Intel shifts production strategy to focus on efficiency and waste reduction

Intel has announced a shift in its production strategy, moving away from its previous "no wafer left behind" approach. Executives emphasized the need for a zero-waste model and greater efficiency in response to increased competition from companies like Nvidia and Samsung. The company has faced significant challenges, including a nearly 50% drop in share price this year, billions in losses, and layoffs. Intel's interim co-CEO David Zinsner stated that they are closely scrutinizing capital spending and operating expenses to improve financial performance. Intel is set to receive a $7.9 billion grant from the CHIPS Act to support its expansion in the semiconductor industry. The company is also in the process of selecting a new CEO following the sudden departure of Pat Gelsinger.