The American chip-making giant’s stock fell after it said an overhaul is under way and that macro conditions would prove challenging.

Another big American employer expects to see more of its people around the office—and fewer people in total. New Intel (INTC) CEO Lip-Bu Tan late Thursday said in a letter to employees—and published online—that hybrid employees should be on-site at least four days a week by Sept.

Intel Corporation is on the cusp of radical transformation. Under the leadership of new CEO Pat Gelsinger, TSMC’s biggest rival is launching a massive restructuring plan to double the company’s operational efficiency.