Intel Plans Cost-Cuts, Altera Sale amid Losses

Intel CEO Pat Gelsinger and key executives are preparing a plan to present to the board later this month aimed at cost-cutting and revamping capital spending, including potentially selling its programmable chip unit Altera. This comes after a disastrous second-quarter earnings report that led to a major stock selloff and significant financial losses. The plan does not currently include splitting Intel's foundry business, though it remains a topic of discussion. Intel is also considering pausing or canceling some factory projects and is in talks with investment bankers about potential mergers and acquisitions. The company has already laid off 15% of its workforce and suspended its dividend as part of broader cost-cutting measures. The strategic moves are seen as crucial for Intel to regain its competitive edge in the semiconductor industry, particularly against rivals like Nvidia and AMD.