Struggling chip giant Intel is reportedly preparing to slash up to 20% of its global workforce next month — despite the company receiving more than $2 billion in federal funding under former President Biden’s signature CHIPS Act.

Rumors of these layoffs began back in April as Intel looks to refocus on its core business units and shed additional bloat.

The company said the layoffs will be driven by investment priorities, skills assessments and performance, and ruled out voluntary exits or buyouts