And it will come, if history is any judge. Will Intel need to give any of that sweet, sweet CHIPS Act money back?
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Chips act wants high powered chips built in the U.S. we will need Techs in the fabs for a while. However within 5 years a lot of those technician jobs will be obsolete. Intels
Problem is we are so overly bloated with employees that it will hamper us from being profitable until after 2027. If we off a bunch of us employees and
Learn to do without the 120k HC then maybe we get to profitability in 2026…..then shareholders will be smoking happy. We will be down to 85k employees by end of q1 2025. My prediction
ID: @qzy+1tvV4d8d
a bit harsh I think re Bruce Andrews but 200 per cent and more re Hendrik Bourgeois…. I work in his “team”, a very poor performer and a nothing leader spends all his time swooning internally and especially externally, probably getting ready for his next gig if or when he gets fired, just like he did from Apple in 2021. A complete huckster who knows NOTHING about semi conductors …. but as BA hired him I guess buck stops with him , but problem is buck stops with nobody in our company anymore!
I believe at some point, the big fat VSP/ISP payouts will have to be reduced. Is it this year? Time will tell.
@1hnb the purpose of the chips act isn’t to save jobs it’s intended to strengthen the American semiconductor industry. Read the document. Keeping 10s of thousands of people in unnecessary jobs doesn’t fix anything. Intel needs to right size its workforce. For its revenue level that means reducing by about 50k jobs. Intel is bloated and inefficient.
"Reducing the workforce will actually let Intel better use the government handouts."
That is the point of the bailout to save american jobs.
Not to save the corrupt incompetent goons running intel into the ground.
If the government cannot support its own middle class, it needs to be dissolved.
The CHIPS and Science Act actually has more guardrails than most government handouts but it doesn't have provisions preventing layoffs. It does require paying the prevailing Davis-Bacon wage rates for construction projects funded by CHIPS (ie union jobs). They also can't use the money for stock buy backs or paying dividends. Preventing layoffs would harm businesses like Intel that are way over employed. Reducing the workforce will actually let Intel better use the government handouts.
Haha I heard someone ask about BA the other day and no comment. GLTA.
Ask Bruce Andrews in the US and bus butt licking clowns such as Hendrik Bourgois in Brussels , the biggest smoke and mirror merchants in the business …. don’t hold your breath for a straight answer though, none of that crew
know anything about this sector
I am under so much stress. Funny thing is I dont even work at intel.
I wish they would just hurry up and launch an Irish VSP. I know we're a low cost geo etc, but our manufacturing aread haven't had one since 2016.
Some information from an ex-intel employee - ME. After working for Intel for over 15+ years and being in a constant state of VSP/ISP - Focal/ etc. I left for a much smaller company. No focal, no layoffs, just work and respect. Meet once a year with my boss to review my goals and accomplishments. This is the way a NORMAL company operates. Yes...there are many great companies out there...go find one...
Any info on if the ISP package will be the same as the VSP package?
The way Intel has run layoffs over the past decades, stressing everyone out for many months each time, everyone should have left on their own (as I did).
I think another intriguing question is this: has INTC “actually” gotten any of those funds anyways? There’s a lot of talk about what is GOING to happen, but not necessarily that it HAS happened…