Advanced Micro Devices said Wednesday roughly 4% of approximately 26,000 employees worldwide will be laid off. About 1,000 AMD workers will lose their jobs.

Advanced Micro Devices is reducing its global workforce by 4% after reporting that most of the growth it sees comes from its AI chips and other products for data centers. Shares fell 2.2% to $140.44 in midday trading.

Will Ebiefung has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Advanced Micro Devices and Nvidia. The Motley Fool has a disclosure policy.

AMD on Wednesday said that it would reduce its global workforce by 4% in a bid to focus on its main future growth opportunities. As a result of the decision, the company will have to lay off around 1,