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.

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.

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.

The Chinese electric vehicle manufacturer had been experiencing sideways trading due to investor hesitancy, exacerbated today by the appointment of known "China Hawks" Senator Marco Rubio as Secretary of State and Rep. Mike Waltz as NSA.

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,