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Benzinga
Benzinga
Business
Ananya Gairola

Intel CEO Says He's 'Making Hard But Necessary Decisions' As Chipmaker Announces Massive Layoffs, Project Cancellations

Intel Corporation LipBu Tan INTC Semiconductor
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Intel Corporation (NASDAQ:INTC) is undertaking sweeping layoffs and global project cuts as part of a major overhaul aimed at restoring its competitive edge in the AI-dominated semiconductor landscape.

What Happened: On Thursday, after posting its second-quarter earnings, Intel CEO Lip-Bu Tan shared a memo with employees saying that the company will reduce its workforce to 75,000 employees by the end of the year through layoffs and attrition.

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