Intel cuts back spending, workforce as struggling chip maker mounts comeback

Core Insights - Intel Corp. is undergoing significant workforce reductions and cost-cutting measures as it aims to revitalize its operations amid increasing competition from rivals like Nvidia and AMD [3][4][6] - The company plans to reduce its core workforce to 75,000 by the end of the year, down from 99,500, following a previously announced 15% workforce reduction [4] - Intel is halting planned projects in Germany and Poland and relocating assembly operations from Costa Rica to larger facilities in Vietnam and Malaysia, while maintaining key engineering teams in Costa Rica [5] - The company is also slowing down the construction of a semiconductor plant in Ohio [5] - Intel's market capitalization stands at $98.71 billion, significantly lower than Nvidia's $4.24 trillion, highlighting the competitive landscape [7] - For Q2, Intel reported a loss of $2.9 billion, or 67 cents per share, compared to a loss of $1.6 billion, or 38 cents per share, a year earlier, with revenue remaining flat at $12.9 billion [8]