Intel chief executive Pat Gelsinger has notified staff the company plans to lay off a massive 15,000 employees—equivalent to 15 percent of its workforce—in order to save $10 billion USD as strong tech competitors AMD and Nvidia sail past the bleeding brand.

Gelsinger detailed more of the company’s intentions following the layoffs in a public memo published on Aug. 1, noting an awareness this news will cause pain to the thousands of people who will be laid off to save costs going into 2025. These layoffs are partially a result of the way Intel and other companies have bet big on new trends in tech such as artificial intelligence, but have not seen the expected returns.