Intel Cuts 15% Workforce, Halts European Projects

Intel reported second quarter revenue of $12.86 billion, surpassing market expectations but posting an adjusted loss of $0.10 per share due to restructuring and impairment charges. The company is cutting its workforce by about 15% and will halt projects in Germany and Poland to save billions and streamline operations. Despite the revenue beat, Intel faces stiff competition from AMD and Nvidia as the chip industry shifts toward AI technologies. The company's stock rose modestly following improved revenue guidance for the next quarter. Intel continues to struggle with its strategic identity between chip design and manufacturing, while lagging in the AI-driven data center market. The broader semiconductor sector reported mixed results this earnings season amid these competitive pressures.