AMD plans to lay off 4% of its workforce, about 1,000 employees, as part of its strategy to strengthen its position in the AI chip market, which Nvidia currently dominates. This decision aligns AMD’s resources with high-growth areas, as it aims for $5 billion in AI chip sales this year, roughly 20% of its total projected 2024 revenue. The company eyes a share of the $500 billion AI chip market anticipated by 2028. AMD's gaming segment, originally a major GPU application, is forecasted to fall 59% this year. AMD has made gains in server CPU sales, holding 34% of the market.
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00:00It's Benzinga bringing Wall Street to Main Street.
00:02AMD plans to lay off 4% of its workforce, about 1,000 employees, as part of its strategy to
00:08strengthen its position in the AI chip market, which NVIDIA currently dominates.
00:12This decision aligns AMD's resources with high growth areas, as it aims for $5 billion in AI
00:18chip sales this year, roughly 20% of its total projected 2024 revenue. The company eyes a share
00:25of the $500 billion AI chip market anticipated by 2028. AMD's gaming segment, originally a major
00:32GPU application, is forecast to fall 59% this year. AMD has made gains in server CPU sales,
00:40holding 34% of the market. For all things money, visit Benzinga.com.