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.

Intel laid off 15,000 workers last year and is preparing for another round of cuts next month, OregonLive reports, citing an internal memo. Intel Foundry head Naga Chandrasekaran informed employees about the job cuts on Saturday.

New CEO Lip-Bu Tan still hasn't outlined a strategic plan for reviving Intel, but he's putting his stamp on the executive team.