Intel refocusing itself, and its revenue stream, on cloud

With Intel looking to lock in on the next big thing and cloud continuing to grow in importance, it makes sense for the chip maker to seize on cloud computing as a way to transform itself.

That's the word coming from industry analysts after Intel this week announced it will lay off 12,000 employees -- or 11% of its global workforce -- as it shifts focus from its traditional PC business to the Internet of Things (IoT) and the cloud.

With PCs seen as yesterday's tech trend, Intel is betting its future on the growth of the cloud, which stores everything from music to corporate records and powers enterprise apps and billions of smart, connected devices.

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