AMD to Lay Off 4% of Its Workforce

Advanced Micro Devices (AMD (NASDAQ:AMD)) announced that it will lay off 1,000 workers, which represents approximately 4% of its global workforce.

A representative from AMD stated, "As part of aligning our resources with our biggest growth opportunities, we are unfortunately taking a series of targeted steps that will reduce our global workforce by about 4%."

According to a filing with the U.S. Securities and Exchange Commission (SEC), AMD had 26,000 employees at the end of last year.

AMD is the second-largest manufacturer of graphics processing units (GPUs) after Nvidia. The company noted that artificial intelligence represents one of its biggest growth opportunities. While AMD shares are projected to decline by 5% in 2024, Nvidia's shares have surged by 200%, making it the most valuable publicly traded company in the world.