AMD plans to lay off about 1,000 employees to focus on AI chip development and compete with Nvidia.

AMD plans to lay off 4% of its global workforce, or around 1,000 employees, to focus on AI chip development and compete with Nvidia. The decision comes as AMD's data center segment, which includes AI processors, has seen significant growth. Despite the layoffs, AMD's stock has dropped more than 3% this year, as it faces high investor expectations following a surge in AI-related shares last year. The company expects AI chip sales to reach $5 billion in 2024.

November 13, 2024
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