Do you know rising stars in Silicon Valley? Nominate them for our annual 40 Under 40 special editorial coverage and awards event.

Today’s earnings call is notable as the first for the company since Lip-Bu Tan (pictured) took over the reins as the company’s new chief executive. He joined the company in March, ending its months-long search for a successor to previous CEO Pat Gelsinger, who was forced to resign in December amid pressure from board members and investors.

The cutbacks could be devastating in Oregon. The chipmaker is the state's largest employer and makes Oregon's most valuable product.