Microsoft will lay off nearly 4% of its workforce, the company said on Wednesday, in the latest job cuts as the tech giant looks to rein in costs amid hefty investments in artificial intelligence infrastructure.

Microsoft has confirmed that it will lay off as many as 9,000 workers, in the technology giant's latest wave of job cuts this year. The company said several divisions would be affected without specifying which ones but reports suggest that its Xbox video gaming unit will be hit.

I think that AI and generative AI specifically is the most transformative technology of our lifetime, which is saying a lot, given that we have had the internet,” he told CNBC.