AMD, a Santa Clara-based chipmaker, said on Wednesday that it will lay off 4% of its staff around the world, as the longtime CPU maker seeks to gain a stronger foothold in the growing AI chip space dominated by Nvidia.

AMD has seen a 69% decline in its gaming division and hasn't made nearly as many gains in the AI chip sector as rival US chip giant Nvidia.

AMD has confirmed it’s laying off roughly four percent of its global workforce, according to reports by TechCrunch and others. It’s not entirely clear how many people will be impacted by this move, or which divisions the laid off employees will be pulled from.

AMD has confirmed that it's laying off 4% of its workforce to focus on "large growth opportunities." "As a part of aligning our resources with our largest growth opportunities, we are taking a number of targeted steps,