Daily Archives: July 15, 2024

UN US Tech Giants Combatting Synthetic Drugs – Galveston County Daily News

Posted: July 15, 2024 at 10:36 pm

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UN US Tech Giants Combatting Synthetic Drugs - Galveston County Daily News

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Why Is ByteDance Considering a Move That Burned So Many Tech Giants? – Variety

Posted: at 10:36 pm

Get ready, Y2K nostalgists: ByteDance may be getting into the music player business.

The main question, however, is why even bother?

Last week, Music Business Worldwide came across a U.S. patent for a Method and Device for Music Play by TikTok parent company ByteDance, filed last December. The 20-page application shows diagrams of a device described as a target application for playing music, with a similar control layout and display to TikTok and the budding TikTok Music platform.

For Millennials and older Gen Zers, this gadget may sound a lot like an iPod Touch one of the final iterations of Apples pioneering music player but one that will presumably support TikTok Music and include some interactive bells and whistles.

There are features such as a sleep timer, a Music for Children option and an Exciting mode that will [represent] music content in a way more than sound, via vibrations and flashing lights triggered to a given song.

That all sounds well and good, but precedent is decidedly not on ByteDances side if its truly taking the hardware plunge.

There is already a landfill of devices dumped by software companies that very publicly botched the jump to hardware. Spotify is the latest to join the club, as it prepares to end support for the Car Thing, the creatively named Spotify-only audio player for your car. The Thing was both made publicly available and discontinued in 2022, but any existing units out in the world will now be rendered useless on Dec. 9 of this year.

Several factors arguably led to Car Things demise, including the companys official explanation of "streamlining our product offerings and that the Thing was scarcely marketed and required a paid Spotify account to use.

But chief among them was simply a lack of need: Most cars produced in the last several years already support Apple CarPlay and Android Auto, which let drivers use Spotify as well as numerous other phone apps. Older cars might have benefited from the Car Thing, but, even then, there are plenty of aftermarket interfaces that offer more features than just using Spotify.

The Car Thing succumbed to a fatal flaw of any dedicated music-playing device, even the mighty iPod: Today, most people just listen to music through their phone.

A lack of reason to exist has been the kiss of death for countless tech companies attempting to build the next great doohickie. The Microsoft Zune was too late in a post-iPod world to make an impact, while Google Glass price was too high for doing everything a phone could do, just pretentiously.

Or take the brief trend of mobile devices tied to an online platform, such as the Twitter Peek, Amazon Fire Phone or three separate models by Facebook and HTC. Why does it matter if your phone has a built-in Facebook button when the free Facebook app exists for all phones?

But for ByteDance, a potential route to success may come down to framing. After the first generation of the Snap Spectacles were marketed as chunky, adorkable smart glasses for hipsters and subsequently underperformed, the company transformed its Spectacles 3 into a sleek (and pricier) high-fashion statement.

Meta pulled a similar move with its Ray-Bans-backed Smart Glasses. Embracing the status-symbol aspect of this tech rather than the mass-market ideals and world-disrupting dogma of Silicon Valley has worked out for Meta and Snap for now, at least so maybe thats the winning play for ByteDance as well.

And if you squint hard enough, you can perhaps discern the logic for a ByteDance music player, as 2000s nostalgia is white hot among TikToks mostly Gen Z audience, so a modern take on a quintessential Y2K item could be a winner. Theres also the appeal of having entertainment that doesnt rely on staring at a screen, especially for young kids.

Mark Zuckerberg and wife Priscilla Chans Chan Zuckerberg Initiative, in fact, recently invested 18 million (roughly $23 million USD) into the startup Yoto, which produces screenless audio players for kids. ByteDance might be picking up a similar wavelength given that it specifically included a Music for Children feature in the patent.

Its worth noting that the China-based ByteDance has filed over 9,000 patents globally as of 2023. Bloomberg Law reports that around 900 of those patents are in the U.S. alone, therefore unclear if this audio player patent is high priority or just to prevent someone else from filing first.

At any rate, bringing the device to market may be a long and bumpy ride, since TikTok Music is only in a handful of countries. Getting that platform to U.S. consumers may also be a sensitive subject considering TikTok and Universal Music Group recently settled their various disagreements.

Still, considering the ByteDance patent comes just a few years after TikToks own patent for a portable wireless computing device that could download digital music content, a future with TikTok hardware is a real possibility.

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Why Is ByteDance Considering a Move That Burned So Many Tech Giants? - Variety

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UN US Tech Giants Combatting Synthetic Drugs – The Daily Reflector

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Big Tech is stress testing the grid. It doesnt have to be a disaster. – E&E News by POLITICO

Posted: at 10:36 pm

Americas digital economy is turning electricity into a growth industry after years of flat demand.

Evidence of whats coming is all around us.

Nvidia, the dominant maker of high-end artificial intelligence chips, is pressing its cloud-computing customers, which include Amazon, Google, Microsoft and Meta, on where they will find the power needed to run servers in the age of generative AI.

Microsoft has agreed to buy more than 10 gigawatts of renewable energy roughly the equivalent of 10 large nuclear reactors to power data centers in the United States and Europe.

And energy demand in West Texas could double because of the influx of data centers and cryptocurrency miners hoping to generate electricity from natural gas produced nearby.

The digital revolution has the potential to overwhelm utilities and regional power grid operators tasked with managing electricity flows. According to McKinsey, data center load is forecast to climb from 19,000 megawatts in 2023 to 35,000 MW by the end of the decade. Thats the same as plugging more than 11 million homes into the power grid.

But interviews by POLITICOs E&E News show electricity growth could cut a few different ways. Technology giants at the top of the Fortune 500 arent the only ones driving eye-popping projections. Theyre just the first swell in a wave of future demand from electric vehicles, electric heating and the surge in American manufacturing.

Taken together, the trends could upend U.S. targets for slashing carbon pollution if electric utilities fire up old coal plants or build on their natural gas-fired generation. Virginia, a hot spot for data center growth, has become a closely watched test case, with fears that dominant utilities could slow their energy transition plans to meet demand. Matt Gardner, vice president for electric transmission at Dominion Energy, said at a White House event in May that the utility expects its overall demand to double in 15 years.

Thats quite a challenge, Gardner said.

But experts also said the transition to high-powered computing is at an early stage. Its an opportunity for electricity companies and tech giants to learn before they settle into steeper growth curves.

It shouldnt be that hard to absorb on the grid, especially with the amount of generation going online, said Arman Shehabi, a staff scientist at the Lawrence Berkeley National Laboratory. Theyre giving some utilities strain, but there are new sources of electricity out there. And theres an opportunity to be more creative in how that growth is built out.

At data centers, vast rooms of computer servers need to be kept cool to prevent hardware from shutting down. An estimated 40 percent of their electricity demand is for air conditioning. According to the Department of Energy, data centers consume from 10 to 50 times more per unit of floor space than a commercial office building.

And they typically need to be online all the time. That makes it harder to shift consumption away from peak periods of demand.

T. Bruce Tsuchida, a wholesale power markets analyst for the Brattle Group, said the lumpy load from data centers is making it harder to forecast just how much power those sites will use, and when. A report co-authored by Tsuchida said utilities should improve their forecasting with an expected growth rate of 9 percent in data center load through 2030.

One of the key things we want to get across is that this is real, this is happening, Tsuchida said. Dont assume its all going to be hunky dory. Its time to think about how to adapt your planning.

Those forecasts arent as simple as matching up a megawatt of new data center load with a megawatt of new generation. Environmentalists have warned that doing that at a time when electricity load is growing could lead to more fossil fuel plants on the grid, jeopardizing climate goals.

The opportunity lies in being more collaborative and more forward-thinking about what large loads can do to support the grid, said Alexandra Gorin, a lead analyst of utility reliability for the clean energy think tank RMI. This isnt about one company or one facility. Are there collective actions we could take to mitigate the pressure on grid capacity?

What flexibility looks like is still taking shape. Data centers arent typically good candidates for demand response programs, where a large load center (or a collection of households) turns down electricity use temporarily when the grid is particularly stressed. Cryptocurrency mines which run banks of computers to validate digital currency transactions have touted their ability to turn down during heat waves or peak demand periods, but their operations are less fundamental to the tech economy.

Not every data center functions the same way. A March report from Sidewalk Infrastructure Partners, the infrastructure spinoff from Google parent company Alphabet, found that under certain applications, data centers can provide large-scale flexibility to the grid. Planned properly, the report said, data centers could help shave peak load, soak up excess wind and solar power, and utilize existing transmission that might otherwise be stranded.

One of the interesting elements about artificial intelligence is that certain AI computer loads are more flexible and can be orchestrated, said Sayles Braga, a senior partner at Sidewalk Infrastructure Partners. You have to take a full systems approach and recognize that different data center design and different assets on site will interact with the grid differently.

Even a center that demands power 99.9 percent of the time, Braga said, can be flexible for that remaining 0.1 percent a slight decrease in demand that could be scheduled to coincide with a summer evening when utilities are feeling a crunch.

And for tech companies with a national or international footprint, demand can even be distributed to focus the most intensive computer use in areas where there is cheaper and cleaner electricity available.

Google has piloted a demand response program that shifts non-urgent tasks away from data centers when called on by electricity providers. For example, Google scheduled power reductions in the evening hours between December 2022 and March 2023 in European countries during natural gas shortages and lowered consumption in U.S. states during extreme weather events.

While we recognize that grid planning and management is ultimately the role of utilities and grid operators, the data center industry is committed to leaning in as an engaged partner, said Josh Levi, president of the Data Center Coalition. Collectively, we can meet the moment and ensure a clean, reliable, affordable, and resilient electric system that supports the digitization of our economy, widespread vehicle and building electrification, the onshoring of advanced manufacturing and other 21st century economic drivers.

Clean energy advocates also fear that utilities might delay the retirement of fossil fuel plants or even add new ones to the grid to meet the needs of data centers and other new users. The Energy Information Administration estimates that nearly 17,000 MW of new gas plants will be built by 2027, although not all of those plants may come to fruition.

That comes even as some companies are pledging to run their operations only with clean energy. Google says it has a goal to run its data centers on carbon-free electricity by 2030, while Amazon has a net-zero goal by 2040.

Thats led to tech companies being some of the biggest initiators of clean energy purchasing. In May, Microsoft partnered with investment group Brookfield Renewable Partners on a deal to supply more than 10,500 MW of renewable power for data centers in the U.S. and Europe. Meta boasts that by 2025, it will support enough wind and solar projects to add 9,800 MW of renewable power to the grid across 24 states and 74 countries.

An agreement between Georgia Power, state officials and the Clean Energy Buyers Association this year will create a new clean energy program that allows large-load customers such as tech companies to bring third-party clean-energy projects to the grid, helping to offset their potential impact by adding new generation.

This particular program allows companies to procure energy thats beyond renewables, said Priya Barua, the senior director of market and policy innovation at CEBA, a group that includes more than 400 companies committed to buying clean power. It could be storage or geothermal or modular nuclear. Having this shared arrangement with the utility means there can be efficiencies and potentially eliminate the need for peaker plants that tend to be natural gas.

Buying clean power, however, does not necessarily ease the impacts to the grid. With nearly round-the-clock needs, data centers cant rely solely on wind and solar power. Sidewalk Infrastructure Partners Braga said that pairing data centers with batteries for backup power can both reduce their carbon footprint and offer a new resource for the grid, but that the technology and interaction with the grid are still developing.

Shehabi of the Berkeley lab who is working on a report on data center use for Congress said that there are still potential efficiencies to be found as data centers develop. Previous waves of tech growth, he said, ultimately did not crash the grid because companies found ways to operate with less power or because innovations such as cloud computing made the industry more efficient.

Still, he said, its important to bring on data centers responsibly before more sectors electrify and demand skyrockets.

Data centers are a good first partner for dealing with the growth in generation and transmission. Theres more flexibility there than in any other growth in the future, he said. This is a great initial run to see how the grid can handle growth.

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Big Tech is stress testing the grid. It doesnt have to be a disaster. - E&E News by POLITICO

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Apple and Microsoft Step Back from OpenAI Board – PYMNTS.com

Posted: at 10:36 pm

Apple and Microsoft are reportedly relinquishing their non-voting seats on OpenAIs board.

Thats according to a report Wednesday (July 10) from the Financial Times (FT), which notes that the companies decisions come amid increased regulatory oversight into tech giants investments in artificial intelligence (AI) startups.

The report cites a letter from Microsoft which has invested roughly $13 billion in OpenAI and joined the companys board in an observer-only role last year saying that it was vacating that position effective immediately.

Apple had been planning to take a similar seat on the board as well, part of the companys deal to integrate OpenAIs ChatGPT into the iPhone and other devices. Now, Apple is walking back that decision, the FT said, citing a source with direct knowledge of the matter.

PYMNTS has contacted both companies for comment but has not yet gotten a reply.

An OpenAI spokesperson told the news outlet that the company will instead hold regular meetings with partners like Apple and Microsoft and its investors, in a new approach to informing and engaging key strategic partners.

The decision is happening at a time when Big Techs investments in AI companies have drawn the attention of regulators.

For example, the UKs antitrust watchdogs are looking into the partnerships between Microsoft and Amazon and smaller AI companies, an inquiry that as PYMNTS has written could alter the landscape of the artificial intelligence industry.

Some experts contend that a strict antitrust ruling may not only change how major corporations do business with emerging AI firms but could also lessen enthusiasm for new partnerships, possibly hindering innovation.

A direct ruling that prohibits exclusive partnerships or creates substantial barriers to building direct partnerships between generative AI companies and the major tech companies will likely make capital more difficult to obtain and would therefore slow their growth, Ryan M. Yonk, a senior research faculty member at think tank The American Institute for Economic Research, told PYMNTS.

Regulatory pressure escalated last week with reports that the French Competition Authority was preparing to charge Nvidia, the worlds most valuable AI chipmaker, with anticompetitive practices, becoming the first regulatory body to take such action.

Nvidias meteoric rise in the AI boom has put it under the regulatory microscope, PYMNTS wrote last week. The companys market valuation has soared past $3 trillion, with its stock price more than doubling this year alone. However, this success has raised concerns about potential market abuses.

A comprehensive list of 2024 tech layoffs – TechCrunch

Posted: at 10:36 pm

The tech layoff wave is still going strong in 2024. Following significant workforce reductions in 2022 and 2023, this year has already seen 60,000 job cuts across 254 companies, according to independent layoffs tracker Layoffs.fyi. Companies like Tesla, Amazon, Google, TikTok, Snap and Microsoft have conducted sizable layoffs in the first months of 2024. Smaller-sized startups have also seen a fair amount of cuts, and in some cases, have shut down operations altogether.

By tracking these layoffs, were able to understand the impact on innovation across companies large and small. Were also able to see the potential impact of businesses embracing AI and automation for jobs that had previously been considered safe. It also serves as a reminder of the human impact of layoffs and what could be at stake in regards to increased innovation.

Below youll find a comprehensive list of all the known layoffs in tech that have occurred in 2024, to be updated regularly. If you have a tip on a layoff, contact us here. If you prefer to remain anonymous, you can contact us here.

Is laying off about 250 employees in the latest in a series of job cuts after schools reopened across India following pandemic lockdowns.

Is ceasing its operations after its last-resort acquisition talks with Dailyhunt collapsed.

Has cut its workforce by 26 people, CEO Uma Valeti wrote in an email to staff, as the lab-grown meat industry sees a decline in VC funding.

Is eliminating 20 employees, amounting to a third of its total workforce, as the company shifts its focus to software development.

Will cut approximately 4% of its workforce as part of a plan to boost growth, though the company is also one of many within its field facing a consolidated lawsuit alleging they engaged in price fixing.

Intends to lay off roughly 180 employees, amounting to 17% of its workforce, according to an SEC filing that amounts to its second recent round of layoffs.

Is laying off more than 100 employees, according to a WARN filing. The news of the cuts comes after the company launched a large office expansion in Richmond, California.

Is reportedly conducting layoffs in Israel as it goes through a global restructuring.

Is reportedly cutting a large number of its staff after being acquired by French gaming company Voodoo.

Has laid off about 30 people, accounting for 3% of its workforce, as it refocuses its business to enterprise.

Terminated 158 employees, with another batch of layoffs expected to come as the company aims to reduce its workforce by 25%.

Is making cuts to 10% of its workforce, impacting around 20 to 25 employees.

Is laying off 375 employees, accounting for 5% of its total workforce.

Will eliminate up to 85 employees based in Ireland, the company announced.

Is reportedly laying off around 30 employees in Israel and will move positions to other regions to cut costs.

Cut 16 employees in its supplier resource management department as it focuses on automation.

Is reducing its global headcount by 23% in a major restructuring effort as the online learning platform aims to become a leaner operation.

Is closing up shop and liquidating its assets. The number of employees affected is currently unknown.

Is reducing its headcount by 15% as the company attempts to think in longer time frames, the company announced in a blog post.

Is making more cuts, co-CEO Carey Anne Nadeau announced on LinkedIn. The number of employees impacted is currently unknown.

Will lay off its 143 employees by July 3 due to a funding loss, and will no longer be accepting new orders. The company has not shut down fully though, telling TechCrunch: We are actively exploring options for the brand but do not have anything definitive to communicate at this time.

Shut down its operations and laid off its remaining employees after raising more than $50 million since its 2017 start.

Is laying off 70 employees, about 30% of its workforce, three weeks after an earlier round of cuts impacted 34 employees.

Is slashing around 450 jobs at its Indonesian e-commerce division, accounting for 9% of the unit.

Has eliminated around 30% of its total workforce, CEO Graham Gaylor confirmed in a statement.

Is reportedly conducting large cuts across the company. The total number of employees impacted is currently unknown.

Has cut around 45 jobs as part of a restructuring effort.

Has laid off at least 1,060 employees two weeks after the startup filed for administration.

Is laying off its 1,000+ staff drivers as it embraces a gig worker model similar to that of Lyft and Uber.

Has cut 30 employees a month after the Bengaluru-based startup laid off 160 people.

Has confirmed layoffs of 150 jobs as it drastically scales back its expansion ambitions to focus on its markets in Norway and Sweden.

Is laying off 100 workers, or 20% of its staff, in another round of cuts.

Is reportedly laying off 10% of its workforce, amounting to around 30 people.

Is reportedly cutting hundreds of employees working in its Azure cloud business, though the exact number of employees impacted is currently unknown.

Is laying off 100 employees months after reducing its headcount by 50 workers.

Is reportedly making large cuts globally across several of its Cloud teams, including teams focused on sustainability, consulting and partner engineering.

Is eliminating 40 employees as part of a restructuring effort, CEO David Campbell wrote in a post on LinkedIn.

Is shutting down its operations after laying off 60% of its staff in March in an attempt to stay afloat.

Has laid off a substantial part of its workforce, TechCrunch learned. Engineering and product design departments were most impacted by the cuts at the cancer care platform startup.

Is laying off 37 tech workers at FlightStats, the flight tracking startup it acquired in 2016, as it plans to consolidate its operations in India and the U.K.

Is cutting 15 employees in a round of layoffs, impacting 20% of the Israeli startups total workforce.

Has laid off hundreds of employees in a bid to keep the EV startup alive. One current and one laid off employee told TechCrunch exclusively that an estimated 150 people remain at the company.

Is shutting down its operations and laying off the rest of its staff. The COVID-19 test company laid off half of its workforce earlier this month to cut costs.

Has let go of 105 employees as the company seeks to streamline its operations, according to an email to staffers from current CEO Gary Little.

Is laying off about 400 employees, roughly 6% of its workforce, as part of a restructuring ahead of the launch of its first electric SUV later this year.

Will reportedly make large cuts to its global operations and marketing teams. The amount of employees impacted is currently unknown.

Will reportedly cut 14% of its staff, impacting 175 employees, as the company shifts its focus from original Disney+ programming back to films.

Let go of 20% of its staff as the coding startup shifts its focus to enterprise sales.

Cut about 30% of its total workforce. The recruiting startup that uses AI to find candidates was last valued at over $1.2 billion in January 2022.

Eliminated 6% of its staff in another round of layoffs as the fast-delivery startup attempts to become cash-flow positive by the end of 2024.

Plans to lay off 106 employees, according to a WARN notice filed in Texas.

Has shut down its operations. The number of employees affected is currently unknown.

Is cutting roughly 1,000 jobs, impacting 8% of the companys headcount, CEO Chris Hyams wrote in a letter to staff.

Cut around 40% of its workforce, impacting about 550 employees, sources told TechCrunch. The companys chief operating officer, Abe Ghabra, has also left the company.

Will eliminate 57 positions in San Francisco, according to a WARN notice filed in California.

Is eliminating 800 employees, accounting for 13% of its workforce, as part of a restructuring effort.

Told The Verge it has laid off most of its staff and is no longer selling itssmart home controllers and light switches as it looks for a buyer.

Laid off roughly 170 workers, impacting a third of its total headcount, in an effort to cut back on annual operating costs.

Closed Arkane Austin, Tango Gameworks, and more game studios as part of cuts at Bethesda. Its currently unclear how many employees will be impacted.

Is eliminating 230 employees, about 49% of its workforce, in a cost cutting measure laid out in documents filed with the U.S. SEC.

Is slashing its workforce by 20%. The cuts will affect around 140 employees, and the company is also cutting ties with the majority of its contract workers.

Has laid off about 3% of its workforce, impacting 116 people, the company confirmed to TechCrunch in a statement. The cuts come over a year after the company eliminated about 4% of its headcount.

Is laying off 15% of its workforce, affecting about 400 people, as part of a cost-cutting effort. The companys CEO Barry McCarthy is also stepping down.

Has gutted its charging team in a new round of layoffs, CEO Elon Musk announced in an overnight email to executives.

Has laid off staff across key teams like Flutter, Dart and Python. It is currently unclear how many employees were let go.

Is laying off more employees to preserve cash, according to an internal email viewed by TechCrunch. The number of cuts is currently unknown.

Is shutting down operations in the U.S., the U.K. and Europe, impacting at least 6,000 jobs across the closing markets.

Is cutting about 180 jobs in a profitability push and has let go its chief executive Hemant Bakshi, a source familiar with the matter told TechCrunch.

The space and defense startup laid off nearly 30 people, accounting for about 25% of its workforce, due to duplication of roles and functions across the company, TechCrunch exclusively reported.

Is expected to cut employees in its Austin office for the second time this year.

Plans to eliminate 740 employees at its Oregon headquarters this summer, according to a WARN Act notice.

Is eliminating 10% of its workforce following the exit of former CEO Emad Mostaque.

Is laying off workers as part of continued cost cutting measures. The number of employees affected was at the time unknown.

Is reducing its total workforce by 1%. Its the second round of layoffs for the EV maker this year.

Is laying off 5% of its workforce, affecting around 579 employees. The GTA 6 publisher also announced the elimination of several projects in development.

Is eliminating about 20% of its 59 employees in a restructuring effort.

Is cutting more than 10% of its global workforce, per an internal email sent by CEO Elon Musk. That could impact more than 14,000 workers worldwide, as Tesla prepares itself for our next phase of growth amid a challenging EV market.

Is reducing its global workforce by nearly 4%, impacting up to 140 employees.

Is laying off 250 employees based in Ireland as it restructures its Training and Quality team.

Cut approximately 10% of its workforce, TechCrunch exclusively learned, as the company prepares for an IPO and aims to reach profitability.

Has laid off 382 employees, amounting to 32% of its total workforce, TechCrunch exclusively learned. The background-screening platform was last valued at $5 billion in April of 2022.

Reportedly laid off a sizable part of its staff in a restructuring effort. The number of employees impacted is currently unknown, but sources told Inc42 that it could be in the range of 70-100 workers.

Is laying off 614 employees in California after abandoning its electric car project, according to a WARN notice.

Has laid off a small number of employees as part of a company-wide focus on commercialization efforts.

Shut down operations. The company, which was backed by OpenAI, employed about 100 people.

Is shutting down Yummly, the recipe and cooking app it acquired in 2017.

Will cut hundreds of jobs across Sales, Marketing, Global Services and its Physical Stores Technology team.

Is laying off about 500 employees, accounting for 3% of its total workforce, as part of a restructuring effort.

Has laid off 20% of its staff after acquiring point-of-sale platform Cuboh. The company previously laid off 100 people in 2022.

Is restructuring its testing department, which is largely made up of contractors. A Nintendo spokesperson told Kotaku the changes will end some assignments but will lead to the creation of new full-time positions.

Cut its global workforce by about 6,000 jobs, according to a 10-K SEC filing. The filing reveals the company cut 13,000 jobs in the last year.

Has made cuts to its staff, the company confirmed to TechCrunch. A report in Fintech Business Weekly estimates that 17 people, or about 15% of the company, were impacted.

Is cutting 195 roles in an effort to become more sustainable, CEO Henry Chan wrote in a blog post. The layoffs impact nearly a quarter of its staff.

Reportedly eliminated 20% of its total workforce in its second restructuring effort in the past year.

Conducted another round of layoffs impacting 20 employees, CEO Ham Serunjogi announced in a blog post.

Has reportedly cut 16% of its staff in a strategic move to support its Textio Lift product.

Is reportedly laying off around 25% of its workforce. According to Axios, the cuts affect roughly 80 people.

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A comprehensive list of 2024 tech layoffs - TechCrunch

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UN US Tech Giants Combatting Synthetic Drugs – Citizentribune

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UN US Tech Giants Combatting Synthetic Drugs - Citizentribune

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US Market Bounces Back: Small-Cap Sectors, Tech Giants, and Housing Affordability in Focus – West Island Blog

Posted: at 10:36 pm

In todays episode of Market Domination Overtime, hosts Josh Lipton and Julie Hyman delve into the most prominent dynamics leading stocks and the US housing market. US equities, including major indexes such as the Dow Jones Industrial Average, Nasdaq, and S&P 500, rebounded following a rough day for Big Tech stocks. Paul Hickey of Bespoke Investment Group joined the conversation to discuss the rubber band dynamic within markets.

Mortgage rates are on the decline, potentially opening the door for new homebuyers. Zillow senior economist Orphe Divounguy joined to discuss housing affordability and the best markets for buyers. As the closing bell rang on Wall Street, the Dow finished higher by nearly 250 points, or 0.6%, with the S&P 500 up 0.5%, and the Nasdaq rising by 0.6%. Despite recent rotations in the market, broad-based gains are still evident, particularly in the small-cap sectors, which continue to outperform the broader market.

Josh and the team explored a significant uptick in the Russell 2000, which rose by 6.19% for the week, driven by a substantial surge on Thursday. Consumer discretionary sectors rebounded after a drop, with a notable performance in the technology and materials sectors. The Nasdaq 100 presented a far better picture than the previous day, despite slight losses in some tech giants. Stocks like Meta experienced a nearly 3% drop, while NVIDIA gained 1.5% and Apple climbed over 1%.

Leading the way for the day were sectors like solar energy and disruptive small tech companies, and there was a strong performance in home builders, driven by decreasing interest rates. Notably, the ARK Innovation Fund, which focuses on small tech companies like Tesla and Roblox, showcased substantial gains.

Paul Hickey emphasized that while this market remains complex and volatile, with small caps and equal-weighted indexes seeing significant performances, investors might be better served focusing on smaller names within the broader market.

President Biden attempted to direct attention to his economic record during a recent news conference. Despite boasting endorsements from 16 economic Nobel Laureates for his economic initiatives, concerns about his age and ability to serve another term were evident after a blunder where he mistakenly referred to Vice President Kamala Harris as Vice President Trump. Yahoo Finances commentary noted that while Biden has always had slip-ups, his frequent errors at 81 years old far overshadow economic successes, such as promising inflation rates below 3%.

Analyst Rick Newman pointed out that Biden needs to be visibly active, engaging with the public through live events to demonstrate his capability despite his age. While Biden showed prowess on topics like international alliances, proving his mental agility and vigor remains crucial for his campaign.

Concerning mortgage rates, Zillows senior economist Orphe Divounguy noted that while affordability remains a challenge, the recent decline in rates could provide relief. Inventory for sale has increased by 23% compared to last year, which might put downward pressure on home prices. Areas like Texas and Florida, particularly Austin and Houston, were highlighted for their affordability and increased housing inventory, making them attractive to potential homebuyers.

Next week marks a busy period for earnings reports, with Morgan Stanley, Bank of America, and Goldman Sachs set to release their figures. Additionally, companies like United Health Group, Netflix, and United Airlines will report their earnings. Netflix, in particular, is expected to show strong subscription growth.

On the economic calendar, monthly retail sales data is set to be released, with economists forecasting a slight decline. Housing data, including housing starts and building permits, will also be closely watched.

Finally, the US Postal Service will increase the price of postage stamps from 68 cents to 73 cents, a reflection of the decreasing volume of first-class mail. The price hike will take effect on Sunday, so it might be a good time to stock up on forever stamps while they are still at the current price.

With these developments, Market Domination Overtime continues to provide comprehensive coverage of key market dynamics and economic trends.

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US Market Bounces Back: Small-Cap Sectors, Tech Giants, and Housing Affordability in Focus - West Island Blog

Daily Archives: July 15, 2024

UN US Tech Giants Combatting Synthetic Drugs – Galveston County Daily News

Why Is ByteDance Considering a Move That Burned So Many Tech Giants? – Variety

UN US Tech Giants Combatting Synthetic Drugs – The Daily Reflector

Big Tech is stress testing the grid. It doesnt have to be a disaster. – E&E News by POLITICO

Apple and Microsoft Step Back from OpenAI Board – PYMNTS.com

A comprehensive list of 2024 tech layoffs – TechCrunch

UN US Tech Giants Combatting Synthetic Drugs – Citizentribune

US Market Bounces Back: Small-Cap Sectors, Tech Giants, and Housing Affordability in Focus – West Island Blog

UN US Tech Giants Combatting Synthetic Drugs – The Daily Advance

UN US Tech Giants Combatting Synthetic Drugs – Post Register

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