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.In a memo to staff, Intel Corp. CEO Pat Gelsinger said Thursday the company plans to save $10 billion in 2025.“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.
investment in domestic manufacturing and the surging global demand for AI chips to establish itself in chip fabrication.”Gelsinger noted in a conference call with analysts that Intel has previously said that its investments in the AI PC market would pressure its profit margins over the short term but should benefit the company in the long term.“We believe the trade-offs are worth it. The AI PC will grow from less than 10% of the market today to greater than 50% in 2026,” he said.