Intel plans to cut over 20% of its workforce this week, marking a significant restructuring under new CEO Lip-Bu Tan, as reported by Bloomberg. This move aims to reduce bureaucracy and restore an engineering-focused culture at the company, which has faced three years of declining sales and lost ground to competitors like Nvidia in AI computing. Tan, who recently took over, has already started divesting non-core assets, including selling a 51% stake in the Altera programmable chips unit to Silver Lake.
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