The majority of the layoffs will be completed by the end of 2024, Intel said. Chip maker Intel on Thursday announced it plans to lay off more than 15,000 workers after it lost more than $1 billion in revenue in the second quarter.

Intel announced that it was making thousands of jobs redundant in order to reduce costs and to be able to afford an ambitious effort to rebound from an earnings slump and recent weak market share performances.

Intel plans to slow its multibillion-dollar expenditures in worldwide facilities, delaying the completion of its $25 billion chip production unit in Israel.

Intel Corp. and Apollo Global Management announced a joint venture to invest $11 billion in a chip-manufacturing facility in Ireland, with Apollo acquiring a 49% stake from Intel, aiming to close the deal in the second quarter.

Intel CEO Pat Gelsinger unveiled new AI processors for data centers. Intel CEO Pat Gelsinger delivers a speech at Taipei Nangang Exhibition Center during Computex 2024, in Taipei on June 4, 2024.

The United States has withdrawn several licenses that allow companies to move materials, such as semiconductors, to the sanctioned Chinese telecoms equipment manufacturer Huawei Technologies.

Intel and other major tech companies have launched the Open Platform for Enterprise AI (OPEA) project.

In a move to rival Nvidia's AI chip dominance, Intel announces its new Gaudi 3 chip, boasting superior efficiency and speed compared to competitors.

Malaysia is increasingly attracting semiconductor factories amid escalating tensions between the US and China.

Despite generating $18.9 billion in sales, Intel's foundry business experienced a widening operating loss compared to the $5.2 billion loss in 2022.