Intel CEO Unveils Cost-Cutting Plan

Intel CEO Pat Gelsinger is set to unveil a restructuring plan to the company's board this month, aiming to address a recent $1.6 billion quarterly loss and revitalize the faltering chipmaker. The proposal is expected to include selling the programmable chip unit Altera and potentially delaying or cancelling a $32 billion factory in Germany. Analysts note that the company has already separated its foundry operations from its design business to reassure customers. This restructuring comes as Intel struggles against competitors like Nvidia, which dominates the AI chip market, causing Intel's market value to drop below $100 billion. Additionally, Intel announced significant cost-cutting measures, including laying off 15% of its workforce and halting dividend payments. The finalized details of Gelsinger's plan are still pending and may evolve before the board meeting in mid-September.