Layoffs are still happening.
The tech industry's fluctuations in the Bay Area have once again stirred concerns as Intel announces its plans to let go of an additional 140 employees by the end of the month, marking the fifth round of layoffs at Intel since November 2022.
A Recap of Tech Layoffs
With major players like Twitter, Peloton, Lyft, Opendoor, Chime, Stripe, Microsoft, and others announcing mass layoffs over the past year - it's been a rough ride for everyone that works in tech.
Intel's recent announcement adds another layer of complexity to the evolving tech landscape. The company filed a Worker Adjustment and Retraining Notification (WARN) with the Employment Development Department (EDD) in California, signaling the elimination of 140 positions. The majority of these cuts will affect the Research and Development department, with 89 employees from the Folsom location and 51 from the San Jose location facing layoffs.
This move follows a series of reductions for Intel since the start of the layoff wave last year, including 201 job cuts in December 2022, 111 in January, 343 in March, and 62 in May. Moreover, Intel's decision to sell their 25-acre San Jose Campus in March represents a significant shift in the company's strategy.
While these layoffs reflect cost-cutting measures and adjustments to a shifting economic climate, they also hint at potential changes for the tech industry in Silicon Valley. Experts suggest that smaller follow-up job cut announcements may become more common, indicating that tech companies are still adapting to the evolving landscape.
Intel's Indicative Move
Julie Ochs, a San Jose-based headhunter and hiring specialist, noted, "Tech companies are still adjusting to this new landscape. AI is on the rise, but other traditional divisions aren't being funded as much because of so many problems coming at once. Silicon Valley is hurting. They've been hurting badly since last year. And it is looking like they won't stop hurting for at least a little while more."
Metaintro: Navigating Towards New Horizons
If you find yourself affected by these layoffs or any other career transitions, remember that you're not alone. Metaintro's robust resources can guide you towards thousands of jobs in the thriving fields of web3 and AI. Make sure to check out the Discord community and newsletter to stay informed about the latest trends and openings.
