Intel to Lay Off Thousands in Bid to Recover Amid Falling Revenues and Market Share
Intel is set to lay off thousands of workers as part of its efforts to finance a recovery amid declining revenues and shrinking market share. Despite being a dominant player in the personal computer market, the US chipmaker has struggled to keep pace with the growing demand for AI chips.
CEO Pat Gelsinger has spearheaded significant investments in enhancing Intel’s manufacturing capabilities and improving its technological prowess. Traditionally focused on designing and producing its own chips, Intel now plans to enter the foundry business, manufacturing chips for other companies.
Why does this matter?
Intel’s drive for innovation is crucial at this moment, as the company’s dominance in the semiconductor industry has waned, even as the importance of semiconductors has surged due to the AI revolution. With competitors like NVIDIA, TSMC, Qualcomm, and MediaTek emerging as industry leaders, Intel’s cost-cutting measures are a strategic move to regain its market position.
