Intel to Cut Real Estate, Layoffs, Partner with Amazon, and Tops S&P 500 Amid 6% Increase

Sep 16, 2024, 08:12 PM

Intel is implementing plans to reduce or exit about two-thirds of its real estate globally by the end of the year. The company is also more than halfway through its target of 15,000 layoffs, with further notifications to impacted employees expected in mid-October. Additionally, Intel has announced a multiyear partnership with Amazon. The company's CEO has laid out new steps to cut costs and bolster the chip-making division, which has led to a 6% increase in after-hours trading. Intel is also considering expanding partnerships with TSMC and Samsung as part of its strategy to work with external foundries. Intel claims the top spot in the S&P 500 as Apple chipmakers suffer losses.