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AMD to invest $400 million in India by 2028: Here’s what we know

US chipmaker Advanced Micro Devices said on Friday it will invest around $400 million in India over the next five years and will build its largest design center in the tech hub of Bengaluru. AMD’s announcement was made by its Chief Technology Officer Mark Papermaster at an annual semiconductor conference that started Friday in Prime Minister Narendra Modi’s home state of Gujarat. Other speakers at the flagship event include Foxconn Chairman Young Liu and Micron CEO Sanjay Mehrotra. Despite being a late entrant, the Modi government has been courting investments into India’s nascent chip sector to establish its credentials as a chipmaking hub. AMD said it will open its new design centre campus in Bengaluru by end of this year and create 3,000 new engineering roles within five years. “Our India teams will continue to play a pivotal role in delivering the high-performance and adaptive solutions that support AMD customers worldwide,” Papermaster said. The new 500,000-square-foot (55,5...
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Crypto exchange Coinbase announces to fire 950 people

Crypto exchange Coinbase on Tuesday laid off 20 percent of its workforce, or about 950 people, to reduce its operating expenses amid the economic recession fears. Coinbase Co-founder and CEO Brian Armstrong said that as part of this round of headcount reduction, “we will be shutting down several projects where we have a lower probability of success”.

Coinbase lays off 950 employees

The crypto company in June last year eliminated 18 percent of its workforce, or nearly 1,100 people.

“We also reduced headcount last year as the market started to correct, and in hindsight, we could have cut further at that time,” said the CEO.

“As we examined our 2023 scenarios, it became clear that we would need to reduce expenses to increase our chances of doing well in every scenario,” he said in a statement.

And there was no way to reduce our expenses significantly enough, “without considering changes to headcount”.

Armstrong said that some other projects will continue to operate as normal, “just with fewer people on the team”.

Affected team members will receive an email to their personal accounts with more information.

“We will be providing a comprehensive package to support you through this transition. For those of you in the US, this includes a minimum of 14 weeks base pay (2 additional weeks per year worked), health insurance, and other benefits,” said the CEO.

For employees who have a working visa, he assured, “We are also providing extra transition support for impacted employees on a work visa. Those of you outside the US will receive similar support in line with the employment laws of your country.”

Notably, this is the second time that the company is firing people since 2021. In June 2022, it laid off 18 percent of its workforce which included 8 percent of Indian employees. The reason behinf the layoff was “overhiring”.

In addition to this, the company is also giving Talent Hub access to all the fired employees so that they can get the required help to get to their career opportunities.

–With inputs from IANS

The post Crypto exchange Coinbase announces to fire 950 people appeared first on BGR India.



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