Intel Corporation $INTC is set to announce plans for a workforce reduction exceeding 20% as part of its strategy to enhance operational efficiency and eliminate bureaucratic inefficiencies. This initiative, reported by Bloomberg News, represents a critical step in the company’s efforts to realign its engineering culture under the guidance of new CEO Pat Gelsinger.

As Intel $INTC prepares to announce its quarterly results, analysts and investors are keen to assess the effectiveness of CEO Pat Gelsinger's strategy in reversing the company's decline. This announcement comes at a critical juncture, with Intel expected to report a fourth consecutive drop in quarterly revenue. The company, once a dominant force in semiconductor manufacturing, is facing intense competition from AMD $AMD in the PC and data center markets, while Nvidia $NVDA is advancing rapidly in artificial intelligence.