this post was submitted on 01 Aug 2024
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Intel is laying off over 15,000 employees and will stop ‘non-essential work’ (www.theverge.com)
submitted 1 month ago by Eezyville@sh.itjust.works to c/technology@lemmy.world
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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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[–] buddascrayon@lemmy.world 108 points 1 month ago (12 children)

While Intel has absolutely been losing money on its chipmaking Foundry business as it invests in new factories and extreme ultraviolet (EUV) lithography, to the tune of $7 billion in operating losses in 2023 and another $2.8 billion this quarter, the company’s products themselves aren’t unprofitable.

So what I'm getting here is that the CEO and or the board decided to invest in something that is losing a ton of money and so now 15% or more of the people who have been working diligently to actually make the company money are going to pay for it by losing their job.

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