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While there are obvious market valuation issues at play, I think this signals more about Intel and it's future strategy. The layoffs come shortly after their $16.7 billion acquisition of Altera was completed.

Intel really missed out on mobile and with PC sales rapidly declining it looks like they are going to refocus on enterprise and data centers. ARM and NVIDIA/GPU computing are also expanding rapidly in those areas and that will pose a major threat to Intel.

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