Intel CEO to pitch board on plans to shed assets, cut costs, source says
Intel Chief Executive Officer Pat Gelsinger and key executives plan to present a plan to the company's board later this month to cut nonessential businesses and restructure capital spending in an effort to revive the chipmaker's once-dominant position, according to people familiar with the matter. The plan also includes ideas about how to cut overall […]
House Intel Chair Turner says Biden-Harris response on Iran threat to election is ‘dangerously insufficient’
First appeared on FOX: House Intelligence Committee Chairman Mike Turner called on President Biden to take “immediate and strong action” against Iran after intelligence agencies determined the Iranian regime is “actively” trying to influence the 2024 presidential election, saying the Biden administration's response has been “dangerously inadequate.” Turner, a Republican from Ohio, expressed “deep concerns” […]
US failure in Taliban intel has opened Afghanistan up to Russia, China
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Intel CEO gets mocked for quoting Bible verses in viral post — but there’s a major problem for his critics
Intel CEO Pat Gelsinger became a social media sensation this week when he quoted the Bible after his company announced plans to lay off more than 15,000 employees. Last week, Intel Announced After posting two consecutive quarters of losses of about $2 billion, semiconductor chipmaker Intel has implemented $10 billion worth of cost-cutting measures, including […]
Intel Announces Dismal Financial Results, Will Lay Off 15,000 Workers
Intel, the world’s largest chipmaker, has announced a massive $10 billion cost-cutting plan that includes cutting more than 15,000 jobs, or about 15% of its global workforce, while the administration plans to spend $8.5 billion as part of the CHIPS Act, which aims to create high-tech jobs. The Verge Reports Intel CEO Pat Gelsinger announced […]
Intel suffers one of its worst days in 40 years as stock plunges 26% after earnings miss
Intel shares plunged more than 25% in trading on Friday, its worst trading day in 40 years. The company: Disappointing predictions The company said it would cut its workforce by 15%, deepening concerns about whether it can keep up with Taiwan’s TSMC and other chip makers. “Intel’s problems are now approaching an existential threat in […]
Intel to cut 15,000 jobs after 'disappointing' second quarter results
Intel plans to cut 15,000 jobs, or about 15% of its workforce, CEO Pat Gelsinger said in a memo to employees on Thursday. The layoffs come as part of an effort to achieve $10 billion in cost savings by 2025 after the chipmaker reported “disappointing” second-quarter results. “This is tough news for me,” Gelsinger said, […]
Massive Layoffs At Intel With Tech 15K Jobs Cut, $1.6B Loss After Biden Administration Funding
Intel announced major layoffs on Thursday, cutting 15,000 jobs after a $1.6 billion loss, despite receiving a large amount of funding from the Biden administration. Intel is cutting 15 percent of its workforce, or about 15,000 jobs, as it restructures its business and seeks to better compete with industry leaders such as Nvidia and AMD. […]
Intel cuts whopping 15K jobs, posts $1.6B loss just months after getting Biden funds
Chipmaker Intel is cutting 15% of its vast workforce, or about 15,000 jobs, as it tries to restructure its business to compete with more successful rivals such as Nvidia and AMD. Intel CEO Pat Gelsinger said in a memo to employees on Thursday that the company plans to cut costs by $10 billion in 2025. […]
Intel stock, chipmakers, AI, job cuts
Jason Katz, managing director and senior portfolio manager at UBS, discusses in Varney & Co. whether big tech earnings will boost the stock market. Intel shares plummeted after the company said it would cut about 17,000 jobs and suspend dividend payments as part of a massive cost-cutting plan. The company plans to “resize and refocus” […]