Intel is reeling from losses due to a steep decline in chip sales concurrent with growing competition from rival manufacturers in the semiconductor industry.

In August, the tech giant said it planned to reduce its global employee headcount by more than 15% by the end of 2025.

Silicon Valley's Intel announced it will begin a new round of layoffs from its Folsom campus in November. Folsom, which is just east of Sacramento, is one of the fastest-growing California cities, and tech jobs are a big reason for it.

Multiple teams at Meta were hit by layoffs on Wednesday, the company confirmed in a statement to TechCrunch, noting these changes were made to reallocate resources within the company. The layoffs appear to have hit employees working on Threads,