Intel CEO Pat Gelsinger is reportedly planning to present plans to the board later this month to streamline the company’s operations, including selling parts of the business and shedding projects.

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A new report from Reuters says Intel CEO Pat Gelsinger and key executives are set to “present a plan” to Intel’s board later this month to “divest unneeded businesses and refocus capital spending,” according to a source familiar with the matter.

The plan will reportedly include ideas from Gelsinger and his team to cut overall costs by selling businesses, including Altera’s programmable chip unit, because Intel can no longer fund the company. A Reuters source said Gelsinger and other senior executives are expected to present the plan at a board meeting in mid-September.

One of the Intel pieces on the list for cutting could be its semiconductor foundry, Intel Foundry, with a Reuters source reporting that the company will sell its fab business to TSMC. Intel has already separated its foundry business from its design business, reporting separate financial results starting in the first calendar quarter of 2024.

Intel has “built a wall” between its design and manufacturing divisions to prevent potential customers of its design division from accessing the technology secrets of customers who use Intel’s factories to make their chips. Gelsinger and company’s plan will simply be to slice and dice areas everywhere, but that doesn’t help Intel’s failure in AI and its stumbling block in the desktop and server processor markets with competitor AMD.

Now, the laptop market is also under threat due to AMD’s new Ryzen AI 300-series “Strix Point” APUs, which offer fantastic Zen 5 CPU performance, greatly improved RDNA 3.5 graphics, and an NPU for AI tasks.