Intel planning to lay off more than 15% of its workforce [Video]

COLUMBUS, Ohio — Chipmaker Intel Corp. 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.

In a memo to staff, Intel CEO Pat Gelsinger said Thursday the company plans to save $10 billion in 2025. “Simply put, we must align our cost structure with our new operating model and fundamentally change the way we operate,” he wrote in the memo published to Intel’s website. “Our revenues have not grown as expected – and we’ve yet to fully benefit from powerful trends, like AI. Our costs are too high, our margins are too low.”

The job cuts come in the heels of a …