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Chipmaker Intel says it is cutting 15% of its huge workforce—about 15,000 jobs—as it tries to turn its business around to compete with more successful rivals like Nvidia and AMD.

In a memo to staff, Intel Corp. CEO Pat Gelsinger said Thursday the company plans to save $10 billion in 2025.

"Simply put, we must align our cost structure with our new operating model and fundamentally change the way we operate," he wrote in the memo published on Intel's website. "Our revenues have not grown as expected—and we've yet to fully benefit from powerful trends, like AI. Our costs are too high, our margins are too low."

The job cuts come in the heels of a disappointing quarter and forecast for the iconic chip maker founded in 1968 at the start of the PC revolution.

Next week, Gelsinger wrote, Intel will announce an "enhanced retirement offering" for eligible employees and offer an application program for voluntary departures.

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