Intel Corp shares tanked on Friday after disappointing Q2 earnings. Analysts have mixed views on the company's competitiveness.

Intel (INTC) reported quarterly sales that exceeded analysts' expectations, but posted a loss as the chipmaker works to turnaround its business. Second-quarter revenue of $12.86 billion topped projections as Intel's foundry business grew 3% to $4.

Intel’s plans appeared to deflate investors. Intel shares took a hit, with Intel’s market value showing a loss of $8 billion at one point, according to Reuters. Meanwhile, AMD is riding the AI wave to greater sales, and Nvidia’s value has exploded over the past few years, also thanks to its AI-friendly chips.

Intel Corp. is shedding thousands of workers and cutting expenses as its new CEO works to revive the struggling chipmaker’s fortunes

Intel said Thursday it has mostly completed plans it announced last quarter to cut 15% of its workforce, as the struggling chipmaker attempts a turnaround.

Intel is planning to spin off its networking unit as the struggling chipmaker looks to shed assets and cut costs under the direction of new CEO Lip-Bu Tan, according to a Friday report.

Intel reported second-quarter results on Thursday that beat Wall Street expectations on revenue, as new CEO Lip-Bu Tan announced significant cuts in chip factory construction. In a memo to employees,