Intel was set to erase nearly $25 billion US in stock market value on Friday in potentially its worst selloff since 2000 after it suspended dividend and slashed workforce to fund a costly turnaround for its chipmaking business.·Intel's logo is pictured during preparations at the CeBit computer fair in Hanover, Germany, in 2017. The California company was set to erase nearly $25 billion US in stock market value on Friday in potentially its worst selloff since 2000.
He said there would be "going concern" talks in other circumstances, but Intel could add $40 billion in cash to its balance sheet by the end of 2025 through the moves, as well as subsidies and partner contributions.CBC News reached out to Intel to ask whether employees in Canada were impacted by the layoffs. A statement from the company said that it would not be disclosing specific headcount numbers by site or geography.
Part of the dotcom era's Four Horsemen — along with Cisco Systems, Microsoft and Dell — Intel's stock market value peaked at nearly $500 billion in 2000 before slumping that year and never fully recovering. The selloff was also set to leave Intel worth less than Applied Materials and Lam Research, companies that supply equipment for Intel's fabrication plants.
Its server chip business has been taking a hit for several years as companies prioritize spending on AI chips, where it lags rival Nvidia, which has become one of the world's most valuable firms thanks to booming demand for its processors.