Intel plans to invest in multiple advanced chip technologies and expand its business into other fields (Image:X @Intel)

According to Bloomberg, Intel Corporation plans to reduce thousands of jobs to cope with AI demand and finance a recovery. It was reported by Reuters that Intel stocks have sunk 40 per cent this year but the company didn’t respond. The company’s CEO Pat Gelsinger stated that Intel is set to focus on the competitive side to round off its manufacturing capabilities. Intel plans to invest in multiple advanced chip technologies and expand its business into other fields.

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Before the emergence of AI and its growing demand, Intel was known for its dominance in the computer niche. It gradually confronted plights to keep pace with the AI race as the need for AI Chips used in several applications. As per the regulatory filings, Intel revealed a cost-reduction plan laying off-chip makers from 131,900 to 124,800 by the end of 2023 on account of the cost reduction plan and to provide anticipated outcomes saving an annual cost between $8 billion-$10 billion.

This will further support to encourage chip manufacturing in North America which will dwindle the dependence on Taiwan and diversify supply chains. Intel is putting effort into expanding its business by making chips for other companies along with its notion to design advanced AI chips.

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Intel Corporation is an American multinational corporation and technology company which is headquartered in Santa Clara, California. The company is popular for its designs, manufacturing and sales of computer components and was traditionally known for designing its own chips and related products for business. The company played a major role in the world of computing and manufacturing chips that powered millions of electronic devices like smartphones, PCs and systems.