LBT had stated his intentions, but word is getting out about entire groups being eliminated or outsourced, including the transition of entire groups to contract services.
This has been needed for at least the past 5 years and maybe 10, because once Intel lost market dominance it no longer made sense to maintain such a sprawling conglomerate. That makes this effort unlike anything the company has done, maybe ever.
I think this is why internal communications have left room for interpretation and that there has been effectively no external communication (resulting in uncertainty which is causing the stock to jump around). I think ELT doesn't want anyone to grasp the full scope of what they are doing, until it is completed and they can call it the New Intel.
What will follow will be some asset sales, but in many cases the underperforming products have little market value, so the company is shutting down those groups and maybe will try to sell the IP. It also enables the company to be broken up, which the Board seems to want to keep as an option.
The much expected Fab restructuring has also begun but that will take a year or two and be done in phases. Expect LBT to shorten the runway to IFS profitability, by any means necessary.
The result of these efforts will meaningfully lower cost and it is possible that the company could report positive earnings (excluding the one time charge). Hard to see any of this as a negative for the stock in the short term, although some things may break or have to be rebuilt, and that could cause issues down the road.