Chip giant Intel Corp., which has about 1,10,000 employees globally, is reportedly planning to lay off thousands of jobs as a cost-cutting measure and recover from its losses, according to a Bloomberg report. There are rumours abuzz that the figures could be a staggering 10,000 techies being handed the pink slip. Per media reports, the company will exercise layoffs as early as this week, probably before announcing its second quarterly earnings. The company had earlier, in 2023, announced the same. It reduced the workforce by 5% in 2022. Intel expects to save up to $10 billion by 2025 with the job cuts.
Intel plans to eliminate thousands of jobs to reduce costs and fund an ambitious effort to rebound from an earnings slump and market share losses https://t.co/jhK95CQdVU— Bloomberg (@business) July 30, 2024
#Intel Corp. is set to cut thousands of jobs to cut costs and revitalize its market position.
The announcement could come this week ahead of its Q2 earnings report. #Layoff
Read here: https://t.co/vC5SSR4FMj pic.twitter.com/NbynbqLUxD— Mint (@livemint) July 31, 2024
Intel plans to layoff up to 10,000 employees #MacroEdge— MacroEdge (@MacroEdgeRes) July 30, 2024
Learn more: https://t.co/Dcagrt0YT5#intel #business #layoff #layoffs #layoffs2023 pic.twitter.com/BNMm3Bywff— 80 LEVEL (@80Level) May 10, 2023
The move comes in the wake of rival chipmakers like Nvidia Corp. growing in leaps and bounds with focus on AI. Big guns, including Elon Musk’s EV and AI companies, are collaborating with Nvidia for their AI computational needs. Most LLMs by major tech giants deploy Nvidia GPUs for processing. With growing AI computing needs, Intel is sluggishly pivoting, with its new AI chip, Gaudi 3, unveiled in April 2024. The Intel offering boasts 1.5x more speed than the Nvidia H100, which is being used by Elon Musk’s xAI in the development of the next version of Grok AI.
Intel reveals details of new AI chip to fight Nvidia dominance https://t.co/7IelyYtfgR pic.twitter.com/BszIvorRXx— Reuters Tech News (@ReutersTech) April 9, 2024
The #IntelGaudi 3 #AI accelerator offers a highly competitive alternative to NVIDIA’s H100 with higher performance, increased scalability, and PyTorch integration. Explore more key product benefits. https://t.co/sXdQKjYFw0 pic.twitter.com/iJSndBQkvT— Intel AI (@IntelAI) April 9, 2024
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