Intel can layoff 10% of its employee and it will not impact execution and innovation. There are too many redundant and non-critical positions at Intel. You can see this every day especially in management, marketing, and other non-engineering positions which can be gone today and it would not be notice at all.
In summary too many VPs, managers, non-engineers which don't add to the bottom line, i.e. execution and innovation which is lacking at Intel. If you don't agree with this just go down to Google and this will become obvious.