Which tech companies are undergoing large layoffs in 2023?

The semiconductor chip industry is hardly the only tech sector conducting large layoffs in 2023. Just this week, Amazon said it would lay off off 9,000 employees, including in its popular cloud computing business AWS. Microsoft this year said it will eliminate 10,000 employees in a single layoff round.

Why are major semiconductor makers laying off workers?

A growing number of major semiconductor makers are laying off workers amid slowing business in their key markets, despite the U.S. government’s heavy investment in the chip industry and a strong demand for chips in the automobile industry. Intel, AMD, Nvidia and Qualcomm have all announced layoffs or hiring pauses in recent months.

Will the semiconductor industry slow down in 2023?

The semiconductor industry is expected to slow down in 2023. The global semiconductor chip market is projected to decline nearly 4 percent in 2023, according to market research firm Gartner, from $618 billion in 2022 to $596 billion this year.