Intel posts profit even as it struggles to regain market share

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By BERNARD CONDON

NEW YORK (AP) — Intel has posted a profit in its first quarterly report since the U.S. government became a major shareholder in the struggling chipmaker.

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The one-time American tech icon reported a net income of $4.1 billion, or 90 cents per share, in the three months ending in September, up from a loss of $17 billion, or $3.88 per share, a year earlier. Revenue climbed 3% from last year to $13.7 billion.

Stock in the company rose nearly 8% in after-hours trading to $41.10, adding to strong gains since the United States invested in the summer.

Recently installed CEO Lip-Bu Tan has been slashing thousands of jobs and mothballing projects to shore up the company’s finances and better compete with domestic and foreign rivals that have since overtaken it.

President Donald Trump announced in August that the U.S. government would take a 10% stake in the Intel as part of his effort to bolster companies deemed vital to national security. It was a startling move for a Republican leader, bucking the party’s long-held belief that governments shouldn’t try to pick corporate winners and losers with taxpayer money.

Intel handed over the shares in exchange for nearly $9 billion that had already been granted to it under the CHIPS and Science Act of 2022. Intel had agreed to make major investments in U.S. manufacturing facilities in exchange for the funds.

Intel also received $5 billion from rival Nvidia in September. Earlier this year, it received $2 billion from Japanese technology giant SoftBank.

Founded in 1968 at the start of the personal computer revolution, Intel missed the shift to mobile computing triggered by Apple’s 2007 release of the iPhone. The company’s troubles have been magnified since then by the advent of artificial intelligence — a booming field where Nvidia’s chips have become tech’s hottest commodity.

‘The Last Yiddish Speaker’ asks its audience who they will be

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Who are you when they come knocking at your door?

It’s the question at the core of “The Last Yiddish Speaker.” Written by Deborah Zoe Laufer in 2024, the story follows a Jewish father and daughter as they hide in plain sight in a United States that has descended into white nationalism, fascism and terror.

Staged by St. Paul’s Six Points Theater, the show opens Saturday at the Highland Park Community Center. Directed by Amy Rummenie, the four-person cast dives into a not-too-distant dystopian future.

“It’s 2029, in a world where Jan. 6 was successful for the insurgents,” Rummenie said. “That was the turning point of history, and the entire landscape of the country has changed.”

The play follows Paul, played by Twin Cities actor Avi Aharoni, and his daughter Sarah, played by New York City-based actor Charleigh Wolf. The pair is hiding in plain sight, living as Christians in a small rural town after fleeing their home in New York City and denying their Jewish heritage.

They live in fear of being found until a magical Yiddish woman appears on their front doorstep, claiming to be their great-aunt Chava, played by Sally Wingert.

Surviving or living

Wingert worked with a language expert prior to the show to learn Yiddish, as Chava only has a handful of moments in English. The rest of her scenes are performed entirely in Yiddish.

“It’s been amazing to watch. She works so hard at that, in bringing the authenticity to a language she learned just for this,” Rummenie said.

The play questions the struggle between survival and living or, as described by Wolf, the worth of a life lived in a lie.

“Do you hide the truth to be safe or is that not a life worth living? And fighting is more important, even though it’s risking everything,” Wolf said.

Wolf has performed in New York as an actor, dancer, musician and artist, and is a member of the band Poison Ivy and the People. They have previously performed in Six Points Theater’s production of “Survivors.”

“Sarah is definitely a fighter. She’s very direct and wants so badly to be honest,” Wolf said. “It’s like being as honest and real as I can be within the context of nobody actually knowing who I am. It just feels like this really intense push and pull of existing in this world for Sarah.”

Originally planning to visit Minnesota for a short period, Aharoni auditioned for the role of Paul after working with Six Points Theater in their past productions. Now, working within the production, Aharoni describes his character as a man full of sacrifice.

“(Paul) is a man who has lost everything, compromising his identity to save the one thing he has left, which is his daughter,” Aharoni said.

‘Compassionately curious’

The father-daughter relationship is challenged by the character of John, played by Carter Graham. John, born and raised in the small town, is completely integrated into the conservative culture of his community and has never had cause to question the way things are.

Until meeting Sarah and Paul.

“There’s a side of him that’s attracted to this family and curious,” Graham said. “There’s a part of him that’s a real thinker.”

“It’s a very compassionately curious play, because (John) is a great guy, but also raised in a way that’s dangerous for everyone else in the play,” Rummenie said. “His mere existence is a danger, but also he’s curious and he’s working and he’s incredibly human.”

The cast of four supports the weight of the play together, balancing the intimate struggle of the family with the larger issues of the devolving world. Sometimes, cast members said, it was hard to come into rehearsals when they felt their current reality so strongly mirrored that of the play.

“There’s no escapism with this piece,” Aharoni said. “This is a piece that is just holding up a mirror to the world right now.”

Wolf agreed.

“It also makes it feel important and like I have a responsibility to, you know, just do the best I can with this role in this show,” Wolf said. “I’m really honored to be a part of it and to tell the story.”

Six Points Theater’s ‘The Last Yiddish Speaker’

Where: Highland Park Community Center, 1978 Ford Parkway, St. Paul
When: Saturday through Nov. 9
Tickets: $40-$29 via sixpointstheater.org or 651-647-4315

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Target to eliminate about 1,800 corporate jobs, or about 8%

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Target Corp. is eliminating about 8% of corporate roles in its first major restructuring in years, according to a memo viewed by Bloomberg News, a move to cut costs and reduce complexity.

The Minneapolis-based company is cutting 1,800 roles across various teams and seniority levels, according to the memo. This will include 1,000 layoffs and the company will close out 800 open roles.

Target has been struggling to get out of a rut driven by soft demand and inventory missteps. The retailer has also been the subject of public backlash after it stepped away from DEI policies.

“The complexity we’ve created over time has been holding us back,” Chief Operating Officer Michael Fiddelke said in the memo. “Too many layers and overlapping work have slowed decisions, making it harder to bring ideas to life.”

Fiddelke will take over the top role in February.

The memo instructed all U.S. employees at headquarters to work from home next week.

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‘Hands Off’: City Lawmakers Push Back Against Federal Agents in NYC

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“This has only weakened our local communities and economy by disrupting our neighborhoods and their small business partners. All for politics. We don’t need any more of this disruption,” Council Speaker Adrienne Adams said at City Hall Thursday.

City Council members held a press conference Thursday denouncing ICE’s raid in lower Manhattan earlier this week. (Gerardo Romo / NYC Council Media Unit)

On Thursday morning, 11 City Council members and religious leaders rallied to condemn U.S. Immigration and Customs Enforcement’s (ICE) use of military-style tactics to arrest street vendors in Chinatown.

“We began in unison to send a clear message to the Trump administration: hands off. Stop threatening our public safety and our economy,” Council Speaker Adrienne Adams said during a press conference in City Hall’s rotunda.

The Department of Homeland Security (DHS) said 14 people were arrested in Tuesday’s sweep in Lower Manhattan, in which ICE agents—and an armored vehicle—descended upon a group of vendors selling bags and other goods on the sidewalk. Nine of those arrested were migrant men, while the others were demonstrators.

New Yorkers reacted immediately to the operation by taking to the streets, staging protests Tuesday night and the following day. Public condemnation from local leaders also hasn’t stopped, and the state’s Attorney General Letitia James asked New Yorkers to send photos or videos of Tuesday’s raid for her office to review, in order to assess whether any laws were broken.

The incident follows months of federal arrests at the city’s main immigration court at 26 Federal Plaza, and after the Trump administration sent National Guard troops into several other major cities this fall, including Chicago and Los Angeles.

During a Fox News interview Wednesday, ICE Director Todd Lyons warned that he plans to increase the number of arrests carried out in the city. Federal authorities called the Canal Street sweep an “intelligence-driven” operation, focused on the alleged sale of counterfeit goods in the tourist-heavy area.

But local advocates say it was a racially profiled operation against African migrants. The Street Vendor Project, an advocacy group, said that at least five street vendors were arrested on Tuesday. 

The sweep occurred just days after right-wing influencer Savanah Hernandez visited and posted a video of herself on Canal Street, tagging ICE’s account. “Hopefully ICE makes a trip over that way and starts mass deporting the illegals breaking the law,” she replied to a comment on social media site X. 

Canal Street has long been a hot spot for vending and a tourist location for shoppers of discounted imitation items. Since Mayor Eric Adams took office, the NYPD has ramped up enforcement against street vendors around the city, as City Limits previously reported

Referring to the arrests of vendors in the area, Speaker Adams said that these actions do not make the city safer. “In fact, it makes us all less safe. Trump’s ICE has repeatedly violated constitutional rights, unlawfully disappearing members of our communities and separating families,” she said. 

“This has only weakened our local communities and economy by disrupting our neighborhoods and their small business partners. All for politics. We don’t need any more of this disruption,” she added.

A few weeks before the incident, city lawmakers drafted legislation to update existing sanctuary city laws that have been in place for decades.

Councilwoman Tiffany Cabán introduced a bill that would make ICE’s exclusion from Rikers Island law, after Mayor Eric Adams’ administration sought to allow the federal immigration agency back at the island jail complex. The City Council ultimately stopped the move by suing and winning in court. Additionally, Cabán wants to expand the number of federal agencies with which municipal agencies cannot share information.

Tuesday’s operation in Chinatown included multiple federal agencies, including ICE, the Drug Enforcement Administration, and the Federal Bureau of Investigation.

City Council Immigration Committee Chair Alexa Avilés said that it was unlikely that these reforms would pass this year, as the Council expects Mayor Adams to veto them. Therefore, it would be up to the next mayor to deal with them.

Curtis Sliwa, Andrew Cuomo and Zohran Mamdani. (City Limits, Flickr/Andrew Cuomo)

Mayoral candidates weigh in

The final debate with the three candidates for mayor, which aired Wednesday night, began with questions about Tuesday’s sweep on Canal Street. Each candidate criticized the deployment of federal agents in their own way.

Andrew Cuomo, the former New York governor running as an Independent after losing the Democratic primary, said that the city doesn’t “need ICE to do quality of life crimes. We don’t need them to worry about illegal vendors. That’s a basic policing function for NYPD.”

Zohran Mamdani, Democratic candidate and front-runner in the race, criticized the Adams administration and called for an “end [to] the chapter of collaboration between City Hall and the federal government,” He also urged the Council to pass street vending reform bills aimed at protecting sellers from criminal enforcement.

Curtis Sliwa, the Republican candidate, said that federal agents shouldn’t have stepped in, saying that “this is a matter that should have been left up to the NYPD.”

On Thursday, Avilés acknowledged that the city is limited in its ability to stop unexpected ICE raids, but said the state could step up and offer more protection.

State Sen. Andrew Gounardes recently introduced a bill to stop other states from sending their National Guard troops into New York without local permission. He said officials need to be “as creative as possible and do anything we can to protect ourselves in this moment.”

Gounardes said he’s frustrated and disappointed that state legislators have yet to pass the “New York for All” bill, which would limit cooperation between state and local government agencies and ICE. 

Outside the five boroughs, the number of local law enforcement agencies across the state that have struck partnerships with federal immigration officials has multiplied this year, as City Limits previously reported.

“I just think it’s only going to get worse. What we saw happen on Canal Street is just the beginning,” Gounardes said. “And so we need to be doing everything, I mean, everything we can to really protect New Yorkers and fight back.”

To reach the reporter behind this story, contact Daniel@citylimits.org. To reach the editor, contact Jeanmarie@citylimits.org. Want to republish this story? Find City Limits’ reprint policy here.

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