AMD announced plans to lay off 4% of its global workforce as it shifts focus to the growing AI chip market, currently dominated by Nvidia. With 26,000 employees as of last year, the cuts aim to align resources with growth opportunities in AI, which AMD sees as a $500 billion market by 2028.
Despite producing AI accelerators like the MI300X, AMD holds only a small share compared to Nvidia, which controls over 80% of the AI chip market. While AMD expects $5 billion in AI chip sales this year, its total revenue is far below Nvidia’s projected $125.9 billion for 2024. Meanwhile, AMD’s gaming segment is struggling, with revenues expected to drop 59% in 2024.
Read more – https://www.cnbc.com/2024/11/13/amd-layoffs-company-to-4percent-of-workforce-or-about-1000-employees-.html
