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Intel layoffs: Chip-making giant Intel is reportedly set to begin layoffs in mid-July the tech majors first significant action under new CEO CEO Lip-Bu Tan. According to a report Intel issued an internal memo to its workers saying the decision was extremely difficult but required to achieve a more competitive space in the market. We have been taking action to build a leaner and more agile engineering- and technician-driven Intel Foundry that is poised to build customer trust. These decisions are extremely difficult but they are necessary to help Intel achieve a more competitive market position and to put our company on a solid footing for the future The Oregonian reported citing Intels internal memo to employees. While the memo did not specify how many or which positions in the Intel Foundry-- Intels in-house manufacturing arm-- would be affected employees in other departments indicated they are operating on a similar timeline the report said. Citing company sources the report said that Intel has granted some flexibility to its individual business units to implement the layoffs in the way they see fit on condition that the companys financial targets are met. Intel has declined to offer details into its layoff plans. Removing organisational complexity and empowering our engineers will enable us to better serve the needs of our customers and strengthen our execution. We are making these decisions based on careful consideration of what’s needed to position our business for the future and we will treat people with care and respect as we complete this important work the company said in a statement earlier this week. As per the report the layoffs are part of Intels efforts to reinvent its position amid an increasingly hostile market environment marred by shrinking sales intensifying global competition in chip manufacturing and an overall slump in the PC and laptop sector. Intel is also seen as lagging behind in Artificial Intelligence (AI) an area dominated by the its rivals Nvidia and AMD.