A number of high-profile technology companies have announced job cuts this summer as the industry faces rapid change.

SANTA CLARA — Intel has decided to slash well over 700 Bay Area jobs in July as the longtime chipmaker embarks on a restructuring it hopes will create a more nimble company.

Intel has begun laying off thousands of employees in the US and Israel as part of a major AI restructuring push. CEO Lip-Bu Tan admitted the company can no longer compete in high-end AI hardware and will now focus on local and edge AI.