Yes, it's happening. My manager of 20+ years has been set to do extensive "efficiency" analysis for the whole month of June. He admitted that the sh-- would hit the fan around the Q2 numbers release and cuts will be complete by the end of August. This will all be handled by Murthy and he will take the blame as chief head-chopper. The cuts will be by project and program, with little time to save 'high-performers'. If they are caught in the net, tough sh--.
I hope that Intel provides at least 3-month packages like they have before. But who knows. Finance now runs the company and will drive our expenses down in fancy Excel fashion. Get your resume ready folks.