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Cost cuts continue as company increases investment in artificial intelligence

Meta Platform's stock was wavering as the company began cutting roughly 8,000 jobs in a prominent example of AI layoffs.

The cuts of roughly 8,000 jobs, or 10% of staff, are meant to offset the cost of the company’s AI investments.

By Aditya Kalra NEW DELHI, May 20 (Reuters) - Indian fashion-to-beauty retailer Nykaa has asked a New Delhi court to make Meta a party to a copyright dispute filed by media firm Zee, court documents

Notifications went out Wednesday morning starting in Asia, with U.S. employees expected to hear during their morning

AI’s big bucks go mostly toward computing gear like chips and servers in data centers. Should that trend persist, it could come to bite suppliers including chip giant Nvidia which reports quarterly results after the bell today. Nvidia can insulate itself from cost inflation by expanding offerings that don’t require as much in-demand memory, by passing on higher prices to customers and by inking longer-term deals with its own suppliers at lower prices.

(Bloomberg) -- The way Unilever Plc Chief Executive Officer Fernando Fernandez starts every meeting at the consumer products maker says a lot about the mindset of corporate bosses who fear their companies have lost their edge.Most Read from BloombergUS Lawmakers Plan New $130 Fee for Electric Vehicle OwnersNATO Is Starting to Consider Hormuz Mission to Protect ShipsHasbro Cancels Dungeons & Dragons Game From ‘Star Wars’ VeteranUS 30-Year Yield Hits Highest Since 2007 as Selloff DeepensTrump Thre

SpaceX already defies the law of gravity. The rocket maker is looking to raise as much as $80 billion or more in its initial public offering, making it the biggest ever in terms of funds raised. If its market value at offering reaches $1.71 trillion, that would top the previous record for valuation of a newly public company, set in 2019 by the Saudi Arabian Oil Co., known as Aramco.

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Hedge funds stuck to their holdings in companies with ‌strong fundamentals in April, particularly technology ‌and semiconductor stocks, according to a report on Wednesday ​from data platform Hazeltree, in a month when the S&P 500 jumped over 10%.

Artificial-intelligence leader Nvidia has a big task when it reports first-quarter earnings later today: convince investors that the AI investment boom still has legs and that Nvidia won’t lose its pole position. Wall Street analysts expect the company to report earnings per share of $1.75, up from 81 cents a year ago. Nvidia remains the biggest winner of the AI age.

(Bloomberg) -- Meta Platforms Inc. is alerting thousands of employees that they’re being laid off, part of a previously announced restructuring aimed at improving efficiency and reducing costs while investing heavily in artificial intelligence.Most Read from BloombergUS Lawmakers Plan New $130 Fee for Electric Vehicle OwnersNATO Is Starting to Consider Hormuz Mission to Protect ShipsUS 30-Year Yield Hits Highest Since 2007 as Selloff DeepensHasbro Cancels Dungeons & Dragons Game From ‘Star Wars’

(Bloomberg) -- Meta Platforms Inc. is alerting thousands of employees that they're being laid off, part of a previously announced restructuring aimed at improving efficiency and reducing costs while investing heavily in artificial intelligence.Most Read from BloombergUS Lawmakers Plan New $130 Fee for Electric Vehicle OwnersNATO Is Starting to Consider Hormuz Mission to Protect ShipsUS 30-Year Yield Hits Highest Since 2007 as Selloff DeepensBillionaire Rinehart Bets $100 Million on US Defense St

(Bloomberg) -- Meta Platforms Inc. is alerting thousands of employees that they’re being laid off, part of a restructuring aimed at improving efficiency and reducing costs while investing heavily in artificial intelligence.Most Read from BloombergUS Lawmakers Plan New $130 Fee for Electric Vehicle OwnersNATO Is Starting to Consider Hormuz Mission to Protect ShipsUS 30-Year Yield Hits Highest Since 2007 as Selloff DeepensBillionaire Rinehart Bets $100 Million on US Defense StocksTrump Says Holdin

Meta Platforms has offered to give rival AI chatbots including OpenAI free access to its social messaging service WhatsApp in Europe, but will start charging them ‌once they hit a limit, two people with knowledge of the matter said on Tuesday. The details of ‌the offer, previously unreported, come as Mark Zuckerberg's tech and social media giant that also controls Facebook, looks to appease increasingly tough EU regulators ​that are tightening the screws on Big Tech. Meta submitted its proposal to EU antitrust regulators last week after the European Commission said it was considering an order requiring the firm to provide rivals access to WhatsApp until it wraps up an ongoing investigation into the case.

All three major US stock indexes were down in late-morning trading Tuesday, as the 30-year Treasury

Saudi Arabia-backed artificial intelligence company Humain has picked Goldman Sachs to advise on a financing package to build data centres in the kingdom that ‌could be worth at least 20 billion riyals, two sources with knowledge of the matter ‌told Reuters, as the firm races to expand capacity amid a regional AI push. The move illustrates how Saudi Arabia, like Gulf neighbours ​Qatar and the United Arab Emirates, is accelerating its AI build-out to capitalise on surging global demand for computing power. The country is also banking on cheap energy to power data centres - a powerful lure for hyperscalers such as Google, Microsoft and Meta that are driving AI adoption.

Meta plans about 8,000 layoffs while raising AI-related capital spending.

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(Bloomberg) -- Meta Platforms Inc. is reassigning 7,000 workers to new jobs related to artificial intelligence, according to an internal memo, part of a broad corporate restructuring that includes planned staff reductions later this week. Most Read from BloombergStocks and Oil Whipsaw on Mixed US-Iran Signals: Markets WrapUS Lawmakers Plan New $130 Fee for Electric Vehicle OwnersBillionaire Rinehart Bets $100 Million on US Defense StocksIranian Media Said US Offered Interim Waiver on Oil Sanctio

Meta detailed its layoff plans for this week in a ‌memo shared with employees on Monday, saying ‌cuts to 10% of its workforce globally would be accompanied by ​a new round of organizational changes aimed at improving the company's AI workflows. The Facebook owner is planning to lay off 10% of its employees on Wednesday, with notifications ‌going out in ⁠three batches globally at 4 a.m. local time, according to the memo, seen by ⁠Reuters. In the memo, Meta's head of human resources, Janelle Gale, told employees that "many leaders will announce org changes" ​in coordination ​with the layoffs.

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NextEra Energy has agreed to acquire Dominion Energy in a $66.8 billion all-stock deal, creating the world's largest regulated electric utility with over $400 billion in enterprise value.

Investors watch whether AI chip demand can still outpace forecasts

President Trump’s trading activity surged in the first quarter, totaling more than 3,700 transactions, according to recent financial disclosures. The disclosures, published by the U.S. Office of Government Ethics late last week, include millions of dollars in transactions relating to companies such as Nvidia, Alphabet and Amazon.

Investing.com -- Meta Platforms is set to begin laying off approximately 8,000 employees this week, representing about 10% of its workforce, according to a CNBC report Monday. The company also canceled plans to fill 6,000 open positions.

US stocks have been predicted to start Monday trading in the red, as they ended last week, with investors continuing to worry about rising bond yields, stubborn inflation and the economic fallout from higher oil prices. Dow Jones futures were down around 262 points or 0.4%, while S&P 500...

Advanced Micro Devices (AMD) has gained about 98% year to date, according to Yahoo Finance at the time of writing, Sunday morning, May 17. Meanwhile, the SPDR S&P 500 index (SPY) is up about 8.4% in the same period. The company has outpaced the S&P 500 by a huge margin. That is impressive, ...