AMD has announced plans to cut 4% of its global workforce as it repositions to compete in the AI chip market dominated by Nvidia. The layoffs will affect approximately 1,040 employees of its 26,000-strong workforce reported at the end of 2023. CNBC adds: AMD produces powerful AI accelerators for data centers, including the MI300X, which companies such as Meta and Microsoft purchase as an alternative to Nvidia-based systems. But Nvidia dominates the market for powerful AI chips, with over 80% market share, partially because it developed the core software that AI engineers use to develop programs such as OpenAI's ChatGPT.

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