Intel CEO Outlines Cost-Cutting Plan Amid Losses

Intel CEO Pat Gelsinger is set to present a plan to the board that includes selling the Altera programmable chip unit and cutting capital spending, potentially scrapping a $32 billion factory in Germany. This move aims to revive Intel amid a significant downturn, including a $1.6 billion quarterly loss and a 54% stock price drop this year. Marvell Technology is considered a likely buyer for Altera, though regulatory approval from China may pose challenges. Intel also plans to cut 15% of its workforce and suspend dividend payments to save $10 billion. Analysts dismiss the possibility of Intel splitting and selling its foundry business. These drastic measures come as Intel struggles to compete in the AI chip market against dominant players like Nvidia.