Intel Shares Freefall on Q2 Miss, Massive Cost-Cutting Plan 8/2/24

Shares of Intel are on pace for their worst day in 50 years after a tough second-quarter result. The chipmaker also announced a massive, $10 billion cost-savings program that will include thousands of layoffs and a half on dividend payments. CNBC’s Jon Fortt spoke to Intel CEO Pat Gelsinger on the turnaround plan, modest CPU demand and areas to be impacted by the layoffs.