AMD Plans To Cut 4% Of Workforce Amid Strategic Shift Toward AI Chip Development To Rival Jensen Huang-Led Nvidia's Dominance: Report

Advanced Micro Devices (NASDAQ:AMD) has reportedly decided to lay off approximately 1,000 employees, representing 4% of its global workforce.

What Happened: AMD is realigning its resources to compete with Nvidia Corporation (NASDAQ:NVDA) in the data center chip market, reported Reuters.

“As a part of aligning our resources with our largest growth opportunities, we are taking a number of targeted steps,” an AMD spokesperson told the publication.

The company has been aggressively investing in the development of AI chips, which command high prices and are in demand among hyperscalers like Microsoft Corporation (NASDAQ:MSFT).

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