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Intel is reportedly preparing to announce plans this week to cut over 20% of its workforce, aiming to streamline operations and reduce bureaucratic inefficiencies, Bloomberg News reported Tuesday, citing a source familiar with the matter.The layoffs are part of a broader push to reestablish an engineering-driven culture at the company, the report said.Intel declined to comment when contacted by Reuters. The company’s stock rose more than 4.5% in premarket trading Wednesday.This move marks a significant shift under newly appointed CEO Lip-Bu Tan, who took the reins at Intel last month. Tan is tasked with reviving the struggling U.S. chipmaker after years of setbacks and leadership missteps.In March, Reuters reported that Tan planned a sweeping overhaul of Intel’s manufacturing and AI divisions, following the company’s loss of its chipmaking lead to Taiwan’s TSMC and its failure to capitalize on the AI processor boom, which allowed rivals like Nvidia to dominate.Last week, Reuters reported that Tan had begun flattening Intel’s leadership structure and appointed a new executive to lead the company’s AI efforts. However, questions remain about Intel’s AI strategy, particularly after it relegated its Falcon Shores chips to internal testing—leaving the company without a competitive flagship in the fast-growing AI sector.Intel is set to release its first-quarter earnings report on Thursday, which will offer the most detailed look yet at Tan’s turnaround strategy. Still, his plans face headwinds, including rising U.S.-China trade tensions and the risk of retaliatory tariffs.The expected layoffs come after Intel reduced its workforce last August, when it announced plans to cut 15% of its staff as part of former CEO Pat Gelsinger’s turnaround strategy. However, Gelsinger’s plans failed to gain traction with Intel’s board, which ultimately ousted him at the end of last year over concerns that the transformation wasn’t progressing quickly enough.As of the end of 2024, the Santa Clara, California-based company had 108,900 employees, according to a regulatory filing.