Intel had long been expecting a decline in PC sales after a period of heightened demand due to work-and-study-from-home arrangements brought about by the COVID-19 pandemic.Mobileye, the the self-driving tech firm that Intel had purchased for $15.3 billion back in 2017, recently filed for an IPO.But projected earnings from the offering may not be enough to prevent the mass layoffs, which will affect various divisions within the company.Over the past year, Intel took steps to achieve its goal of expanding its foundry business.It earmarked $20 billion to build a massive chip-making facility in Ohio, which it intends to turn into the biggest "silicon manufacturing location on the planet.""