Intel Corp (NASDAQ: INTC) tanked nearly 10% on Friday even though the chipmaker, under its new chief executive Lip-Bu Tan, reported better-than-expected revenue for its fiscal Q2 and issued a decent top-line guidance.

There are no more blank checks,” says new Intel CEO Lip-Bu Tan, as the company slashes jobs, restructures operations, and pivots toward AI and efficiency.

Intel is planning to separate its networking and communications unit into a stand-alone company and has begun the process of identifying investors, the chipmaker said on Friday, as new CEO Lip-Bu Tan looks to streamline its operations.

Even in the US, where there's a push for more domestic manufacturing, especially in semiconductors, by consecutive governments, Intel is ramping down construction. Lip-Bu Tan has said it is slowing construction on fabs in Ohio, which had already seen a delay to 2030 or beyond.

In a news release sent out by CEO Lip-Bu Tan on July 24, he said Intel will be “further slowing construction in Ohio.”

Intel Corp. tumbled in premarket trading after Chief Executive Officer Lip-Bu Tan sparked concerns that he was more focused on cost cutting than restoring the chipmaker’s technological edge.

Intel is planning to spin off its networking unit as the struggling chipmaker looks to shed assets and cut costs under the direction of new CEO Lip-Bu Tan, according to a Friday report.

Intel, under new CEO Lip-Bu Tan, is implementing significant cost-cutting measures, including slashing approximately 24,000 jobs and abandoning major

On Friday, Intel shares tumbled 8.5% as remarks from CEO Lip‑Bu Tan prompted concerns that he’s emphasizing expense reductions at the expense of the company’s