I hate it when companies leak to the New York Times before they leak to me. AMD will lay off nearly 500 employees. But as Ashlee Vance notes, that leaves 14,960 more to lay off next quarter.

Drew Prairie, a company spokesman, said the cuts would be spread across a variety of departments and regions. A.M.D., based in Sunnyvale, Calif., is in the process of splitting into two businesses. It plans to have the majority of workers stay on at A.M.D. to handle processor designs, while roughly 3,000 employees will head to a new manufacturing operation jointly owned by A.M.D. and investors backed by the Abu Dhabi government. The new entity – tentatively called the Foundry Company – will be based somewhere in Silicon Valley and should begin operations early next year.