Chipmaker Intel to cut 15,000 jobs as it tries to revive its business [Video]

(AP) — Chipmaker Intel says it is cutting 15% of its massive workforce — about 15,000 jobs — as it tries to turn its business around to compete with more successful rivals like Nvidia and AMD.

The Santa Clara, California-based company said Thursday it is also suspending its dividend as part of a broader plan to cut costs.

The bulk of the layoffs will happen this year. Intel also reported a loss for its second quarter along with a small revenue decline — and forecast third-quarter revenue below Wall Street’s expectations.

Back in 2022, Intel broke ground on a semiconductor manufacturing facility in Central Ohio.

Intel breaks ground on $20B semiconductor site, calling central Ohio the ‘Silicon Heartland’

In March, the Biden administration reached an agreement to provide Intel with up to $8.5 billion in …