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How Intel Instantly Slashed Costs By $4.2 Billion

How Intel Instantly Slashed Costs By $4.2 Billion

Chip giant Intel (NASDAQ: INTC) is struggling as demand for PC and server chips tumbles. The company saw total revenue crash 32% year over year in the fourth quarter of 2022, and it expects a worse decline in the first quarter of 2023. Intel has already announced a broad cost-cutting initiative to help the company cope with lower demand this year.