Intel Corp. INTC, +0.46% said late Wednesday it is shutting its New Devices Group, which developed augmented-reality and consumer wearables projects. "Intel is continuously working on new technologies and experiences. Not all of these develop into a product we choose to take to market," the chip giant said in a statement, citing its Vaunt augmented-reality glasses as a product that will not be released to consumers. "We are going to take a disciplined approach as we keep inventing and exploring new technologies, which will sometimes require tough choices when market dynamics don't support further investment," Intel said. The news was first reported by The Information, which said the move may result in "some layoffs" in the group, which numbered about 200 employees earlier this year.