EUR/USD 1.15579
-0.259%
Gold 4501.57
-3.165%
Oil 96.968
2.893%
USD/JPY 159.297
0.997%
GBP/USD 1.33332
-0.723%
GBP/JPY 212.398
0.318%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
On March 22, Elon Musk held a press conference to announce Project Terafab, a grand plan aimed at eventually manufacturing its own chips for robotics, artificial intelligence, and space data centers. The project will be based in Austin and jointly operated by Tesla and SpaceX. Musk stated that he will first build an "advanced technology wafer fab" in Austin, equipped with the full suite of equipment needed to manufacture and test various types of chips. Musk said that although the semiconductor industry is increasing production, its pace of development is still not meeting his anticipated chip demand. "This pace is far below our expectations," Musk said. "Either we build a terawatt-scale factory, or we dont have any chips available, and we need these chips, so were building a terawatt-scale factory." Musks project aims to support 1 terawatt of computing power annually in the future.According to Al Jazeera: The Israeli military reports a new round of missile attacks by Iran.On March 22, Apple CEO Tim Cook, in an interview with the media in Beijing, said that the development of Chinas robotics industry is impressive. Speaking about the opportunities in China during the 15th Five-Year Plan period, he expressed great anticipation for artificial intelligence (AI) and eagerly awaited the next developments in the field.March 22nd - A new round of refined oil price adjustments will take place in China at midnight on March 23rd. According to Longzhong Information, the expected increase is around 2000 yuan/ton. For a 70-liter fuel tank, filling up a car will cost approximately 106 yuan more. For a 50-liter tank, the increase is expected to be around 75 yuan more. This will mark the fifth consecutive price increase this year, potentially the largest increase this year. However, the final adjustment amount will depend on the official data released by the National Development and Reform Commission that evening.On March 22, Hong Kong Financial Secretary Paul Chan Mo-po stated that during his recent visit to Beijing, he met with several central government ministries and financial regulatory agencies. They engaged in in-depth discussions on the macroeconomic situation, the current state and development of the financial market, and how Hong Kong can better play its role in the new phase of the nations 15th Five-Year Plan. Chan and his delegation deeply appreciated the concern, understanding, and support shown by the various ministries and agencies for Hong Kongs situation. They also realized the need for a more accurate understanding of the nations development direction, key areas, and strategies in order for Hong Kong to accelerate its integration into and serve the overall national development strategy, and to maximize its own advantages.

Microsoft Will Lay off 10,000 Workers, Adding to IT's Excess of Layoffs

Haiden Holmes

Jan 19, 2023 10:59

3.png


Microsoft Corp (NASDAQ:MSFT) stated on Wednesday that it will remove 10,000 employees and take a $1.2 billion loss against profits as cloud-computing clients rethink spending and the business prepares for a potential recession.


The layoffs are in addition to the tens of thousands that have been reported over the past few months in the IT industry, which has retreated after a period of tremendous expansion during the epidemic.


The announcement comes as the software company plans to raise expenditure on generative artificial intelligence, the emerging bright spot in the industry.


CEO Satya Nadella sought to address the varied outlooks for several business divisions in an internal message to staff.


Customers wished to "optimize their digital expenditures to do more with less" and "exercise prudence since certain sections of the world are experiencing a recession and others are expecting one," he stated. Simultaneously, AI advancements are spawning the next major wave of computing.


The layoffs, which will affect fewer than 5 percent of Microsoft's staff, will be completed by the end of March, with notification commencing on Wednesday.


Microsoft would continue to employ in "key areas," he said. AI is likely one of these disciplines. This week, Nadella introduced AI to a gathering of world leaders in Davos, Switzerland, stating that the technology will alter Microsoft's products and have a global influence.


Microsoft has contemplated raising its $1 billion bet in OpenAI, the firm behind the ChatGPT craze in Silicon Valley, which Microsoft will shortly offer as a cloud service.


The closing price for shares of the Redmond, Washington-based corporation decreased by 2% on Wednesday.


Amazon.com Inc. (NASDAQ:AMZN), a rival in the retail and cloud-computing industries, began notifying its own 18,000 employees of layoffs on Wednesday.


Amazon indicated in an internal message that impacted employees in the United States, Canada, and Costa Rica will be informed by day's end. The Chinese staff will be notified following the Chinese New Year.


Meta Platforms Inc (NASDAQ:META), the parent company of Facebook, has announced the termination of 11,000 employees, while Salesforce (NYSE:CRM) Inc has announced the removal of 10% of its 80,000-person staff.


More than 97,000 job cutbacks were reported in the IT business in 2022, the highest since 131,000 layoffs were revealed in 2002, according to the outplacement agency Challenger, Gray & Christmas.


"We haven't seen this amount of activity since the dot-com disaster," said Andrew Challenger, the company's senior vice president.


According to an update on the Worker Adjustment and Retraining Notification (WARN) page for Washington State, Microsoft will lay off 878 full-time employees at its Redmond headquarters. The legislation requires the majority of U.S. firms to report mass layoffs impacting 50 or more employees at a single site.

CLOUD GROWTH DECLINING

According to some experts, Microsoft's billion-dollar penalty would cut the company's second fiscal quarter profit by 12 cents per share and may have consequences outside the technology sector.


Brian Frank, a portfolio manager at Frank Funds who has owned Microsoft shares periodically over the past many years, stated, "This is one of the marquee growth firms with a very distinct user base indicating that economic conditions may not be as favorable as we anticipated."


According to Nadella, the charge is the result of severance fees, as well as changes to Microsoft's hardware lineup and lease consolidation to create more dense workplaces.


Microsoft declined to comment on the hardware modifications or whether any product lines will be discontinued.


In recent years, Microsoft's cloud sales have surged due to an increase in corporate demand for online data hosting and cloud computing. However, growth dropped to 35% in the first quarter of fiscal year 2023, and the business forecasts further slowing. It was reported in July of last year that a few posts had been cut.

Suggestion