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Intel cuts back spending, workforce as struggling chip maker mounts comeback

Intel helped launch Silicon Valley but has fallen behind rivals like Nvidia Corp.

FILE – The Intel logo is displayed on the exterior of Intel headquarters in Santa Clara, Calif., Jan. 12, 2011. (AP Photo/Paul Sakuma, File)
FILE – The Intel logo is displayed on the exterior of Intel headquarters in Santa Clara, Calif., Jan. 12, 2011. (AP Photo/Paul Sakuma, File)
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CEO Lip-Bu Tan said Intel plans to end the year with 75,000 “core” workers.

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