Intel scraps plans for Innovation 2024 due to cost-cutting efforts

Last year at Intel Innovation, we got a nice early look at the Meteor Lake processors, the first of Intel's AI-capable CPUs. At this year's event, we were hoping to get some news on new upcoming architectures like Lunar Lake and Arrow Lake. However, the company has decided to cancel this year's event.

Right now, we'd normally be expecting to see Intel contacting press, developers and industry partners from around the world to congregate at Intel's annual Innovation event. Unfortunately, Intel has run into some financial troubles, leading to lay-offs, as well as the cancellation of this year's event.

In a statement shared on the Intel Innovation registration site, Intel says:

“After careful consideration, we have made the decision to postpone our Intel-hosted event, Intel Innovation in September, until 2025. For the remainder of 2024, we will continue to host smaller, more targeted events, webinars, hackathons and meetups worldwide through Intel Connection and Intel AI Summit events, as well as have a presence at other industry moments.”

While Intel Innovation will no longer be taking place this year, the company does plan to continue hosting the event in 2025.

While the statement on the website keeps the details vauge, speaking with PCMag, an Intel spokesperson cited recent financial issues, leading to “tough decisions”, with the cancellation of Intel Innovation 2024 being one such tough decision. Intel is also currently undergoing a massive cost-cutting effort to reduce its costs by $10 billion. This means work deemed ‘non essential' will be halted and thousands of Intel workers will be let go. This restructuring kicked into gear after Intel posted a $1.6 billion loss for Q2 2024.

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KitGuru Says: Hopefully Intel Innovation is back on the calendar next year. 

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