Here's your TMB Tech Minute for Thursday, August 1st. I'm Zoe Thomas for the Wall Street Journal.

Intel plans to lay off about 15,000 people, most of them by the end of this year.

It's part of a sweeping cost-saving drive.

The chipmaker will also pause dividend payments.

CEO Pat Gelsinger laid out a plan to reduce costs by more than $10 billion next year.

Intel reported second quarter sales of $12.8 billion, down 1%.

The company has struggled to gain a foothold in the market for

artificial intelligence chips that have driven sales for competitors like

NVIDIA.

Apple's iPhone sales fell nearly 1% from the prior year to just over $39 billion, a sign of soft demand

in the company's core business.

It's the second straight quarterly decline.

Analysts expect the new AI features which Apple is preparing to release in the fall will help reinvigorate

iPhone sales.

Overall, Apple revenue increased about 5% to just under 86 billion dollars.

And Amazon sales rose 10% from a year earlier to $148 billion during the second quarter.

The e-commerce giant reported a profit of $13.5 billion.

The company's Cloud Computing Unit had strong earnings after experiencing a slowdown in

2023.

Revenue from Amazon Web Services grew by about 19% to over 26 billion dollars.

For a deeper dive into what's happening in tech,

check out Friday's Tech News Briefing Podcast.

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