Here is all you need to know:
- The company has been too slow to react to PC slowdown
- The company needs to layoff about 30,000
- PG learned from Grove, he doesn't want to cut heads too much and he is betting on rapid recovery.
- However, things are different now. The PC demand will not recover quickly and even worse Intel margins are terrible
- IFS is not likely to succeed. Intel has terrible cost structure, large underloading charges on fabs, and no experience or ecosystem to win in IFS.
- PG grifted for tax breaks. Those breaks won't really help. Intel has a 15% minimum tax charge based on the Inflation reduction act. Intel could not cut heads too aggressively during Pat's grifting or the politician will become enraged.
- So, when you put this all together we will see that Intel is forced into the cuts even though the management team tries to say all is fine.
Bumped from @4qssk+1jaG6BLT, the OP makes a great point.