Intel Corp. is shedding thousands of workers and cutting expenses as its new CEO works to revive the fortunes of the struggling chipmaker that helped launch Silicon Valley but has fallen behind rivals like Nvidia Corp. and Advanced Micro Devices Inc.

In a memo to employees Thursday, CEO Lip-Bu Tan said Intel plans to end the year with 75,000 “core” workers excluding subsidiaries, through layoffs and attrition. That's down from 99,500 core employees at the end of last year. The company previously announced a 15% workforce reduction .

“I know the past few months have not been easy. We are making hard but necessary decisions to streamline the organization, drive greater efficiency and increase accountability at every level of the company,” Tan wrote.

In addition, Intel will scrap previ

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