There seems to be significant opportunity to zig as others zag. Imagine the Intel letter saying "we are going to take advantage of the current hiring environment to scoop up talent, and push forward on initiatives."
I think there's a lot of "monkey see, monkey do" going on in the corporate world.
Also, shareholders and all that.
Intel doesn't have a meme-stock/vibe-stock thing going on at the moment (think Elon and getting to Mars by 2030, or robotaxis everywhere by the end of 2025 etc).
So I guess downsizing seems to be the only potential appeal for them right now.
Disclaimer: I know nothing