The jobs reduction, which will affect about 15,000 employees, will mainly take place this year, Intel CEO Pat Gelsinger said in a memo. It's the largest of any single job cut listed on Layoffs.fyi, an industry tracker that's been operating since March 2020. "Simply put, we must align our cost structure with our new operating model and fundamentally change the way we operate," he wrote. "Our revenues have not grown as expected — and we've yet to fully benefit from powerful trends, like AI. Our costs are too high, our margins are too low."