We want to apologize to as we were wrong.
This action shows Pat Gelsinger is very similar to the prior Intel CEO who was a career Chief Financial Officer at multiple publicly traded companies. It’s a disgrace that Intel has decided to cut fab buildouts while begging the US government for subsidies through the chips act and committing to growing their dividend.
We are sorry to all employees of Intel about this and hope they can make it through this tough time. Other firms are still hiring despite the macroeconomic conditions, although at a slower pace than before. This was an incredibly d-mb move, as employees will become “quiet quitters” and lose morale. Bonus cuts are 1 thing, but base pay cuts sting. Intel, unfortunately, has to cut costs dramatically due to its immense amount of cash being burned, but they are doing it in the worst way.
High performers likely start to “phone it in” while they look for their next job, as there is no incentive to keep working long nights and early mornings. The level 7 cut-off point is too low. This includes some fresh advanced graduates and many normal graduates with a handful of years of experience.
https://www.semianalysis.com/p/intel-cuts-pay-for-employees-to-keep?utm_source=substack&publication_id=329241&post_id=100135057&utm_medium=email&utm_content=share&triggerShare=true&isFreemail=true