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Intel expected to lay off thousands to cut costs despite CHIPS Act boost

By Christopher Hutton
Published October 12, 2022 7:41pm ET
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Intel expected to lay off thousands to cut costs despite CHIPS Act boost
FILE - In this Jan. 12, 2011, file photo, the Intel logo is displayed on the exterior of Intel headquarters in Santa Clara, Calif. Intel Corp., says it will invest up to 9 billion yuan (US$1.5 billion) to take a 20 percent state in a Chinese venture that will design and make Intel-branded chips for mobile phones and other electronics. (AP Photo/Paul Sakuma, File) | Paul Sakuma

Intel is planning to lay off thousands of workers in the next month despite efforts to expand its semiconductor production facilities.

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