Chip-maker Qualcomm will cut roughly 1,200 jobs in its San Diego and Santa Clara offices, according to reports. That’s around 2.5 percent of the company’s overall workforce.

“Given the continued uncertainty in the macroeconomic and demand environment, we expect to take additional restructuring actions to enable continued investments in key growth and diversification opportunities,” Qualcomm wrote in a statement to CNBC. “While we are in the process of developing our plans, we currently expect these actions to consist largely of workforce reductions, and in connection with any such actions we would expect to incur significant additional restructuring charges, a substantial portion of which we expect to incur in the fourth quarter of fiscal 2023.”

Qualcomm isn’t the only chip giant eliminating roles this year. Intel has systematically reduced its headcount over the past few quarters, similarly driven by the need to cut costs. However, the broader market for semiconductor, PC, and components manufacturing remains robust, with more than 1.1 million sector job postings in September, according to the latest CompTIA Jobs Report.

What’s behind the growth in the segment? Last year, Congress passed the CHIPS bill (it stands for “Creating Helpful Incentives to Produce Semiconductors for America”), which will grant $54 billion to companies for semiconductor manufacturing and research, along with additional billions to boost regional technology hubs. Intel plans on spending billions on chip fabrication plants in Ohio and Arizona, while Micron plans on making huge investments in a New York “megafab.”

In other words, chip manufacturing is a potential source of employment for all kinds of tech professionals for many years to come. On the Tech Connects podcast, we recently interviewed Tony Chan Carusone, who’s a Professor at the University of Toronto and CTO of Alphawave Semi, about the current evolution of the semiconductor market, especially in the context of jobs. Check it out:

While there’s been a lot of economic turbulence (and layoffs) this year, keep in mind that tech professionals with the right mix of skills and experience are always in demand. Companies like Qualcomm might lay off workers, but the world’s need for chips isn’t going to abate anytime soon.