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.
Spring is traditionally the busiest season for real estate of the year, but rising mortgage rates are leading to hesitation on the part of buyers as 30-year fixed mortgage rates reach the highest level in 11 years. Greg McBride, the chief financial analyst at BankRate, joined Cheddar News to break down what this means for the housing market and for would-be purchasers. "Be very careful about not stretching too far and buying beyond what you control," McBride said.
Venus Aerospace is joining the space tourism race in a nonconventional way. Instead of taking passengers to Mars or the Moon, the startup’s goal is to take passengers around the Earth — in less than an hour. Sarah "Sassie" Duggleby, CEO and co-founder, joined Cheddar News to talk about her company's innovative approach to travel and when she expects to carry passengers. "We would hope in the next five years we'll have our plane fully developed and then start entering into all the FAA certifications and qualifications in order to get to commercial flights," she said.
Prices at the pump have soared in recent months, and House Democrats pointed the finger at Big Oil on Wednesday during an adversarial congressional hearing.
Ron Carson, CEO and Founder of Carson Wealth, sits down with Cheddar's Hena Doba to share how he uses physical fitness as one of the pillars of his formula for success.
Julie Simon, the founder of Julie Simon Cakes, joined Cheddar News to discuss her transformation from media executive to confectionary artist, building her company, the inspiration behind her designs, and why so many celebrities love buying her cakes. “I'm looking to create a sense of wonder, that feeling you had when you were a child and you're watching fireworks and you just thought, 'is this the grand finale?'” she said.
Ride-hailing service Uber has unveiled its plans to become a travel super app, which will include options for users to make plane and train arrangements directly.
If you've sold or exchanged any crypto in 2021, the IRS wants to know. Henry Yoshida, Co-founder & CEO, OF Rocket Dollar joined Cheddar's Opening Bell to discuss which crypto activities are taxable and how to best spend your tax refund.
