Intel is laying off over 15,000 employees and will stop ‘non-essential work’
Intel is laying off over 15,000 employees and will stop ‘non-essential work’
That’s a lot of layoffs.
So they got all that money from Uncle Sam's CHIPS Act only to lay off 10,000 employees and make themselves "lean". Govt funded unemployment.
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Didn't expect CHIPS to backfire this fast lol.
Chips Act, Take 1: Hey Intel here's 8 Billion dollars to make us more chips in the US. Intel: I gotta let 15,000 of you go, there's just not enough money......
I thought they would be more tacit about it. This is too obvious and too soon after taking taxpayers’ money. But they probably don’t care anyways. Who is going to stop them or hold them accountable?
It got us a TSMC fab, soon ish maybe lol
I don't think it backfired...I truly don't believe the Chips act is a jobs act. It is to address manufacturing gaps in semiconductors within the US. The US government wants semiconductor manufacturers to update foundries and gave them money to do so. The jobs that have been added within the industry have been icing on the cake but not the original intent imho.
Is this really a backfire? My read is that they're actually focusing on their core business (plus cutting down marketing). It sounds like the right move, but maybe I'm too optimistic?
The CHIPS plants just started being built a few months ago. This is bad for the employees and short-term investors, but long-term Intel will be fine and the plants will be a net positive to the country.