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 announced on Wednesday that it will reduce its global workforce by 4%, marking a strategic move to focus more on the rapidly growing AI chip sector.

Advanced Micro Devices Inc. is shedding about a thousand jobs as part of an effort to refocus on newer markets like artificial intelligence chips. “As a part of aligning our resources with our largest growth opportunities, we are taking a number of ...