https://layoffcheck.com/companies/amd Layoff and WARN notices reported for AMD. en-us https://layoffcheck.com/companies/amd#2024-11 https://layoffcheck.com/companies/amd#2024-11-547 Wed, 13 Nov 2024 12:00:00 GMT Chasing ground in the AI chip race, AMD announced in November 2024 that it would cut roughly 1,000 jobs, about 4% of its global workforce. The company said the reductions were about "aligning resources with our largest growth opportunities" as it doubled investment in artificial intelligence processors to close the gap with dominant rival Nvidia. Financial pressure reinforced the decision: AMD's gaming segment revenue had fallen 69% year over year, and its stock was down around 5% for the year while Nvidia had climbed more than 200%. AMD projected AI chip sales of approximately $5 billion for 2024, roughly one-fifth of total revenue, in a market it forecast would reach $500 billion by 2028. The cuts spanned "various functions" across the company, with AMD stating it was committed to treating affected employees "with respect" during the transition, though no specific severance terms were disclosed.