Intel announces massive layoffs

Intel announced on Thursday that it plans to cut its global workforce to 75,000 by the end of this year from 99,500 by the end of 2024. The layoffs include employees who left in the second quarter, and the remaining layoffs will be carried out through natural attrition and "other means." Intel also said it would make major adjustments to its foundry business, including canceling projects in Germany and Poland and integrating operations in Costa Rica.