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Intel is laying off over 15,000 employees and will stop ‘non-essential work’
(www.theverge.com)
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this post was submitted on 01 Aug 2024
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I read it and predicted this outcome in 2022. If Intel wanted to open factories and employ people in the US it would have done so without the CHIPS Act.
No company will say no to free taxpayers’ money, so they didn’t. But they spent it on stock buybacks and now they’re laying off thousands of workers and are selling a defective product.
Now here’s an article for you to read that may be unpalatable https://globalsouth.co/2023/07/10/michael-hudson-why-the-u-s-economy-cannot-re-industrialize/
Fair criticisms, but the statement from CEO is that the layoffs are to offset fab investments, so there isn't any clear reason to conclude that Intel's US chip manufacturing is dead based on this. We won't be able to infer anything of that sort until we see what areas they actually cut.
Future promises vs present actions. Only time will tell.