Intel Hires Chip Industry Veterans to Drive CEO Tan’s Turnaround Strategy

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Intel has announced the hiring of three prominent chip industry veterans on Wednesday, as part of CEO Lip-Bu Tan’s broader plan to restructure leadership and revive the company’s competitiveness. The move aligns with Tan’s push to streamline operations, elevate engineering focus, and boost customer satisfaction in a difficult market environment.

The newly appointed executives — Srinivasan Iyengar, Jean-Didier Allegrucci, and Shailendra Desai — will take on major engineering and technical roles within the company. These hires reflect Tan’s determination to prioritize technical leadership and innovation as Intel seeks to rebuild market confidence and strengthen its foundry ambitions.

  • Iyengar, formerly of Cadence Design Systems, will lead a newly created customer engineering center and report directly to Tan.

  • Allegrucci, previously with Rain AI, will oversee the development of AI System-on-Chip (SoC) engineering.

  • Desai, who joins from Google, will spearhead new AI chip architecture initiatives. Both Allegrucci and Desai will report to Sachin Katti, Intel’s Chief Technology and AI Officer.

Tan, who took the helm in March 2025, has been making bold changes to Intel’s organizational structure, including reducing bureaucracy by flattening leadership layers. He has also restructured the sales team by promoting Greg Ernst, a longtime Intel executive, to Chief Revenue Officer, placing him in charge of global revenue operations.

“Greg, Srini, J-D and Shailendra are highly accomplished leaders… and they will each play important roles as we position our business for the future,” Tan stated.

In addition to executive hires, Intel also reshuffled its board, aiming to bring in more semiconductor-specific expertise. Three existing board members stepped down at the company’s 2025 annual meeting, clearing space for more industry-aligned oversight.

These changes come amid ongoing financial and competitive pressures for Intel, which has struggled to regain its edge against rivals like AMD, NVIDIA, and TSMC. With a renewed emphasis on AI innovation and foundry success, Tan’s leadership marks a decisive shift toward engineering-led transformation.

Circle, Coinbase Surge as Senate Passes Landmark Stablecoin Bill

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Shares of Circle and Coinbase soared on Wednesday after the U.S. Senate passed a landmark bipartisan bill to regulate stablecoins — a milestone that could legitimize and accelerate the growth of this key part of the cryptocurrency industry.

The legislation, known as the GENIUS Act, marks a rare moment of bipartisan agreement on crypto oversight and opens the door for broader adoption of dollar-pegged digital tokens, which aim to combine the convenience of crypto with the stability of fiat currencies.

Circle (CRCL.N) — the issuer of the USDC stablecoin — saw its stock climb 33.8%, closing at $199.59, more than six times its $31 IPO price earlier this month. Coinbase (COIN.O), which co-founded USDC with Circle, rose 16%, while crypto-friendly Robinhood gained 4.5%.

“History is being made,” said Circle CEO Jeremy Allaire on X. He predicted the legislation would enhance U.S. economic competitiveness for “decades to come.”

The bill must still be passed by the Republican-controlled House of Representatives before heading to President Donald Trump, who is expected to sign it by the end of summer.

If enacted, the bill would require stablecoins to be fully backed by liquid assets such as U.S. dollars or short-term Treasuries, with monthly public reserve disclosures — providing a regulatory framework that backers say will boost investor confidence and encourage institutional adoption.

Circle’s USDC is the second-largest stablecoin, with a market cap of $61.4 billion, and has helped power a 51% rise in Coinbase’s stablecoin revenue in Q1 alone. Analysts now see stablecoins evolving beyond crypto into a universal internet payment rail, comparable to digital cash.

“This bill could transform stablecoins from niche financial tools into core internet infrastructure,” wrote analysts at Bernstein.

Other corporates are reportedly exploring launching their own stablecoins, encouraged by the clarity the GENIUS Act promises. Meanwhile, analysts at KBW noted that the bill could also act as a tailwind for cryptocurrencies like bitcoin, which often trade alongside stablecoin demand.

Industry observers say the GENIUS Act is one of two key crypto bills that could become law in 2025 — a turning point for a sector long hindered by regulatory uncertainty.

Microsoft Plans Thousands of Job Cuts Amid AI Expansion

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Microsoft is preparing to lay off thousands of employees, particularly in its sales division, according to a Bloomberg News report published Wednesday. The move comes as the company accelerates investments in artificial intelligence (AI) and realigns its workforce to support the growing demands of the technology.

The layoffs are expected to be announced early next month, following the end of Microsoft’s fiscal year. While the exact number of job cuts has not been confirmed, sources suggest that the move will impact more than just sales roles. Microsoft declined to comment on the report.

This would mark the second significant round of layoffs in 2025, following cuts in May that affected around 6,000 employees.

The tech giant has committed a record $80 billion in capital expenditure this fiscal year, with most of that spending allocated to expanding data centers and AI infrastructure. These investments are designed to support Microsoft’s growing suite of AI-powered services, including its close partnership with OpenAI and integration of generative AI across its software platforms.

The shift mirrors trends across the industry. Amazon CEO Andy Jassy stated on Tuesday that generative AI and agent technologies would likely reduce corporate workforce needs over the coming years, underscoring how automation and AI are reshaping traditional business roles.

With a global workforce of 228,000 employees as of June 2024, Microsoft is balancing aggressive growth in AI with internal restructuring — a sign of how tech giants are repositioning for the next phase of innovation-driven competition.