> With that in mind, we have reduced our operating expense and capital spending targets going forward, which I will discuss during our investor call this afternoon.

I wonder what this really means. Operating Expense = R&D + Marketing/Admin + Misc. stuffs.

> In addition, I have decided to make our formal Insights and OKR requirements optional. While it’s crucial for us to stay accountable for our results and receive feedback on our performance, I believe we can achieve this in a simpler and more flexible way. Along the same lines, we will cut back on time-consuming corporate administrative tasks such as non-essential training and documentation.

This seems to be an interesting take. For every company that I worked for, or are working for, the only direction when growth dies down is to introduce OKRs (if there is none), or flash the importance of OKRs.

> It’s going to be hard. It will require painful decisions. But we will make them knowing it’s what we must do to serve our customers better as we build a new Intel for the future – and I have great confidence in the power of our team and our people to make it happen.

Kinda reads like more layoffs, and potentially large layoffs. Maybe it is already ongoing as per my experience with large corporations.