Advanced Micro Devices, a massive Santa Clara tech company that designs incredibly complex computer chips, is laying off 4% of its staff. The sweeping cut includes at least 129 California workers. AMD finished 2023 with about 26,

Advanced Micro Devices (AMD) is laying off 4% of its global workforce, around 1,000 employees, as it pivots resources to developing AI-focused chips. This marks a strategic shift by AMD to challenge Nvidia’s lead in the sector.

AMD cuts workforce by 4%, refocusing on AI chips to compete with Nvidia. With AI chip sales expected to reach $5 billion in 2023.

Advanced Micro Devices is laying off 4% of its global workforce, or about 1,000 employees, as it directs efforts towards developing AI chips in a bid to compete against industry bellwether Nvidia .

AMD’s struggles to overhaul Nvidia are evident in the price of its shares. While its stock is down 5% in the year to date, shares of Nvidia are up more than 200%, and it has become one of the top three most valuable publicly-traded companies in the world.

AMD has announced the move at the time when it is facing stiff competition from its closest rival, Nvidia, in the AI chip market

The chipmaker is trying to grow by cutting jobs.

AMD lays off 1,000 employees as it shifts focus to AI chips, aiming to compete with Nvidia in the growing data center market.

The company’s data centre segment has performed vastly better than its personal computer and gaming units this year.

Computer chipmaker AMD is laying off around 1,000 employees, or around 4% of its workforce, becoming the latest Silicon Valley tech giant to slash expenses. The Santa Clara-based company said it is “aligning our resources with our largest growth opportunities.