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418 Intel is separating its ailing foundry business from the main company

Engadget
Mariella Moon @ Engadget · 09/17/2024 07:00 EDT

Intel is separating its ailing foundry business from the main company

Intel is turning its foundry business, which manufactures chips for other companies, into an independent subsidiary. The company has revealed its plan in a note to employees from its CEO Pat Gelsinger, published over a month after Intel disclosed that it's cutting 15 percent of its workforce. Intel is laying off more than 15,000 people as part of its $10 billion cost-reduction plan to regain financial stability following a second-quarter net loss of $1.6 billion. Gelsinger explained in his new memo that tur

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