INTEL IS LAYING OFF OVER 15,000 EMPLOYEES AND WILL STOP ‘NON-ESSENTIAL WORK'

Summary from the TLDR newsletter

Intel is downsizing its workforce by over 15 percent as part of a new cost savings plan for 2025. The $10 billion cost saving plan will mean a headcount reduction of greater than 15,000 roles. Intel plans to reduce its R&D and marketing spending by billions each year through 2026, reduce capital expenditures by more than 20 percent this year, restructure to stop non-essential work, and review all active projects and equipment to make sure it's not spending too much. The company recently reported a loss of $1.6 billion for Q2, which is substantially more than the $437 million it lost the previous quarter.