Intel, once a dominant force in the semiconductor industry, has faced significant challenges in recent years. The company's struggles have been exacerbated by the rise of AI and the subsequent boom in Nvidia's stock.
Key Points:
- Pay Cuts and Layoffs: Intel implemented significant cost-cutting measures, including pay cuts for executives and employees, as well as large-scale layoffs.
- Delayed "Thank You" Bonuses: A promised "thank you" bonus in the form of restricted stock units was delayed and ultimately converted to a cash equivalent for departing employees.
- Shrinking Perks and Benefits: Intel reduced various employee perks, such as gym services, free food, and sabbatical benefits.
- Declining Compensation: Intel has lagged behind other tech giants in terms of compensation and benefits.
- Uncertainty and Frustration: The layoffs and benefit cuts have caused significant uncertainty and frustration among Intel employees.
Overall, Intel is undergoing a significant transformation as it seeks to regain its competitive edge in the rapidly evolving semiconductor industry.