‘As a part of aligning our resources with our largest growth opportunities, we are taking a number of targeted steps that will unfortunately result in reducing our global workforce by approximately 4 percent,’ an AMD spokesperson says in a statement to CRN.

AMD said it’s laying off roughly 4 percent of its global workforce to focus on its “largest growth opportunities,” which includes its effort to challenge Nvidia’s AI chip dominance.

“As a part of aligning our resources with our largest growth opportunities, we are taking a number of targeted steps that will unfortunately result in reducing our global workforce by approximately 4 percent,” an AMD spokesperson said in a statement to CRN.

“We are committed to treating impacted employees with respect and helping them through this transition,” the representative added.

[Related: Analysis: Intel’s AI Chip Efforts Stall As AMD Gets A Boost Against Nvidia]

While AMD’s stock price is 3.9 percent higher than it was at the beginning of the year, shares have been down more than 13 percent since the chip designer disclosed in its third-quarter earnings report late October that its fourth-quarter revenue forecast fell short of expectations.

The AMD spokesperson did not say how many employees would be impacted by the layoffs or how many people it currently employs.

AMD had approximately 26,000 employees as of last year, according to the company’s annual 10-K filing with the U.S. Securities and Exchange Commission from January.

According to LinkedIn data, AMD’s workforce has grown by 24 percent over the past six months and by 33 percent over the past year.

The layoffs were first reported by Wccftech.