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The Terraform Labs co-founder and

crypto fugitive Doquan is set for extradition to South Korea.

I'm Imran Sheikh and get ready because it's is set for extradition to South Korea.

I'm Imran Sheikh and get ready because it's time for your daily crunch for Saturday,

starting with three big headlines.

Until announced it would lay off more than 15% of its staff or 15,000 employees in a memo to employees on Thursday.

The massive head count is part of a large plan to reduce spending by $10 billion in 2025 following a dismal second quarter

earnings report and outlook.

As Intel CEO Pat Gelsinger describes, Intel has struggled to capitalize on the AI boom in the same way other hardware companies, such as

NVIDIA, have.

Intel led the tech industry's revolution around CPU chips roughly 25 years ago, but has been slow to embrace newer waves of

computing such as smartphones and AI. Geldinger says annual revenues at

Intel fell 24 billion dollars between 2020 and 2023 despite its workforce growing 10% in the same

time frame. That's a stark contrast to other chipmakers during the AI boom

who have seen revenues and valuations soar to astronomical heights.

Intel reported a 1% decline in revenues for the second quarter compared to the same period last year.

The company attributed the loss to gross margin headwinds related to its

AI PC products.

The company is also suspending its shareholder dividends starting in the fourth quarter

of 2024 and anticipates more challenging second half

trends than it previously expected.

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