Here is a rundown of Cheddar News' top market stories of the day.
TECH LAYOFFS
Multiple outlets are reporting that Microsoft will begin a series of planned layoffs on Wednesday that could cut around 5 percent of its workforce, or 10,000 employees. CEO Satya Nadella warned the cuts were coming, and said the next couple of years were likely to be challenging, as the tech sector contracts after a decade plus of rapid growth. Amazon is also set to move ahead with plans to cut 6 percent of its 350,000 corporate employees.
ADOBE'S DATA DEBACLE
Adobe is facing backlash from customers who are concerned the software company is using personal images and video to train artificial intelligence models such as OpenAI’s Dall-E. Chief Product Officer Scott Belsky denied the accusations in an interview with Bloomberg, saying: "We have never, ever used anything in our storage to train a generative AI model."
UNITED AIRLINES EARNINGS
United Airlines' fourth quarter earnings beat Wall Street estimates on the heels of a rebound in travel demand. The company reported a 31 percent increase from the same period before the pandemic. The gains were made despite the airline flying 9 percent fewer trips and a litany of other challenges, from winter storms to labor shortages to supply chain disruptions.
UNIVERSITY BANS TIKTOK
The University of Texas at Austin is blocking access to TikTok on its Wi-Fi and wired networks. The move is a response to Gov. Greg Abbott's requirement that all state agencies delete the app from government-issued devices. The administration said it is also seeking to eliminate risks to information on the university's networks. University of Texas at Dallas and Texas A&M University System have since implemented similar restrictions.
Amid high inflation, shoppers are pinching their pennies in the grocery stores and becoming more frugal when food shopping. However, supermarkets like Kroger are pushing back against passing on the higher costs and demanding reasons for the higher food prices from suppliers.
The founder and president of Cyborg Mobile Kobie Hatcher has been on a strong trajectory to disrupt his industry with a program called The New Technologists. It's not only meant to address the diversity gap within large tech companies but also help pave the way to transform the lives of young BIPOC students. He joined Cheddar News to talk about how he's working to make a difference with the lack of diversity in tech. “There's truly no lack of talent out there. It's just identifying them and letting them know that, hey, I've been in the tech sector for over 20 years. I see you. I know what you can bring, bring it, we need it," Hatcher said.
San Francisco 49ers defensive lineman Alex Barrett discusses why he believes taking his salary in crypto is the best financial decision for him, while Bitwage CEO Jonathan Chester breaks down how Barrett and other crypto investors can best utilize his platform.
Constituent service platform Indigov recently raised $25 million in a Series B funding round. Indigov bills itself as a constituent relationship management tool that helps elected officials improve the way they organize, respond to, and engage those they serve. The startup's services are being used by federal, state, and local governments across the country, including the U.S. House of Representatives. Alex Kouts, founder & CEO of Indigov, joins Cheddar News' Closing Bell to discuss.
It can be tough to make sustainable choices, and even harder when sustainable materials don't hold up. Loliware has a solution to the plastic straw problem: its seaweed-based straws are stronger than paper alternatives and once used, can be composted and return to the earth or sea without causing harm. Sea Briganti, CEO of Loliware, joins Closing Bell to discuss the tech behind the straws, new product launches, and more.
