(Photo : hff)
The layoffs will target overlapping roles in marketing and communications, along with downsizing in departments such as finance, legal, technology, and other support areas, according to Paramount's co-chief executive, Chris McCarthy.

Japanese technology investor SoftBank has canceled plans to collaborate with Intel on developing an artificial intelligence chip intended to rival Nvidia, the Financial Times reported on Thursday.

The partnership fell through because Intel struggled to meet SoftBank's requirements, according to sources familiar with the situation. SoftBank has criticized Intel for being unable to deliver on its demands for volume and performance.

In light of these issues, SoftBank is now concentrating on negotiations with Taiwan Semiconductor Manufacturing Co. (TSMC), the world's leading contract chipmaker. The failed talks come amid Intel's significant cost-cutting measures, including thousands of layoffs announced in early August.

Earlier, in July the group has bought artificial intelligence chipmaker Graphcore for an undisclosed sum, ending long-running speculation over the company's future.Once touted as a rival to Nvidia, which has seen its own valuation skyrocket thanks to soaring demand for AI computer chips.

Britain's Graphcore had been valued at $2.77 billion at the end of 2020, as per the regulator filings, after cutting its headcount by a fifth to 494 employees, and shutting down operations in Norway, Japan, and South Korea.