Interesting article on a tax change that is causing a lot of the tech layoffs since 2022. Intel's layoffs are largely for not performing and having too many employees but this explains why a lot of companies that are doing well still laid off 10s of thousands of people. The change was actually implemented in 2017 but it took until 2022 to have a big impact.
https://qz.com/tech-layoffs-tax-code-trump-section-174-microsoft-meta-1851783502