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Nvidia Corporation (NASDAQ: NVDA) has announced plans to cut its workforce by approximately 10%, impacting around 6,500 jobs across the company. This move comes as part of a broader cost-cutting strategy aimed at reducing operating expenses and navigating economic headwinds. The company anticipates savings of $500 million in annualized costs upon completion of the workforce reduction.

Nvidia's layoffs will be concentrated mainly in its GPU, AI, and automotive divisions. CEO Jensen Huang emphasized that the decision to reduce staff was not an easy one but rather a necessary step to ensure the long-term success of the company. Nvidia has experienced significant growth over the past few years, particularly in the areas of AI, gaming, and data center markets. However, as economic conditions have become more challenging, the company has had to reassess its operations and make tough decisions.

In addition to cutting jobs, Nvidia is also implementing a hiring freeze across the organization, further limiting future growth. This move follows similar actions taken by other technology companies such as Amazon, Microsoft, and Google, which have all announced significant workforce reductions in recent months.