Intel Corp. is cutting thousands of jobs and costs to compete with rivals like Nvidia and AMD. CEO Lip-Bu Tan plans to end the year with 75,000 core employees, down from 99,500 last year. Projects in Germany, Poland, and Costa Rica are scrapped, with operations moving to Vietnam and Malaysia.

Intel will slow construction of a semiconductor plant in Ohio. Founded in 1968, Intel missed the mobile computing shift and has lagged behind chipmakers like Nvidia. Market cap is $98.71 billion, compared to Nvidia’s $4.24 trillion. Intel is focusing on core products and AI offerings.

Intel reported a loss of $2.9 billion for Q2, down from $1.6 billion last year. Revenue was flat at $12.9 billion, missing analyst expectations of 1 cent per share on $12 billion in revenue. CEO Tan emphasizes the need for all investments to be economically viable.

Read more at Yahoo Finance: Intel cuts back spending, workforce as struggling chip maker mounts comeback