In August of 2024, having fallen behind its competitors in the chipmaking industry, Intel announced a companywide cost-savings plan that included cutting 15% of its workforce by the end of 2025. Since then, Intel notified the state of plans to cut 272 more jobs at the Folsom campus by mid-November, and another 58 by mid-April.

The chipmaker told employees to expect "several months" of downsizing but didn't specify how many jobs it will cut.

Another big American employer expects to see more of its people around the office—and fewer people in total. New Intel (INTC) CEO Lip-Bu Tan late Thursday said in a letter to employees—and published online—that hybrid employees should be on-site at least four days a week by Sept.

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With its legacy on the line, the chip giant’s drastic restructuring reveals a company fighting to redefine its place in an AI-dominated world.

Intel's quarterly results will offer the clearest look yet at new CEO Lip-Bu Tan's turnaround strategy for the embattled American chipmaker, and investors are hoping for early signs that he is reversing years of strategic lapses.