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Intel Corp. is shedding thousands of workers and cutting expenses as its new CEO works to revive the fortunes of the struggling chipmaker that helped launch Silicon Valley but has fallen behind rivals like Nvidia Corp. and Advanced Micro Devices Inc.

In a memo to employees Thursday, CEO Lip-Bu Tan said Intel plans to end the year with 75,000 “core” workers excluding subsidiaries, through layoffs and attrition. That’s down from 99,500 core employees at the end of last year. The company previously announced a 15% workforce reduction.

“I know the past few months have not been easy. We are making hard but necessary decisions to streamline the organization, drive greater efficiency and increase accountability at every level of the company,” Tan wrote.

In addition, Intel will scrap previously planned projects in Germany and Poland and also move assembly and test operations in Costa Rica to larger sites in Vietnam and Malaysia. Costa Rica will remain a “home to key engineering teams and corporate functions,” Tan said in the memo.

In the U.S., the company said it will “further” slow construction of a semiconductor plant in Ohio.

Founded in 1968 at the start of the PC revolution, Intel missed the technological shift to mobile computing triggered by Apple’s 2007 release of the iPhone, and it’s lagged more nimble chipmakers. Intel’s troubles have been magnified since the advent of artificial intelligence — a booming field where the chips made by once-smaller rival Nvidia have become tech’s hottest commodity.

The Santa Clara, California-based company’s market cap was $98.71 billion as of the market close on Thursday, compared with Nvidia’s $4.24 trillion.

Tan said Intel is focusing on its “core product portfolio” and artificial intelligence offerings to better serve customers.

“There are no more blank checks,” Tan wrote. “Every investment must make economic sense.”

For the second quarter, Intel reported a loss of $2.9 billion, or 67 cents per share, down from a loss of $1.6 billion, or 38 cents per share, a year earlier. Excluding one-time items, the company posted a loss of 10 cents a share.

Revenue was flat at $12.9 billion. Analysts, on average, were expecting adjusted earnings of 1 cent per share on revenue of $12 billion, according to a poll by FactSet.

NEW YORK (AP) — Stocks climbed to more records on Wall Street. The S&P 500 rose 0.4% Friday, setting an all-time high for the fifth time this week. The Dow Jones Industrial Average rose 0.5%, and the Nasdaq composite added 0.2% to its own record set the day before. Deckers helped lead the way with a gain of 11.3%. The company behind Ugg boots and Hoka shoes reported stronger profit and revenue than analysts expected. That helped offset a sharp drop for Intel, which sank 8.5% after saying it would cut thousands of jobs as it tries to turn around its struggling fortunes.

THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.

NEW YORK (AP) — U.S. stocks are rising toward more records on Friday and coasting toward the close of another winning week.

The S&P 500 was 0.5% higher in late trading and on track to close at an all-time high every day of this week. The Dow Jones Industrial Average was up 221 points, or 0.5%, with less than an hour remaining in trading, and the Nasdaq composite was adding 0.4% to its own record set the day before.

Deckers, the company behind Ugg boots and Hoka shoes, jumped 12.3% after reporting stronger profit and revenue for the spring than analysts expected. Its growth was particularly strong outside the United States, where revenue soared nearly 50%.

Edwards Lifesciences rose 4.3% after likewise topping Wall Street’s expectations for profit in the latest quarter. It said it saw strength across all its product groups, and it expects profit for the full year to come in at the high end of the forecasted range it had given earlier.

They helped offset a drop of 9.3% for Intel, which fell after reporting a loss for the latest quarter, when analysts were looking for a profit. The struggling chipmaker also said it would cut thousands of jobs and eliminate other expenses as it tries to turn around its fortunes. Intel, which helped launch Silicon Valley as the U.S. technology hub, has fallen behind rivals like Nvidia and Advanced Micro Devices while demand for artificial intelligence chips soars.

The pressure is on companies to deliver solid growth in profits in order to justify the rallies in their stock prices to record after record in recent weeks. Wall Street has zoomed higher on hopes that President Donald Trump will reach trade deals with other countries that will lower his stiff proposed tariffs, along with the risk that they could cause a recession and drive up inflation. Trump has recently announced deals with Japan and the Philippines, and the next big deadline is looming on Friday, Aug. 1.

Besides potential trade talks, next week will also feature a meeting by the Federal Reserve on interest rates. Trump again on Thursday lobbied the Fed to cut rates, which he has implied could save the U.S. government money on its debt repayments.

Fed Chair Jerome Powell, though, has continued to insist he wants to wait for more data about how Trump’s tariffs affect the economy and inflation before the Fed makes its next move. Lower interest rates can help goose the economy, but they can also give inflation more fuel.

Lower rates also may not lower the U.S. government’s costs to borrow money, if the bond market feels they could send inflation higher in the future. In that case, lower short-term rates brought by the Fed could actually have the opposite effect and raise the interest rates that Washington must pay to borrow money over the long term.

The widespread expectation on Wall Street is that the Fed will wait until September to resume cutting interest rates.

In the bond market, Treasury yields held relatively steady following Trump’s latest attempt to push Powell to cut interest rates. Trump also seemed to back off on threats to fire the Fed’s chair.

“To do that is a big move, and I don’t think that’s necessary,” Trump said. “I just want to see one thing happen, very simple: Interest rates come down.”

If Trump fired Powell, he’d risk freaking out financial markets by raising the possibility of a less independent Fed, one unable to make unpopular choices necessary to keep the economy healthy.

The yield on the 10-year Treasury eased to 4.38% from 4.43% late Thursday. The two-year Treasury yield, which more closely tracks expectations for what the Fed will do, held steady at 3.91%, where it was late Thursday.

In stock markets abroad, indexes slipped across much of Europe and Asia.

Stocks fell 1.1% in Hong Kong and 0.3% in Shanghai. U.S. Treasury Secretary Scott Bessent has said he will meet with Chinese officials in Sweden next week to work toward a trade deal with Beijing ahead of an Aug. 12 deadline. Trump has said a China trip “is not too distant” as trade tensions ease.

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AP Writers Teresa Cerojano and Matt Ott contributed.

Can’t make it to Disneyland? Well, now you can enjoy the Happiest Place on Earth from the comfort of your own home. In celebration of the Disneyland Resort’s 70th anniversary, Disney+ is offering subscribers a way to explore iconic lands and rides at Disneyland and California Adventure through POV videos.

Sure, nothing can beat the feeling of being at Disneyland—the excitement and energy; the sights and sounds; and the proximity to Dole whips, corn dogs, popcorn, and giant pickles and turkey legs—but if you need your Disney fix and won’t be visiting anytime soon, these videos will do the trick.

The collection of POV journeys include these attractions and themed lands:

• Pirates of Caribbean
• Indiana Jones Adventure
• Radiator Springs Racers
• Incredicoaster
• Haunted Mansion
• Tiana’s Bayou Adventure
• Cars Land
• Pixar Pal-A-Round
• Big Thunder Mountain Railroad
• Jungle Cruise
• Soarin’ Around the World
• Avengers Campus
• Hollywood Land
• Main Street, U.S.A.
• Mickey’s Toontown
• Star Wars: Galaxy’s Edge
• Star Wars: Rise of the Resistance

After I watching a few, I have to say that while it’s a fun way to “experience” the rides, you don’t quite get the thrill of being on a fast-paced attraction. But, I did notice details that I haven’t seen before, which was a fun surprise. Sometimes it’s hard to take it all in on because you’re anticipating the next drop or you’re moving so fast, so these videos are a great way to enjoy your favorite attractions from a new perspective. And it’s nice not having to wait in long lines!

In addition to the POV journeys, you can also view Disneyland’s popular nighttime show and fireworks, like the new “World of Color Happiness!”, “Wondrous Journeys,” and “Paint the Night.”

You can view all of these videos in a special Disneyland 70th Celebration collection on Disney+. And if you’re visiting the resort soon, check out our guide to the anniversary happenings here.

This article originally appeared at Sunset.com