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.
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.
Several tech companies have really stopped giving a shit lately. Intuit laid off a ton of people and referred to them as "not meeting expectations", and Intel's laid-off folks are now all apparently working on non-essential stuff.
Imagine losing your job and being told second-hand after you'd been shown the door that you were shit.
Fuck these companies.
they fired the guy that single handedly managed meshcommander https://github.com/Ylianst/MeshCommander
it was a tool to remotely control intel vpro machines, intel's own tool is not as good as what the old ex-employee did in his free time
I wonder how many of the over 1000 VPs will get canned. You read that right. I worked there at the beginning of my career. I know a lot of people who are now VPs. Only one of them was actually any good. One guy couldn't even manage his own staff meetings when he was a first line manager. Nice guy, not dumb or anything, but not brilliant, and a terrible organizer.
It's a good thing we gave them BILLIONS of Taxpayer Dollars! Otherwise they would have Laid Off Employees! Anyways we don't have enough money in the Budget to Feed Starving American Children!
I guess Intel needed that QA team, after all.
Non essential work, oh dear Product and Project managers, where are you gonna stand in the way of good products next?
The money needs to return to the government. Some wealthy fucks are lining their pockets.
There's no corporate death penalty, but there is corporate death from alcoholism, coke overdose and syphilis.
I mean, you do a TRAFU and instead of firing those logically responsible for it you fire your actual troops.
This basically means they failed to find scapegoats inside the company who wouldn't be management themselves.
Wow.
What the actual fuck
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.
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.
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.
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.
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...
At this point I'm starting to think that if you want to subsidize semiconductor manufacturing in the US the Global Foundries might be a better investment. At least they've already hit rock bottom.
Wow, intel must really be struggling if they need to lay off this many people. I don't think it's reasonable to invest in Intel at this time.
Or well, I think news of layoffs should always be interpreted in a way that's pessimistic for shareholders.