Futuristic projects that were once a staple of Big Tech line items are getting squeezed in this “we...
Futuristic projects that were once a staple of Big Tech line items are getting squeezed in this “we definitelycan’t afford that anymore” economy, and this becomes clearer as......
1. As part of its anticipated mass layoffs this week, Amazon began to cut employees who were working on its AI assistant, Alexa. That division has an operating loss of more than $5 billion per year.
2. The hedge fund TCI Fund Management, which has a $6 billion stake in Alphabet,urged Google’s parent company to join its Big Tech peers in laying off workers yesterday, saying it’s overstaffed and paying its employees too much. It took specific aim at Google’s famous Other Bets division that incubated “moonshot” projects like Waymo, the autonomous vehicle company. That Other Bets unit brought in $3 billion in revenue over the last five years, but incurred $20 billion in operating losses, TCI’s letter to CEO Sundar Pichai said.
Big picture: While Snap and Microsoft are also nixing riskier long-term bets, the big Big Tech exception is Meta. Zuck has cut back on some experimentation but is staying committed to spending billions on the metaverse, despite investor concerns.
The International Energy Agency expects global diesel and gasoline demand to drop from 1.5 million barrels...
The International Energy Agency expects global diesel and gasoline demand to drop from 1.5 million barrels per day in 2021 to 400,0000 bpd this year and continue to contract in 2023 as economic activity weakens. "High diesel prices are fueling inflation, adding pressure on the global economy and world oil demand," the IEA said in its monthly report.
Report identifies causes of Freeport LNG explosion
Poor operating and testing procedures, malfunctioning alarms and human error caused the June 8 explosion...
Poor operating and testing procedures, malfunctioning alarms and human error caused the June 8 explosion at the Freeport LNG export plant in Texas, the Pipeline and Hazardous Materials Safety Administration concluded in a report released Tuesday. The report identifies "severely damaged" electrical wiring as the likely ignition source for the blast.
Republicans will take over the U.S. House of Representatives two years into President Joe Biden’s term,...
Republicans will take over the U.S. House of Representatives two years into President Joe Biden’s term, though their narrow majority looks set to cause headaches for GOP leaders.
Republican hopes for a strong red wave have been dashed, but the Associated Press said Wednesday that the party won enough House seats — 218 — to control that chamber of Congress, as results from the midterm elections continue to be tabulated.
The battle for the U.S. Senate went to the Democrats late Saturday. Democrats will retain their hold on the Senate after winning a key race in Nevada, giving Biden’s party control of at least one chamber of Congress for the next two years.
“Republicans have officially flipped the People’s House!” Rep. Kevin McCarthy, R-Calif., the front-runner to become House Speaker, tweeted late Wednesday. “Americans are ready for a new direction, and House Republicans are ready to deliver.”
U.S. stocks finish lower as Target's results disappoint; Nasdaq off 1.5%
U.S. stocks closed lower on Wednesday for the second time in three days after a choppy session as a rally...
U.S. stocks closed lower on Wednesday for the second time in three days after a choppy session as a rally inspired by softening inflation data appeared to take a breather. Market strategists cited concerns about Target Corp.’s TGT, -13.14% earnings for helping to weigh on equity prices Wednesday. The S&P 500 SPX, -0.83% finished down 32.87 points, or 0.8%, to 3,958.86. The Dow Jones Industrial Average DJIA, -0.12% was off 39.22 points, or 0.1%, to 33,553.70. The Nasdaq Composite COMP, -1.54% closed off 174.75 points, or 1.5%, to 11,183.66.
