Intel rises after report says chipmaker to slash over 20% of workforce
U.S. chipmaker Intel's INTC.O shares rise 4.7% to $20.42 premarket
INTC is set to unveil plans this week to slash more than 20% of its workforce, Bloomberg News reported on Tuesday, citing people familiar with the matter
Co is set to report Q1 2025 results on Thursday; quarterly results will offer clearest look yet at new CEO Lip-Bu Tan's turnaround strategy for the embattled chipmaker
Separately, U.S. Treasury Secretary Scott Bessent said on Tuesday that he believes there will be a de-escalation in U.S.-China trade tensions, but negotiations with Beijing have not yet started and would be a "slog"
President Donald Trump has also told reporters tariffs on imports from China would fall significantly following a deal, but not to zero
China was INTC's largest market in 2024, generating nearly a third of its total revenue
As of last close, INTC down ~3% this year
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