Intel CEO Lip-Bu Tan during the Computex conference in Taipei, Taiwan, on May 19, 2025. (Photo: Annabelle Chih/Bloomberg/Getty Images)

The latest step to shrink a U.S. chipmaking icon is imminent.

Intel will shut down its automotive business and lay off the majority of its workers, according to a new report by The Oregonian.

The company told employees in a memo distributed on Tuesday. “We are refocusing on our core client and data center portfolio,” it told the Oregonian in a statement, adding that it would fulfill existing customer commitments.

Intel’s auto group has never been a major revenue-driver at the company, and its financials are not broken out in quarterly reports. (Intel also owns a majority stake in self-driving car company Mobileye, which isn’t affected by the news.)

Still, the unit has partnered with the racing division of Fiat and Jeep owner Stellantis as well as U.S. EV startup Karma in its bid to help automakers add telematics, cloud, and AI infrastructure to their vehicles.

These latest layoffs are part of a bigger wave of cuts at Intel as CEO Lip-Bu Tan downsizes the company to match its falling sales and weak outlook. 

Even core businesses aren’t safe. Intel this month notified manufacturing employees that it would shrink the group by up to 20% starting next month. —AN

Considering how much dating apps are struggling, Bumble’s announcement Wednesday via an 8-K filing of a 30% workforce reduction may not seem that shocking.

But JPMorgan analysts wrote in a Wednesday note the magnitude of the layoffs (which amount to about 240 jobs) “comes as a surprise” because the company had already announced $15 million in operating cuts in the second half of the year.

Shares of the dating app company soared more than 20% on Wednesday following the news.

Bumble is putting most of the savings back into the business, according to the note, which could be used for product, tech, or other strategic areas.

 But the move leaves Bumble with little room to make future cuts.

Some of Bumble’s challenges are bigger than the company. Gen Zers and millennials have started to shun dating apps across the board. Common complaints include feeling like a number, failing to find the right match, and few opportunities to meet a partner in real life. 

Like its peers, Bumble has been struggling to retain and acquire users. Its customer base peaked at 58 million in 2023 and hasn’t recovered.

Still, Bumble on Wednesday offered another shocker, raising its Q2 revenue forecast to between $244 million and $249 million. 

Analysts warned that Bumble’s sudden optimism isn’t a sign that the category’s prospects are improving. JPMorgan maintained its “underweight” rating for Bumble, citing challenging industry trends and “a long way to go to return Bumble app to growth.” —Sydney Lake

Tesla’s market share in Europe shrank again last month, but pockets of strength in countries like Norway suggest demand is bottoming out.

New aggregated industry data published on Wednesday showed Tesla vehicle sales across the continent sank by 28% in May, compared with the prior year. 

While still an exceptionally steep drop, the struggling brand has seen far worse, and the result marks its best monthly performance in 2025. 

Tesla’s fledgling robotaxi service in the city of Austin may currently be grabbing all the headlines, but attention is set to swing back to the company’s core business when it publishes global vehicle production and delivery numbers for the second quarter next week.

Tesla does not break down its volumes by region, but it is no secret that Europe is by far its most challenging market—a fact not even CEO Musk tries to dispute.

So far volumes on the continent are down 37% during the combined months of April and May. The brand’s problems in Europe represent a significant lost opportunity for Musk, since it is the second largest EV market in the world after China. 

On Wednesday, the European auto manufacturers association ACEA published its monthly report for new car registrations showing the overall EV market expanded at a rate of 27% to reach 193,500 vehicles. 

Nevertheless, the lobby group was disappointed given the amount of investment its members poured into the EV sector. 

One in every six new vehicles registered during the period is powered solely by electricity, a penetration rate it argued was “still far from where it needs to be.” —Christiaan Hetzner

—Academic brain drain? AI companies are throwing money at newly minted PhDs.

—France arrests five people allegedly involved in operating BreachForums, a stolen data marketplace.

—Google DeepMind debuts AlphaGenome. The AI tool predicts the effects of DNA changes on molecular processes.

—Julie Bornstein launches Daydream. An AI-driven shopping marketplace from a retail vet.

—Meta’s use of books to train AI is fair, judge rules. But he added that the ruling was influenced by the authors’ failure to effectively litigate the case.

—Meanwhile, authors sue Microsoft. Allegations of the use of 200,000 pirated books to train AI. (Is there an echo in here?)

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