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Micron announces layoffs, cost cutting as chip demand drops

FILE - Sanjay Mehrotra, CEO of Micron Technology, holds up a microchip as he gives a speech about his company's planned investment in microchip manufacturing in upstate New York at Onondaga Community College on Thursday, Oct. 27, 2022, in Syracuse, N.Y. Micron will reduce its workforce by 10% next year and take other cost-cutting measures as the computer memory chip maker struggles to deal with too much supply amid a drop in demand. Boise television station KTVB reports Mehrotra announced the restructuring during during a quarterly conference call with investors on Wednesday, Dec. 21, 2022. (AP Photo/Joshua Bessex,File)

FILE - A sign marks the entrance of the Micron Technology automotive chip manufacturing plant on Feb. 11, 2022, in Manassas, Va. Micron will reduce its workforce by 10% next year and take other cost-cutting measures as the computer memory chip maker struggles to deal with too much supply amid a drop in demand. Boise television station KTVB reports Micron CEO Sanjay Mehrotra announced the restructuring during during a quarterly conference call with investors on Wednesday, Dec. 21, 2022. (AP Photo/Steve Helber, File)

Micron announces layoffs, cost cutting as chip demand drops