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Google Cutting Jobs, Restructuring Finance Team
Alphabet's chief financial officer says Google is making jobs cuts as it restructures its finance team. CFO Ruth Porat wrote in a company memo that the team, quote, 'collectively have to make tough decisions, including how and where we work to align with our highest priority area,' citing the industry wide shift to focus on artificial intelligence projects.
Meta Rolls Out New A.I. Assistant To Platform
Meta is rolling out its competitor to Chat GBT. Meta A.I. is a virtual assistant now available on all Meta platforms: Facebook, Instagram, Messenger, and Whatsapp. The assistant can help users with questions and generate A.I. images and video. Meta A.I. is powered by the company's large language model, the Meta Llama Three.
Tennessee Volkswagen Workers Begin Union Vote
Workers at a Tennessee Volkswagen plant have begun casting their ballots in a union vote. If a majority of the roughly four thousand workers support the union drive, they will be represented by the United Auto Workers union. After a high-profile strike last summer that won a new contract with the big three automakers, the UAW secured raises of 25% and other benefits for its workers.
Study: Climate Change Will Cost $38 Trillion a Year By 2049
A new study suggests that left unchecked, climate change will come with a hefty price tag. The study, published in 'Nature,' found that climate change will cost $38 trillion dollars a year by 2049. Compared to a world with no warming, researchers at the Germany's Potsdam Institute for Climate Impact Research calculated that global GDP will be 19 percent lower.
Fed wants "Further Progress" on Inflation Before Cutting Rates
Americans will likely be dealing with higher interest rates for longer. Speaking yesterday, federal reserve chair Jerome Powell confirmed what economists have suspected, that the fed wants to see inflation heading down again before it considers a rate cut.
Tesla Will Ask Shareholders to Approve Musk Pay Package
News from Tesla just out this morning, shareholders will be asked to approve CEO Elon Musk's 2018 pay package that has a potential worth of $55 billion. Initially, Musk received options to buy 303 million shares of Tesla at $23.34 Each as part of his pay package. It was worth $51 billion when a Delaware court threw out the pay package in January, but Tesla shares have since dropped in value, reducing the overall value to around $40 billion.
Netflix's New Film Head Shifts Strategy
Get ready for a new era of Netflix movies. The streaming giant appointed a new head of its film division and he's shifting away from the high-budget blockbusters and prestige dramas of the past several years. Dan Lin, producer of films like 'the Lego movie' and the adaptation of Stephen King's 'It,' has already made changes to the department. According to the New York Times, that includes layoffs of roughly 10% of the staff and shifting towards developing smaller and mid-budget projects.
Live Nation to Be Sued By Justice Department
According to a Wall Street Journal report from anonymous sources familiar with the matter, the U.S. Department of Justice plans to sue Live Nation, the country's largest concert promoter and ticketing website, for violating antitrust laws. The lawsuit, which is allegedly coming in the next few weeks, alleges that Ticketmaster abused its market leading position in order to harm competition for live events.
Iphone Sales Fell 10% in Most Recent Quarter
A new report from market research firm IDC says that sales of the Iphone fell 10% in the most recent quarter, and its almost entirely due to falling popularity in China. Apple sold 50 million Iphones from January through March, compared to 55 million in the same period a year ago. In the full smartphone market, IDC says total sales increased 7.8% year on year, and with 21% of the global market, Samsung is once again the largest manufacturer.
Turo Talks Future Of Car Sharing
Turo is the world’s largest car sharing marketplace, where you can book a vehicle from trusted hosts across the US, UK, Canada, Australia, and France. CFO Chuck Fisher joins Cheddar from the driver seat of the new Tesla Cybertruck, to talk travel trends and what is next for the platform.
Google Removes Links to California News Outlets
Google has removed links to California based news outlets, citing a proposed law that would require the company to pay publications a "journalism usage fee" for using their content alongside digital ads. The California Journalism Preservation Act was proposed in 2023 and is currently pending in the state legislature.
Oil Prices Expected to Rise Following Iran Retaliation
Oil prices hit their highest level in six months on Friday and they're expected to keep rising following Iran's retaliatory attack on Israel over the weekend. Iran, the third-largest oil producer in OPEC, could face new sanctions from the G-7 countries, according to a Biden administration official.
Amazon CEO Wants to Grow A.I. Business
Amazon's CEO says the company could become a leader in the artificial intelligence space. In his annual letter to shareholders, CEO Andy Jassy wrote the company is "building a substantial number of Genai applications across every Amazon consumer business." That ranges from customer-facing tools like 'Rufus,' Amazon's shopping assistant, and Alexa, to coding tools for Amazon web services.
Soul Machines' "Biological AI" Advances Personalized Digital Experiences
Imagine conversing face to face with your favorite actor, president, athlete, or singer from the past or present all with the help of artificial intelligence. Soul Machines is reimagining the way we interact with AI thanks to advancements in personalized digital experiences. Greg Cross, CEO of Soul Machines, explains how his company is bridging the gap between human and machine.
Fed March Meeting Minutes Show Concern Over Inflation
The Federal Reserve wants 'greater confidence' that inflation is easing before it cuts interest rates. That's according to the minutes from the fed's March meeting. Inflation dominated Fed officials' conversations, with concerns that it is not headed on a 'sustainable' path to 2 percent.
NYCB Offering 5.5% Interest on Savings Account
New York Community Bank is currently offering the nation's highest interest rate for a savings account. Users who sign up for a my banking direct account via New York Community Bank's online arm will get a 5.55% Annual percentage yield. This comes about a month after the regional financial institution had to raise $1 billion dollars in funding from investment firms including Steven Mnuchin's Liberty Strategic Capital and replaced its chief executive.
Intel Unveils Gaudi 3 A.I. Chip
Intel is making a run for Nvidia's artificial intelligence crown. Yesterday, Intel revealed its latest A.I. chip, the Gaudi 3, and the company says it's faster, more powerful, and uses less energy than Nvidia's H100. Intel says the Gaudi 3 can help train or run A.I. models, and the chips will be available in various configurations depending on clients' needs.
Target Adding New Technology at Self Checkout
Target is adding cameras to self-checkout in hopes of deterring theft. The new technology, called Truscan, will look for any barcodes that have not been scanned by customers and alert them with both visual and audio cues. According to Bloomberg sources, target is already testing Truscan at some stores.
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