Intel is preparing to cut more than 20% of its workforce in a sweeping overhaul led by newly appointed CEO Lip-Bu Tan, according to a Bloomberg report on Tuesday. The restructuring aims to reduce bureaucratic layers and accelerate decision-making, marking Tan’s first major move since taking over last month. In an internal memo cited by Reuters, Tan said Intel’s innovation has been “suffocating” under its current structure and called for direct oversight of the data center, AI, and personal computer chip divisions. Intel shares closed up 3.56% on Tuesday at $19.51 and climbed another 2% in after-hours trading. The company reports earnings Thursday after the bell.
