Core Viewpoint - Intel's new CEO, Chen Liwu, is implementing significant restructuring measures, including divesting non-core businesses, large-scale layoffs, and halting or canceling factory plans, which now extends to its core chip manufacturing business [1][5][9] Group 1: Business Strategy Changes - Chen Liwu emphasizes the need to divest non-core businesses, with notable actions including the sale of 51% of its FPGA subsidiary Altera for $4.46 billion and two rounds of sales totaling $1 billion for Mobileye shares [8] - A new round of layoffs is expected to affect approximately 15% of the workforce, totaling around 15,000 employees, alongside a significant reduction of about 50% in middle management levels [8] - The company has also canceled plans for a super chip factory in Magdeburg, Germany, and halted new construction in Poland, indicating a shift towards more economically rational investments [8][9] Group 2: Advanced Manufacturing Concerns - Intel's recent earnings call indicated that if the 14A (1.4nm) process does not attract significant external customers, the company may suspend or cancel its development, which could signify a retreat from leading-edge technology competition [1][4] - The potential abandonment of the 14A process would mark a significant shift in Intel's strategy, moving away from its IDM 2.0 model and undermining its position as a leading chip manufacturer [4][10] - Analysts have expressed skepticism about the interest from key customers in adopting the 14A process, particularly regarding high-profile clients like Nvidia and Apple [4] Group 3: Market Position and Future Outlook - Intel's market capitalization has significantly declined, dropping below $100 billion and even falling to around $70 billion, which is less than 60% of AMD's market value [9] - The company faces structural challenges as its x86 architecture is increasingly threatened by ARM architecture and RISC-V, impacting its competitive edge in various markets [16] - The shift away from advanced manufacturing could lead Intel to revert to an IDM 1.0 model, facing challenges in balancing its design and manufacturing divisions [16][17]