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 3 months ago by Eezyville@sh.itjust.works to c/technology@lemmy.world

234 comments fedilink hide all child comments

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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[–] hardcoreufo@lemmy.world 27 points 3 months ago (1 children)

I work in the industry and my understanding of the chips act is certain goals must be met in order to receive money. Something like in order to get this 50 million, you must buy 100 million of new equipment and facilities improvement. In order to get this 25 million you must have 50 million worth of new jobs. These requirements were also spread out over years so you couldn't artificially inflate your work force or sell off equipment.

Not saying Intel doesn't suck, but I doubt they are getting chips act money now. Or they will have to have a big turn around in the next few years to do so. They certainly aren't getting a free 8 billion.

[–] kandoh@reddthat.com 13 points 3 months ago (1 children)

These layoffs will only be for a quarter or two. Just enough for the c-levels to unlock their full bonuses.

[–] interdimensionalmeme@lemmy.ml 13 points 3 months ago (4 children)

And create a glut in their labour market niche, which will take many years before the wages recover to what they were. In the current 20 year permanent labour shortage scenario, this is the way to prevent wages from increasing. Sure these demand shocks will create issues by they're making the bet the lower overall expenses for wages will make it all worth it. This is them leveraging the imbalance of power been employer and employee

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[–] TropicalDingdong@lemmy.world 26 points 3 months ago (1 children)

Seems like a great time to buy AMD, ARM and QUAL

[–] Allonzee@lemmy.world 26 points 3 months ago* (last edited 3 months ago)

This is an admisson of no future.

They're throwing crew out of their boat full of holes to assure investors they're ship shape... for the next quarterly profit report.

Their corpse will be long since picked clean of their patents, assets, and trademarks by 2030.

[–] FiniteBanjo@lemmy.today 24 points 3 months ago (2 children)

Somebody should make a Borat Meme with AMD and Intel "Big Success!"

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[–] Cossty@lemmy.world 22 points 3 months ago (1 children)

While i dont like intel, I hope they wont sack GPU division.

[–] bitwaba@lemmy.world 18 points 3 months ago (1 children)

They won't. That's their springboard into that multi trillion dollar AI market everyone keeps talking about

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[–] PanArab@lemm.ee 21 points 3 months ago* (last edited 3 months ago) (4 children)

So the semiconductor jobs and manufacturing aren't coming back to the US?

Who else saw this coming? Because I did.

I remember telling people that and they wouldn’t believe it. Time has a way of making the unknown known.

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[–] A1kmm@lemmy.amxl.com 17 points 3 months ago

This sort of thing is increasingly making TSMC a monopoly as a fab. Due to the extreme economies of scale, fabbing looks like something that is hard to do well under the capitalist model. Perhaps a good time for some of the larger nations of the world to start publicly owned fabs (that publish their research instead of hoarding it) instead of ending up with the whole world reliant on one company that will eventually be able to name its price.

[–] brucethemoose@lemmy.world 14 points 3 months ago

I feel like they have the farm bet on Falcon Shores and (to a lesser extend) the Xe line now, and of course the foundry.

It'd be great if the bad rumors and delays would stop... yeah...

[–] uis@lemm.ee 14 points 3 months ago

Anyone else still beliving capitalism will do R&D willingly? Even most recent and hyped(not without reason) development - powervia - came from institute from former soviet bloc.

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