Intel to cut Capex to $25 bn, plans job reduction

Intel announced it would cut its capital spending forecast for this fiscal year to $25 billion from a previous forecast of $27 billion.
Intel CEO Pat Gelsinger highlights Ponte Vecchio
Intel — in its earnings release — said it was focused on driving $3 billion in cost reductions in 2023. A job reduction is one of the targets for Intel.

Intel had 110,600 employees in late 2020. That ballooned to 131,500 by early October this year.