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.
Business communication platform Slack, recently released its fifth wave of results from its global workplace survey from its Future Forum consortium, showing that the workforce has already moved to a split between working from home and going to the office. “We are now officially in the hybrid era of work,” Slack Future Forum VP Sheela Subramanian said when discussing the findings. "Hybrid is a work model where people can come into the office as well as work remotely, and what we're seeing is that the majority of knowledge workers are now in this arrangement — and that number is set to grow."
Legal cannabis businesses are having a hard time surviving in California with the high cost of doing business and a still-thriving illicit market. In response, nonprofit Supernova Women, founded by women of color, is advocating on behalf of Black and brown shareholders in the cannabis industry. Amber Senter, co-founder, executive director, and chairman of the organization, spoke with Cheddar News about calling for changes in the Golden State's taxation system for legal marijuana. "We're really leaning on the legislators now to support the industry and make sure that this industry, in particular craft cannabis, can survive," said Senter.
After being among the hardest-hit industries by the pandemic, restaurants are still having a hard time staying afloat, with owners claiming that business is worse now due to closures from staff shortages and customer decline than it was three months ago. Mike Whatley, vice president of state affairs and grassroots advocacy for the National Restaurant Association, spoke to Cheddar News about how the sector is reaching out to lawmakers for help. "Working with Senators Wicker, Sinema, and a whole host of bipartisan leaders, we're trying to get the Restaurant Revitalization Fund replenished," Whatley said.
Alex Soojung-Kim Pang, founder of Strategy + Rest,
joins Cheddar News to discuss UK's pilot four-day workweek and its impact on workers' mental health.
Ed Gaussen, co-founder and CEO of Mantra Health, and Matt Kennedy, co-founder and COO of Mantra Health, joined Cheddar News to discuss the digital mental health startup's latest funding round and plans for the future.
Actor and singer Chrissy Metz, who stars as Kate Pearson in "This Is Us," is partnering with Capital One Auto Navigator to share her story of purchasing her first car to help make car buying easier for others. "For me, I know a car was so important because of course it took me to the auditions to get me to the place I have today," she said. "But it also means empowerment and freedom and accessibility, and I think everybody is deserving and in need of that." Metz also discussed the final season of her hit show, noting that expectations for the finale "will probably be exceeded."
Tire manufacturer Michelin is partnering with the popular video game "The Sims FreePlay" in order to meet teens where they are to promote driving safety. Michelin North America Chairman and President Alexis Garcin joined Cheddar News to discuss how the #GoldenGauge program integrates with the game. "If you're a gamer yourself or your kids, then while you're driving and moving on the application, you will find a Michelin billboard, and if you engage with that billboard, then you will get some advice about how tires are critical for your safety on the road," Garcin explained. *Updated with the full title of 'The Sims FreePlay' and a typo fix in the name of Alexis Garcin.*
The video game industry has come a long way from the first commercialized 3D video game in 1980, but it still has a long way to go. Video game creators have recently been called out for not having realistic Black hairstyles in their games and graphic artists are now taking matters into their own hands by creating The Open Source Afro Hair Library. Jovan Wilson, 3D artist and resident for The Open Source Afro Hair Library, joined All Hands to discuss.
