Intel plans to cut thousands of jobs as part of wider restructuring

Chipmaker Intel is reportedly planning to lay off thousands of employees in an effort to reduce costs and compete more effectively with its main competitors including TSMC, AMD and Nvidia. This comes after the US giant revealed a declining market share of CPU (central processing unit) shipments in the past two years. Although Intel and Samsung have traditionally dominated the global chip manufacturing market, the companies have been struggling in recent years due to increased competition and a global shortage. Intel's decision to reduce jobs may prove a challenge to the US government's plan to develop its domestic chip production capacity.