AMD plans to reduce nearly 4% of workforce to target growth opportunities

Update: The story was updated with AMD’s statement.

Advanced Micro Devices (NASDAQ:AMD) plans to lay off about 4% of its global workforce to focus on growth opportunities, amid efforts to challenge Nvidia’s (NVDA) AI chip dominance.

“As a part of aligning our resources with our largest growth opportunities, we are taking a number of targeted steps that will unfortunately result in reducing our global workforce by approximately 4%,” said an AMD spokesperson in an emailed statement to Seeking Alpha.

The company is committed to helping employees through this transition, the spokesperson added.

The number of employees to be impacted was not known.