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TechCrunch Daily Crunch

Terraform Labs co-founder and crypto fugitive Do Kwon set for extradition

Aug 3, 2024
Do Kwon, co-founder of Terraform Labs and a prominent crypto figure, opens up about his impending extradition to South Korea after a court decision in Montenegro. He delves into his legal challenges that have made him a fugitive in the crypto world. Additionally, the discussion highlights the booming cloud infrastructure market nearing $80 billion, fueled by AI advancements, and touches on the significant layoffs at Intel. Kwon's insights reveal the intersection of law, tech, and the ever-evolving crypto landscape.
09:06

Episode guests

Do Kwon

Podcast summary created with Snipd AI

Quick takeaways

  • Intel is planning to lay off 15,000 employees due to financial struggles and inability to compete effectively in the AI sector.
  • The cloud infrastructure market continues to thrive, achieving $79 billion in revenue driven by increased interest in AI technologies.

Deep dives

Intel's Struggles and Workforce Reductions

Intel is set to lay off more than 15% of its workforce, which amounts to approximately 15,000 employees, as part of a strategy to cut $10 billion in expenses by 2025. The company's leadership has attributed this drastic measure to a failure to thrive in the AI sector compared to other hardware counterparts, notably Nvidia. Over the past three years, Intel has experienced a significant revenue decline of $24 billion, despite a 10% increase in its workforce, highlighting a stark imbalance between growth and performance. This financial setback includes a reported 1% fall in revenues in the second quarter of this year, exacerbated by adverse conditions associated with its AI-PC products and the suspension of shareholder dividends starting in late 2024.

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