That’s a lot of layoffs.

So they got all that money from Uncle Sam’s CHIPS Act only to lay off 10,000 employees and make themselves “lean”. Govt funded unemployment.

  • edric@lemm.eeEnglish
    54·
    3 months ago

    There’s a dude in wallstreetbets who dumped a $700k inheritance into Intel stocks. lol

      • kameecoding@lemmy.worldEnglish
        271·
        3 months ago

        Meh, he bought a significant dip, even if it goes lower in the coming months, in a few years he will be way up. It’s not like Intel will go away, they are in a duopoly market.

        Intel has been down from around 50 YTD to 30 likely in a few years it will be back to 50 and he will close to double his money

        Though he could have probably just put the 700K into S&P 500 and have his retirement taken care of, since he is in his 20s

      • slaacaa@lemmy.worldEnglish
        92·
        3 months ago

        Holy F, what an idiot nepo baby. Maybe daddy who pays for college works as a VP at intel

    • tmcgh@lemm.eeEnglish
      311·
      3 months ago

      Dude, what the heck is wrong with people. Wealth is wasted on the stupid.

      • Angry_Autist (he/him)@lemmy.worldEnglish
        9·
        3 months ago

        its mainly that our modern culture worships money and things whoever has more of it is inherently better.

        So rich people make bad decisions because they think that being rich means they are always right, and that their ideas are special and magical and come from a mystical realm of refined thought only people with stacks of cash possess.

        And when they fail, they blame everything except their greed focused short sightedness.

      • Thorny_Insight@lemm.eeEnglish
        78·
        3 months ago

        What’s the problem? They put the money back into circulation. That’s a good thing, no?

        • tmcgh@lemm.eeEnglish
          1·
          3 months ago

          The problem is that it is just poor money management. He could’ve been set for life. Put that into an index or S&P500 and get 10% every year. That’s 70k and he wouldn’t even have to work. If you took that 70k and invested back into the fund, you can double your money in about 7 years, assuming 10% returns.

          • Thorny_Insight@lemm.eeEnglish
            2·
            3 months ago

            Yeah I agree. That’s what I would’ve done. You saying that wealth is wasted just made it sound like the money dissapeared somehow. He wasted his chance on financial independence, sure, but that’s not away from the rest of us.

      • ChickenLadyLovesLife@lemmy.worldEnglish
        111·
        3 months ago

        My experiences working for huge corporations have made it clear what an enormous percentage of corporate workers spend all their time on useless busy work, so in theory layoffs can make a corporation more profitable. The problem is that it’s rarely the useless ass-kissers who get laid off.

        • jj4211@lemmy.worldEnglish
          3·
          3 months ago

          Yeah, my team has gotten cut and the end result is one management type person per person actually doing anything… They are “managing” teams of one each, effectively…

          EDIT: To make it clear, I’m not an Intel guy, just commenting on an ‘Intel-like’ company behavior with respect to being stupid about layoffs.

        • tempest@lemmy.caEnglish
          3·
          3 months ago

          If the bureaucracy could easily identify the dead weight projects it wouldn’t need the layoffs but that also means it can’t make good choices when doing layoffs.

          It’s like chemotherapy.

        • pufferfisherpowder@lemmy.worldEnglish
          2·
          3 months ago

          I just started a corporate job a while ago and they still can’t really tell me what I’ll be doing. My onboarding plan suggests that in month 2-3 I’ll be ready to get into it. Like, dude, wtf?

      • jj4211@lemmy.worldEnglish
        5·
        3 months ago

        Yeah, Intel is down 33% over the last two days… didn’t work this time…

        Some layoffs can be seen as “improving efficiency”. This deep of cut is “oh shit, things are screwed”.

        • jacksilver@lemmy.worldEnglish
          2·
          3 months ago

          It has me oddly hopeful. It sounds like they may have finally realized that they can’t ignore their core product/purpose. However, whether it’s too late or if they have the ability to actually execute is still to be seen.

          • jj4211@lemmy.worldEnglish
            1·
            3 months ago

            Frankly, no idea. They talked the talk, but it’s vague enough that I wouldn’t be surprised if they cut out some important people and kept a lot of the bogus crap.

            Speaking from a company that has seen (less dramatic) rhetoric around similar circumstances, and everyone on the ground who understood nuance would have guessed certain projects to get canned. Then it turns out they treated the money losing projects as the sacred cows and cut the profitable projects to the bone and put them at risk rather than give up the losers.

    • ChickenLadyLovesLife@lemmy.worldEnglish
      5·
      3 months ago

      I had a friend in the '90s who took a $40K inheritance and “invested” it all on $75 Fossil watches, the kind with Popeye and other cartoon characters on them. At least she was able to show them off at parties and get all the guests to go home.