Intel is reported to be planning thousands of layoffs in response to the ongoing PC price crash.

In response to a slowdown in the personal computer industry, chipmaker Intel is preparing for a significant decrease in employment, possibly numbering in the thousands, according to a report by Bloomberg News on Tuesday, citing sources with knowledge of the issue. 
According to the source, around 20% of Intel’s employees could lose their jobs as soon as this month in the sales and marketing business and other parts of the company. 
According to Bloomberg News, the corporation had 113,700 employees as of July. 
Intel chose not to comment on the layoffs. 
The company cut its full-year sales and profit goals in July after its second-quarter performance fell short of expectations. 
People now spend less on PCs than they did during the pandemic-related lockdowns due to decades-high inflation and the reopening of offices and schools. 
Intel reportedly plans to build a multibillion-euro chip factory in Veneto, Italy. 
COVID- 19 limitations in the important PC market are also putting pressure on chipmakers. Demand has been hampered by the dispute between China and Ukraine, which has snarled the supply chain. 
In a memo sent to employees on Tuesday, Intel CEO Pat Gelsinger explained the company’s plans to build an internal foundry model for both its own products and for clients outside the company. 
Taiwan Semiconductor Manufacturing Company (TSMC) is the market leader in the foundry industry, which manufactures chips that are designed by other businesses. So far, Intel has primarily produced semiconductors that it has created. 
Back in July, Intel made the announcement that it would supply chips to Taiwan’s MediaTek, one of the biggest semiconductor design companies in the world. 
The manufacturing agreement is one of the biggest deals that Intel has made since it started its “foundry” division at the beginning of last year. 
While Intel declined to disclose the deal’s financial terms or the number of chips it would be manufacturing for MediaTek, it did state that the first products would be produced over the course of the next 18 to 24 months using a more advanced manufacturing process known as Intel 16. These chips will be used in smart devices.