Intel is laying off over 15,000 employees and will stop ‘non-essential work’
Intel is laying off over 15,000 employees and will stop ‘non-essential work’
That’s a lot of layoffs.
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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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.
Read article
I read it and predicted this outcome in 2022. If Intel wanted to open factories and employ people in the US it would have done so without the CHIPS Act.
No company will say no to free taxpayers’ money, so they didn’t. But they spent it on stock buybacks and now they’re laying off thousands of workers and are selling a defective product.
Now here’s an article for you to read that may be unpalatable https://globalsouth.co/2023/07/10/michael-hudson-why-the-u-s-economy-cannot-re-industrialize/
Fair criticisms, but the statement from CEO is that the layoffs are to offset fab investments, so there isn't any clear reason to conclude that Intel's US chip manufacturing is dead based on this. We won't be able to infer anything of that sort until we see what areas they actually cut.
Future promises vs present actions. Only time will tell.