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The chip maker attributed its decision to a lower demand for its chips than earlier anticipated (viaAFP).
As you may know, Intel has been experiencing tough economic times.
Intel logo
The drastic measures are part of the chip maker’s plan to save $10 billion.
Intel also intends tohalt its projects in Malaysia, but its operations in the United States will remain unaffected.
The construction of Intel’s new fab in Germany was scheduled for 2023.
However, the plans were thwarted by the Ukraine war.
In Poland, Intel had received $1.8 billion to set up a semiconductor factory near Wroclaw.
For context, Intel’s Foundry Services was launched in 2021 following Pat Gelsinger’s appointment as CEO.
It was designed to propel Intel in the chip manufacturing market.
However, Intel has yet to gain traction in the chip manufacturing landscape, which is dominated by TSMC.
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