Intel to Cut Jobs and Suspend Dividend in Cost-Saving Push.

Intel, the chip maker, plans to cut jobs and suspend dividend payments as part of a cost-saving effort led by CEO Pat Gelsinger. The company reported disappointing quarterly sales and struggles to gain traction in the market for artificial intelligence (AI) chips. Intel's stock fell 20% in after-hours trading. Gelsinger aims to reduce costs by over $10 billion next year, which will involve job cuts and lower capital expenditures. The company has faced challenges in competing with rivals like Nvidia in the AI chip market. Despite these difficulties, Intel's PC sales have seen growth. Gelsinger remains committed to turning the company around and has invested in new facilities to support this transformation. [Extracted from the article]