies may be working to combine RISC (ARM, RISC-V, PPC, etc) CPU processors with GPUs, putting more pressure on (CISC based) Intel CPU sales (one is Nvidia).

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Actually Nvidia already has one out. Look up Garace Hopper. Researchers are lining up to throw wads of cash at this platform. GH200...


75 posted on 08/02/2024 6:06:43 AM PDT by mlitefan (Long time lurker...)
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To: CFW

Will they keep all the H-1B workers and lay-off Americans?


76 posted on 08/02/2024 7:16:10 AM PDT by Tommy Revolts (,,)
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To: newfreep

Not really.

Not bigoted

Not ill-informed


77 posted on 08/02/2024 7:25:30 AM PDT by Chickensoup
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To: Chickensoup
FACTUAL REALITY 101 for leftists unable to grasp reality...like you:


78 posted on 08/02/2024 7:39:59 AM PDT by newfreep ("There is no race problem...just a problem race")
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To: CFW

that is their plan...
trump is NOT their target... WE are... AMERICA

they HATE the USA and the foundational truths that uphold her historically... a largely God FEARING population occupied territory that has promoted the Bible, Faith, Churches and Truth... a large place on the globe that in some major portion has tolerated confession, repentance, commandments both the old and the new... and who sought after freedom, justice, truth and sovereign individual convictions that made this a nation of individuals who practice the sovereignty of God and individual conscience... and who command and own all the forms of governance... but without any mob despotism... This is now being over run in the name of democrat-sy. aka: mobocracy. They can’t govern and own it all, so the alternative for them is to destroy it.

Satan just can’t quite get his hands on us. For some reason that still remains opaque to them... the kingdoms of this world HAVE become, the kingdoms of our LORD and of his Christ. it’s going to get interesting.


79 posted on 08/02/2024 7:48:56 AM PDT by MIA_eccl1212 (10-10-10-10)
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To: mlitefan

> Actually Nvidia already has one out. Look up Garace Hopper. Researchers are lining up to throw wads of cash at this platform. GH200...

Yes...

https://www.tomshardware.com/pc-components/cpus/nvidias-first-cpugpu-chips-come-to-ai-workstation-desktop-pcs

and blackwell...

https://www.tomshardware.com/tech-industry/artificial-intelligence/nvidia-to-deliver-blackwell-engineering-samples-this-week-chips-on-track-for-fourth-quarter-launch

(with vera rubin coming...)


80 posted on 08/02/2024 8:09:40 AM PDT by SteveH
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