Intel's Mass Layoffs | The Gestalt IT Rundown: August 7, 2024

Tech Field Day News Rundown · Aug 7, 2024 · 29m

It's not a great day for Intel and some 15,000 workers. In the earning call last week the CPU giant revealed that while they hit their revenue target numbers this past quarter there are storm clouds on the horizon. Challenges from AI companies as well as issues with some of their most recent chip designs has Pat Gelsinger looking to cut costs. The way that was expressed to the industry was through massive layoffs. Intel is shedding 15% of their overall workforce and suspending the payment of dividends through the end of the year. Analysts, including our own Daniel Newman, have said that Intel…