Intel CEO Pat Gelsinger announced 15,000 layoffs (15% of workforce) after Q2 revenue stagnated and net income fell 85%. 'Our revenues have not grown as expected — and we've yet to fully benefit from powerful trends, like AI.' Intel is losing the AI chip race to Nvidia and struggling to execute its foundry strategy.

15% of global workforce cut after disastrous Q2. CEO cited failure to capitalize on AI trends; called 'most consequential changes in company history.'