Intel is laying off 15,000 people: 'We are making some of the most consequential changes in our company's history'

Intel Core i9 14900K CPU on a box and inside a motherboard socket.

Intel will be cutting 15,000 jobs, or 15% of its workforce, by the end of the year. The chip company has announced it aims to save $10 billion in 2025 as it reports no profits whatsoever from the previous three months.

"We plan to deliver $10 billion in cost savings in 2025, and this includes reducing our head count by roughly 15,000 roles, or 15% of our workforce," says Intel CEO Pat Gelsinger in a note to employees.