Results a “good step” says CEO, despite largest-ever loss

Part of a broader plan to cut 15,000 jobs

Linus Torvalds and Tim Sweeney join biggest tech names

Handing a crucial lifeline to the beleaguered chipmaker

Chipmaker lost $1.6bn in Q2, will spin off foundry business

Could include proposal to shed Altera chip unit or shelve German chip fab

Chipmaker also looking to fend off potential activist campaign from investors

Company saw its stock price sink after results were published

Company due to post Q2 2024 results this week

First day at the company is August 12

Company claims its accelerator kits are cheaper than comparable competitor offerings

But CEO Pat Gelsinger says company is “right on track”

Claims new AI accelerator provides 50 percent better inference than Nvidia H100

Updates financial reporting structure to increase transparency

President Biden will visit Intel’s Chandler, Arizona, campus to announce the deal

Announcements were made at the first Intel Foundry Direct Connect in San Jose, California

Site is not expected to be completed until 2026

Company hopes that this is rock bottom

"We stumbled," Intel CEO admits, warning of more stumbling