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.
Sallie Krawcheck, CEO and co-founder of Ellevest, joins Cheddar News' Closing Bell, where she explains how her firm is meeting the demand of women in the workplace who are looking to make and save more money.
Bence Jendruszak, COO and Co-Founder of SEON, joined Cheddar News' Closing Bell, where he says his platform sees more victims of online fraud during economic downturns, but explains why his company's solution can stop that trend.
Andrew Miller, Chief Operating Officer at Benchmark Mineral Intelligence, joined Closing Bell to discuss the warning from Rivian's CEO about a possible EV battery shortage due to lack of access to key metals like lithium.
While the push for sustainable fashion has been gaining traction, traditional swimwear is often still made with toxic plastic fibers. Natalie Herzig joins Cheddar News to explain how her brand Argot Swim is sustainable from sourcing to shipping.
Mike Gauyo, writer and founder of Black Boy Writes Media, joins Cheddar News to talk about the new class of mentees for his Black Boy Writes/Black Girl Writes Mentorship Initiative.
Ron Carson, CEO and Founder of Carson Wealth, sits down with Cheddar's Hena Doba to share why he prioritizes giving back to his community and the world and to share the work being done by his charitable 'Dreamweaver Foundation.'
Fresh off of ringing the opening bell on the Nasdaq on the marijuana holiday, 4/20, Yoko Miyashita, CEO of cannabis website Leafly, joined Cheddar News to discuss the future of cannabis in the U.S. and the growth of her company going forward. "I think this is a new a new high, pardon the pun, but really elevating 4/20 from what used to be sort of an insider cultural moment to something that we're recognizing across the industry, really memorials the impact that this industry has," she said.
Fathom Digital Manufacturing, one of the largest on-demand digital manufacturing platforms in North America, went public late last year and serves the product development and manufacturing needs of companies such as Google, Amazon, Tesla, Johnson & Johnson, and more. CEO Ryan Martin joined Cheddar's Opening Bell to discuss what the IPO means to the company and how he thinks digital manufacturing can help mitigate supply chain issues seen throughout the pandemic. "We can take parts that would take 4-6 weeks condense that down into just days using additive manufacturing in many cases. And so it's all about speed," he said.
