datatrack_market_today_test-9_en

datatrack_market_today_test-10_en

According to a report from Globes, amid significant layoffs at Intel, many former employees from the company in Israel have made the move to NVIDIA, including veteran staff who have worked at Intel for a decade or more. The report noted that updates on LinkedIn indicate that at least 30 employees left Intel in 2024 to join NVIDIA's offices in Yokneam and Tel Aviv. This group includes core processor development engineers, hardware architecture professionals, electric power management staff, and chip design software developers. Currently, NVIDIA is undergoing a major expansion in Israel, having hired hundreds of employees from other companies and recent college graduates since the beginning of the year, as the report mentioned. According to the report, NVIDIA is estimated to have hired between 60 and 90 former Intel employees in recent months. With Intel's ongoing wave of voluntary retirements and layoffs, NVIDIA is likely to hire a dozen more, potentially bringing the total to around 100. The report indicated that, according to Levels.fyi, NVIDIA offers higher salaries and better compensation packages—approximately 33% higher on average than at Intel. Notably, the biggest difference between Intel and NVIDIA lies in their share options. The report pointed out that, according to Levels.fyi, the annual value of the share option package for a hardware engineer at Intel starts at NIS 19,300 (around USD 5,187), while at NVIDIA it begins at NIS 56,200 (approximately USD 15,105). Intel announced in August that it would reduce 15% of its workforce, estimated to be between 15,000 and 17,000 employees, while 7,500 have already opted for voluntary retirement, which includes 19 additional monthly salary payments, according to the report. Regarding Intel's situation in Israel, the report indicated that after thousands of employees were laid off in the U.S., several hundred employees at Intel's development centers in Haifa, Petah Tikva, and Jerusalem are reportedly set to be laid off this week. The report highlighted that most of Intel’s layoffs in Israel are occurring in the development centers, rather than at the production facility in Kiryat Gat. This is due to the construction of the new Fab 38 plant, which, once completed, will need more production staff. According to the report, most of former Intel employees who joined NVIDIA this year made the move in recent months, with a noticeable increase in departures occurring this month. As for other former Intel employees in Israel, many have joined other major tech companies, including Apple, Amazon, and Mobileye, which is a subsidiary of Intel. The report also noted that a smaller number have transitioned to Microsoft, Google, and the Chinese company Huawei, which has a development center in Haifa. Read more [News] Intel Employees Prepare for Layoff Notices as Cuts Enter Peak Phase This Week (Photo credit: NVIDIA) Please note that this article cites information from Globes.