AMD to cut 4% of global workforce as it focuses on AI chip development

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 is regarded as the closest rival to Nvidia in the lucrative market for chips that form the brains of complex data centers that can process the large mounds of data used by generative AI technology like OpenAI’s ChatGPT.