Intel spins off Network and Edge group as standalone business after posting $2.9b loss — seeking investors for NEX division amid massive internal restructuring
Intel’s transformation under CEO Lip-Bu Tan is entering a ruthless new phase. The company, which only days agorevealed $2.9 billion in quarterly lossesand the slashing of 15% of its workforce (something in the workssince last year), is now spinning off its Network and Edge Group (NEX) as a standalone business. It’s the latest move in a “sweeping effort” to streamline Intel’s core operations while divesting anything that doesn’t fit Tan’s new, AI-first strategy....