By Senad Karaahmetovic

According to Reuters, Intel (NASDAQ) has put on hold hiring new workers in its PC and laptop chip divisions to reduce costs.

On Wednesday, an email was sent to employees of Intel’s division. It stated that they are “stopping all hiring” and “placing all job requisitions in hold”.

“We believe we are at the beginning of a long-term growth cycle across the semiconductor industry and we have the right strategy in place,” an Intel representative said in a statement.

We can weather macroeconomic uncertainty by prioritizing our spending and executing our strategy to meet our promises to our customers, shareholders, employees and customers.

It was also stated in the memo that all the jobs offered so far will still be valid and that the hiring process for certain candidates could take place as quickly as two weeks.

Intel has made significant investments to be competitive with Taiwan Semiconductor Manufacturing.