AMD cut ~1,000 employees (4% of workforce) to reallocate resources toward AI chip development. Gaming segment expected to fall 59% in 2024 while AI chip sales target $5B. AMD's MI300X AI accelerator competes with Nvidia's H100/H200 but Nvidia holds 80%+ market share. Stock down 5% vs Nvidia's +200% in 2024.

4% workforce reduction as AMD pivots toward AI chip development to compete with Nvidia; cut came despite strong quarterly earnings.