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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

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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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[–] scytale@lemm.ee 55 points 3 months ago (26 children)

There’s a dude in wallstreetbets who dumped a $700k inheritance into Intel stocks. lol

[–] KyuubiNoKitsune@lemmy.blahaj.zone 10 points 3 months ago (1 children)

Layoffs usually cause the stock prices to increase because it shows the company is being "lean" and "cutting the fat".

[–] jj4211@lemmy.world 5 points 3 months ago (1 children)

Yeah, Intel is down 33% over the last two days... didn't work this time..

Some layoffs can be seen as "improving efficiency". This deep of cut is "oh shit, things are screwed".

[–] jacksilver@lemmy.world 2 points 3 months ago (1 children)

It has me oddly hopeful. It sounds like they may have finally realized that they can't ignore their core product/purpose. However, whether it's too late or if they have the ability to actually execute is still to be seen.

[–] jj4211@lemmy.world 1 points 3 months ago (1 children)

Frankly, no idea. They talked the talk, but it's vague enough that I wouldn't be surprised if they cut out some important people and kept a lot of the bogus crap.

Speaking from a company that has seen (less dramatic) rhetoric around similar circumstances, and everyone on the ground who understood nuance would have guessed certain projects to get canned. Then it turns out they treated the money losing projects as the sacred cows and cut the profitable projects to the bone and put them at risk rather than give up the losers.

[–] KyuubiNoKitsune@lemmy.blahaj.zone 1 points 3 months ago

Capitalist machines of this size blinded by profits seem to be unable to see what's actually happening or make logical decisions.

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