Intel is laying off 15,000 employees as part of a $10 billion cost-saving plan, announced by CEO Pat Gelsinger.
The company is struggling with intense competition from NVIDIA and others, and it has faced difficulties in capitalizing on trends in AI, server tech, and GPUs.
The layoffs aim to address high costs and low margins, with Intel particularly facing challenges in its Intel Foundry business.
Gelsinger emphasized the need for efficiency and product simplification, warning that more tough days are ahead but expressing hope for future growth.
