Intel to Downsize Workforce to 75,000 “Core Employees”

Whoa, okay, so here we go — Intel, right? Big tech giant, used to be the king of the chip world back in the day. But lately? It’s been a rollercoaster, and not the fun kind. Do you ever wonder how these bigwigs always seem to end up in hot water? I mean, just last month, they decided to lay off a ton of people in the U.S. because they wanna dive headfirst into AI. Wild, huh?

They did this big reveal about their Q2 earnings — whatever that really means — and boom, they’re trimming down to a “core” of 75,000 employees. The Verge did some math and, yikes, that means roughly 24,000 folks are out. That’s like emptying a small city.

Oh, and fun plot twist, they’re backing away from those big plans to build massive sites in Germany and Poland. Why? I have no clue. Those places were supposed to create tons of jobs. Probably not happening now.

Then there’s Costa Rica. They’ve decided to move stuff to Vietnam but are keeping some operations there. It’s confusing, right? Intel’s CFO — David Zinsner, if names interest you — mentioned Ohio too, with some slow-downs. Something about aligning construction with market demands. Sounds like corporate speak for “we’re watching our pennies.”

And, hold your breath, ’cause Intel’s trying to save $17 billion next year. Despite all this, they’re still losing money. No idea when the next layoffs are coming. Nobody likes guessing games like this.

Are you keeping up with the chaos? Intel, once top dog, is now in a tough spot. They sorta missed the boat on mobile and AI chips while others, like Apple and NVIDIA, zoomed ahead. Seems they were a bit too comfy with their glory days.

Get this — they reported a $7 billion loss in 2023. That’s after losing $5.2 billion in 2022. Thanks to folks at TechWire for those juicy details. Way to plunge us into reality.

Amidst this, Intel tried releasing new AI chips in 2024, only to lag behind the competition. And to top it off, their ex-CEO, Pat Gelsinger, made a mess by shaking the TSMC deal — imagine losing a 40% discount on something crucial! All because, well, he thought Taiwan wasn’t stable. Whoops.

On a side note, PCs are suddenly opting for AMD over Intel more now. Change is in the air, isn’t it?

So what’s next for Intel? They’re pinning their hopes on some upcoming chips like Panther Lake and Nova Lake. The expectation is they’ll turn things around. Who knows? Maybe they’ll surprise us all. But honestly? I wouldn’t place bets just yet. 🤷‍♀️