Intel is set to unveil plans this week to slash more than 20% of its workforce, in a move to streamline operations and reduce bureaucratic inefficiencies, Bloomberg News reported on Tuesday, citing a person with knowledge of the matter.

The cutbacks could be devastating in Oregon. The chipmaker is the state's largest employer and makes Oregon's most valuable product.

According to a new story from Bloomberg, Intel is set to announce a massive 20 percent reduction in its workforce. This would mark the second time in less than a year that the company laid off employees. In August 2024, Intel cut 15,000 workers. After that round of layoffs, the computing giant had roughly 108,900 employees at the end of 2024.