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Intel to cut jobs and capex as Trump tariffs cloud outlook

US chipmaker’s shares fall in after-market trading as it offers downbeat guidance

Intel plans to slash its capital expenditures and eliminate managers as the US chipmaker plots a turnaround under its new chief executive and contends with President Donald Trump’s trade war with China.

The company, which cut 15,000 jobs in the second half of 2024, on Thursday said its plan included “streamlining the organisation, eliminating management layers and enabling faster decision-making”.

But Intel gave a more downbeat guide on the current quarter — sending its shares lower in after-hours trading — as the Trump administration’s sweeping tariff plans send shockwaves through the semiconductor industry.

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