Intel is planning to spin off its networking unit as the struggling chipmaker looks to shed assets and cut costs under the direction of new CEO Lip-Bu Tan, according to a Friday report.

Intel’s plans appeared to deflate investors. Intel shares took a hit, with Intel’s market value showing a loss of $8 billion at one point, according to Reuters. Meanwhile, AMD is riding the AI wave to greater sales, and Nvidia’s value has exploded over the past few years, also thanks to its AI-friendly chips.

Intel Corp. is shedding thousands of workers and cutting expenses as its new CEO works to revive the struggling chipmaker’s fortunes

Intel said Thursday it has mostly completed plans it announced last quarter to cut 15% of its workforce, as the struggling chipmaker attempts a turnaround.