Chip maker Intel plans to lay off thousands of employees this year and pause dividend payments as part of a broad cost-saving drive more than three years into Chief Executive Pat Gelsinger’s turnaround effort.
The company’s stock fell 20% in after-hours trading. Another failed Gelsinger turnaround.
vCloud Air.
Intel was sued on Wednesday by shareholders who said the Silicon Valley chipmaker fraudulently concealed problems that led it to post weak results, slash jobs and suspend its dividend, and caused its market value to sink more than $32 billion in a single day.
https://www.reuters.com/legal/intel-is-sued-by-shareholders-alleging-securities-fraud-2024-08-07/
Lol, stock market is not even down to where we were 3 months ago. Why the drama and doom?
I pray that Gelsinger‘s supercars and mansions are unscathed by this downturn of events.
Gelsinger drew criticism from some X users who mocked him for "praying" and accused him of "resorting to religion to save the company."
https://www.christianpost.com/news/intel-ceo-draws-mixed-reactions-for-posting-bible-verse.html
PG is really looking like the Kamala of business. Pi-s poor results
Is the wokeism in the room with us right now?
VMware going from EMC to Dell to Broadcom is just a successive sequence of Private Equity rollups. All within the family of Private Equity funds. The money in these funds are all located in Singapore and other tax havens and so no one knows who the money belongs to. Most of the Private Equity money in Singapore is Chinese Communist Party elites money. The US has become one big tax haven allowing anonymous overseas investors to scoop up companies and mansions and NY penthouses. The stock market is also driven by these dark pools of big money that flows from Mexico or Canada. You can see that the FX market correlates to the moves in S&P.
The empire is in its last legs. Hock and Dell and others are just managers of this anonymous private equity capital that flows around the globe.
The citizens of this country deserve what they vote for. The politicians have sold this country to the highest bidder.
Most employees are not even citizens so they can't even complain.
I remember the various pods and they didn't impact me at all because I am just a regular programmer like most people and not some liberal or conservative culture warrior.
They did impact you. All of us. Even if we didn't participate in their activities.
These things impact all of us because they waste money and foster a weak culture that breeds woke-ism and racism. And when executives focus on that sort of thing, they don't focus on the business. And that then puts anti-capitalist hypocrites like this HR lady and the mo--n CEO in charge. And those led us to the situation where someone spots an opportunity to clean up and make money.
There is not enough discussion about the board of directors who failed their shareholders by allowing this to happen. Governance matters.
This country will rise up soon. Burn everything to the ground as the average citizen has no hope.
Thanks to republican laissez-faire capitalism. Good thing that gratuities for politicians are now legal. That should certainly help the average citizen in policy making!
Financial Times column: "Intel’s emergency cost-cutting will help liquidity. But firing 15,000 workers when you could be getting $8.5bn in government funding is never a good look. Nor will it solve Intel’s fundamental problems: how to compete against TSMC and Samsung in chip foundry and how to reclaim its lead as a designer of cutting-edge processors from Nvidia."
Worst stock market fall in the US since March 2020. You know when the thing happened. The worst stock market fall in Japan since 1987 black Monday. Yellen is losing control of this circus. Everyone hold on to your pants and your jobs.
In old days after an acquisition new leaders will replace old leaders and clean up the place. In these times, the old leaders are retained to keep the shell of a company going. Everyone know all this is fake. The old leaders keep extend and pretend game and keep the ponzi going.
Remember occupy Wall Street? That was our last recession some 14 years ago. This next recession is only going to get a much harsher reaction. Take your money and leave while you still can.
Wokeism was forced by Wall Street. This is what happens when there is no capitalism and monopolies take over. The DEI and ESG was pushed by the politics and the Wall Street that are in bed now. This country will rise up soon. Burn everything to the ground as the average citizen has no hope.
"Pat G destroyed vmw by acquiring many junk companies and bloated vmware from startup like environment to a herd company."
Agreed.
"In this journey he also pushed leftist agenda like blm, alphabet pods, 2030 climate agenda, exaggerated Jan6 event etc to name a few...company should always be politically neutral and focus on engineering / products. But this guy crossed all the lines...fire him now before he destroys Intel further."
Who cares? This sort of thinking is the mirror image of the stupid wokesters. Why the frack should I or you care whether the company we work for makes certain P.R. efforts (and don't kid yourself, that's all they are). I remember the various pods and they didn't impact me at all because I am just a regular programmer like most people and not some liberal or conservative culture warrior.
didnt Biden give his company billions of dollars in March? lmao
Intel is a just what AVGO will look like when the AI bubble bursts. The semi sector is a dumpster fire. We will around 20 after the AI bubble bursts. Take that 140 and be happy.
At a high level this is the social decay of the country. The country that lets monopolies thrive. Gives rise to mediocrity. Employees and customers suffer but the elites make out like bandits. The VMware story is the story of most monopolies and most companies are monopolies.
Now that layoffs are happening every day there is no need for harrasement. The caste system has kicked into high gear. They can get rid of people everyday. The caste system is now in total control.
Most tech and mgmt leaders were internally promoted. Coaak sukking is extreme. Most have zero industry experience.
VMware became a toxic swamp with the caste system and harrasement and annual kicking out of people who don't fit into the caste system. Thanks Pat. There was some initiative about harrasement under Ragoo, but not sure what happened to that. I guess most companies are toxic but not sure where VMware falls in the spectrum. My guess is it is on the top.
Most VPs in VMware now are internally promoted Sr Mgrs. They can't even go out and get a Sr Mgr role in any other company. I guess no one wants to come and work for a company that is in transition for a decade.
Intel was doomed and was sinking even before he joined.
Pat had sown the seeds of VMware decay. Many years of transition from EMC to Dell to Broadcom only allowed mediocre leaders to rise in VMware. No one from outside wanted to come and any leader worth their salt have left. We are left the sc-m that remained in the company as it drifted between owners. Now hock has taken over but kept the same leadership. I can see us drifting into obscurity with this leadership. Ragoo was not ceo material but was running this company for 18 months as no one else wanted a transition role. VMware was in transition for more than a decade. I guess now there is no need for leadership as we will be doing just bug fixing.
Sure shot. Pat G destroyed vmw by acquiring many junk companies and bloated vmware from startup like environment to a herd company. In this journey he also pushed leftist agenda like blm, alphabet pods, 2030 climate agenda, exaggerated Jan6 event etc to name a few...company should always be politically neutral and focus on engineering / products. But this guy crossed all the lines...fire him now before he destroys Intel further.
They only got 100s of billions from the Chips act to build fabs in the US and move everything back to the US. They are not just destroying Intel but the taxpayers also. This is a national level sc--w up. The green new deal gave billions to GM and Ford. GM and Ford also laid off everyone in the EV factories. They are also falling apart. The national debt is now 35 trillion. It was 1 trillion when Reagan came to power on the promise to reduce the debt. Take Billions and layoff everyone. Corruption. Banana republic.
The Intel board of directors put their faith in Pat Gelsinger. He prayed to God that he was qualified for the leadership of another turnaround. This story ends badly, like VMware.
Intel must now lay off 15,000 employees, more than 15% of the workforce. Meanwhile, the Intel CEO enjoyed a 45% rise in total compensation from $11.61 million in 2022, to $16.86 million in 2023. What's wrong with this picture?