According to "people familiar with the company's plans," Intel may soon eliminate thousands of jobs to decrease costs and fund an ambitious attempt to rebound from recent earnings slumps and market share losses. The reports, from anonymous sources familiar with the company’s plans, tell Bloomberg the announcement could come as early as this week.
According to Bloomberg, Intel CEO Pat Gelsinger has been "spending heavily on research and development projects." The extra spending is hoped to enhance Intel’s technology and regain its prominence in the semiconductor industry. The company has lost ground to rivals, including AMD and Nvidia.
