Intel initiates large-scale layoffs. Intel CEO says every investment must make sense logically.

On July 24 local time, the US chip manufacturing giant Intel announced the launch of a major restructuring plan, planning to lay off about 15% of its employees and cancel plans to invest billions of dollars to build a new factory in Europe. The company stated that it will focus resources on developing artificial intelligence chips and core process technology in an effort to regain market share. The new CEO, Liwu Chen, stated in an internal memo to employees, "No more empty promises, every investment must make economic sense."