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{"id":1305308,"date":"2024-08-02T22:00:22","date_gmt":"2024-08-03T03:00:22","guid":{"rendered":"https:\/\/kazushige.run\/?p=1305308"},"modified":"2024-08-02T22:00:25","modified_gmt":"2024-08-03T03:00:25","slug":"intel-laying-off-15000-employees-as-nvidia-cuts-into-market-share","status":"publish","type":"post","link":"https:\/\/kazushige.run\/business\/news\/intel-laying-off-15000-employees-as-nvidia-cuts-into-market-share","title":{"rendered":"Intel laying off 15,000 employees as Nvidia cuts into market share"},"content":{"rendered":"

Intel chief executive Pat Gelsinger has notified staff the company plans to lay off a massive 15,000 employees\u2014equivalent to 15 percent of its workforce\u2014in order to save $10 billion USD as strong tech competitors AMD and Nvidia sail past the bleeding brand.<\/p>

Gelsinger detailed more of the company\u2019s intentions following the layoffs in a public memo published on Aug. 1<\/a>, noting an awareness this news will cause pain to the thousands of people who will be laid off to save costs going into 2025. These layoffs are partially a result of the way Intel and other companies have bet big on new trends in tech such as artificial intelligence, but have not seen the expected returns.<\/p>

Intel stock has plummeted by a third in a single day. Image via Intel<\/figcaption><\/figure>

There have been other factors that have determined Intel’s fate, with a report from CNN<\/a> suggesting Intel made an oversight by failing to invest in the mobile wave that has driven other tech companies forward. Intel earnings have fallen a point this past quarter, while the Aug. 1 layoff and restructuring had the stock market buzzing: The tech giant dropped 33 percent in a single day<\/a> according to MarketWatch.<\/p>

Gelsinger emphasized the costs that Intel has incurred as such a large company, stating that it made $24 billion more in 2020 compared to now, adding the workforce is 10 percent larger now than it was back then. He also said the company\u2019s current goal is to take “bolder actions” that stimulate growth while keeping the company lean.\u00a0“There\u2019s too much complexity, so we need to both automate and simplify processes. It takes too long for decisions to be made, so we need to eliminate bureaucracy. And there\u2019s too much inefficiency in the system, so we need to expedite workflows,” he said.<\/p>

While not exactly identical, it is noteworthy that these layoffs follow the harrowing past two years the gaming industry has faced (and

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