Fresh from announcing the cutting of 12,000 jobs last week, Intel's CEO Brian Krzanich has moved to help the public understand just where the tech company is going.

While shrinking its worldwide workforce by a massive 11%, Intel – one of Ireland's largest multinational employers - is looking to move away from its traditional speciality of manufacturing computer chips to focus on the cloud.

It does this at a time when sales of its micro processors are falling steadily and the personal computer market in general – from which Intel get 40% of its profits – is shrinking.

Brian Krzanich, the firm's CEO since 2013, released an extensive statement on Tuesday outlining Intel's plans to survive and perhaps, thrive.

In the statement, Krzanich confirmed that Intel will focus on autonomous vehicles as one primary growth driver of the Internet of Things, stressed the importance of 5G and dismissed all predictions that Moore's Law would not continue to hold true.

To sum up, Krzanich notes that the strategy is "about transforming Intel from a PC company to a company that powers the cloud and billions of smart, connected computing devices".

Here are the five key points Intel are betting on with their future, according to Krzanich:

• The cloud is the most important trend shaping the future of the smart, connected world – and thus Intel’s future.
• The many "things" that make up the PC Client business and the Internet of Things are made much more valuable by their connection to the cloud.
• Memory and programmable solutions such as FPGAs will deliver entirely new classes of products for the data center and the Internet of Things.
• 5G will become the key technology for access to the cloud and as we move toward an always-connected world.
• Moore’s Law will continue to progress and Intel will continue to lead in delivering its true economic impact.

"Our strategy is based on these premises," the CEO continues, "and the unique assets that only Intel brings to them. There is a clear virtuous cycle here – the cloud and data center, the Internet of Things, memory and FPGAs are all bound together by connectivity and enhanced by the economics of Moore’s Law".

All the noises coming from Intel over at least the past year have been pointing towards this but Krzanich's leave no lingering doubts: much like Microsoft, Intel doesn't want you to consider it a PC company any longer.