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AMD announces more job cuts as it focuses on AI

AMD announces more job cuts as it focuses on AI (Image Source: AMD)
AMD announces more job cuts as it focuses on AI (Image Source: AMD)
AMD has announced its plans to cut 4% of its global workforce as it shifts more resources to its data center segment that includes AI chips. The sales for the company's gaming segment were down 69% in the September quarter.

AMD has announced a reduction of 1000 jobs from its global workforce. The semiconductor company, seen as the closest rival to Nvidia, announced a mixed Q3 earnings report in September. 

As reported by Reuters, revenue in AMD's data center segment, which includes AI chips, jumped more than two-fold in the quarter, and the personal computer segment posted a 29% growth. Sales in the gaming segment were down 69%.  

The London Stock Exchange Group (LSEG) expects AMD's data center division to grow 98% in 2024, comfortably eclipsing estimates of 13%. Despite the growth, AMD still lags behind Nvidia and Intel in the AI chip market. Nvidia held 65% market share in Q1 2024, with Intel accounting for 22% and AMD 11%. 

An AMD spokesperson told Reuters, "As a part of aligning our resources with our largest growth opportunities, we are taking a number of targeted steps." The spokesperson added the company was "committed to treating impacted employees with respect and helping them through this transition."

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Rohith Bhaskar, 2024-11-14 (Update: 2024-11-14)