US Stock Market Move | This week's planned announcement of layoffs exceeding 20% at Intel Corporation (INTC.US) caused the stock to rise by nearly 7%.

On Wednesday, Intel Corporation (INTC.US) rose nearly 7% to $20.82. According to Bloomberg, Intel Corporation plans to announce a workforce reduction of over 20% this week, marking the first major restructuring under the new CEO, Lip-Bu Tan. This is the second round of large-scale layoffs by Intel Corporation in a year. Last August, the company announced the cut of around 15,000 positions. By the end of 2024, the number of Intel Corporation employees has decreased from 124,800 the previous year to 108,900.