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.
Energy costs continue to rise, our electrical grid is outdated, and the focus on renewable energy is more important than ever. One company says it has an answer: pods that store solar energy for long-term, 24-hour usage that can also function as mini power grids and charge electric vehicles. Azelio's TES.PODs store solar energy during the day, and hold it for use around the clock, providing a solution for charging electric vehicles, powering rural areas, and much more. Jonas Wallmander, CEO of Azelio, joins Closing Bell to discuss the company's solar energy storage technology, how it can be used to power communities and build out electric vehicle charging infrastructure, and more.
Inflation hit another record high this week, jumping 8.5% year over year in March. Cheddar News speaks with Jonathan Silver, Founder and CEO of Affinity Solutions who breaks down the latest numbers.
Social media platforms are often flooded with unverified information, and many people use their news feeds as their main source of news. But Snap is working to set itself apart as it partners with global news outlets to launch Dynamic Stories. Vetted news content will be available for users on the Discovery tab, and news outlets will have an easy way to push content out and reach more people. Alan Wolk, Co-Founder and Lead Analyst at TVREV, joins Closing Bell to discuss Snap's push into news, how it will monetize clicks, whether or not another social media site will imitate the feature, and more.
Melissa Cohn, Regional Vice President at William Raveis Mortgage, joined Cheddar News' Closing Bell to discuss the Mortgage Bankers Association's decision to lower its 2022 outlook, as surging prices and tight supply weigh on the market.
Apparel e-commerce platform Rent the Runway posted a beat estimated revenue, and Barbara Doran, the CEO and CIO at BD8 Capital, joined Cheddar News to discuss the earnings report along with other topics affecting the market. "This is also a secular growth story because they do occupy a unique niche," she said of Rent the Runway. "They did identify an important need." Doran was impressed by the company's numbers in terms of subscription growth.
"New Collar" is a recent term coined for tech jobs that don’t necessarily require a degree but do need a specified technological skillset. Matt Calkins, CEO at cloud-computing and software company Appian, joined Cheddar News to discuss the latest. "This new collar movement is about switching the track you’re on and getting out to a higher value track, making the most of your skills," he said.
Ron Carson, CEO and Founder of Carson Wealth, sits down with Cheddar's Hena Doba to share how he keeps a strong connection to nature and prioritizes mental health in his formula for success.
