The company failed to adapt to the mobile device boom and has been losing ground to competitors who can manufacture chips faster and more efficiently, namely Taiwan Semiconductor Manufacturing Company (TSMC). These moves signal tough times ahead for the company, as it navigates the rough waters of the semiconductor industry. Intel's announcement also raises questions about the future of the semiconductor industry within the United States. The Biden administration's efforts to revive the U.S. chip manufacturing industry through initiatives such as the Chips for America program could be hindered by Intel's financial struggles. U.S. dependence on foreign semiconductor manufacturing has become increasingly concerning, particularly with geopolitical tensions rising globally.

Source: Washington Post August 06, 2024 07:32 UTC