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July 15th - According to sources, AI-powered cloud computing company Coreweave (CRWV.O) is exploring the use of financial derivatives as a potential hedge against future price declines in memory and storage chips. This unusual move highlights how the AI boom is deeply entangled cloud service providers with the volatile chip market. To lock in supply, cloud operators, including Coreweave, have signed long-term agreements with memory and storage chip manufacturers such as Micron and SanDisk. Many of these agreements provide suppliers with a price floor guarantee for DRAM and storage chips. However, this arrangement is a double-edged sword; while it protects chip manufacturers from market downturns, it also exposes cloud service companies like Coreweave to risk. If prices fall, they will be forced to continue purchasing at prices far above market value. Therefore, Coreweave executives have discussed how to hedge against the potential devaluation of memory chip inventory due to future price declines. The discussions are in the early stages, and the company has not yet implemented any hedging operations. The proposed solutions include put options and other possible derivatives.On July 15th, Futures News reported that soybean oil futures on the Chicago Board of Trade (CBOT) closed lower on Tuesday, with the benchmark contract down 0.7%, mainly reflecting the unwinding of oil-meal arbitrage. Traders said the unwinding of the soybean oil-sell-soybean-meal arbitrage put pressure on the soybean oil market. Improved conditions for the U.S. soybean crop and the potential easing of high temperatures in the Midwest next week also weighed on the soybean and soybean oil markets. However, stronger international crude oil futures limited the downside for soybean oil. The National Oilseed Processors Association (NOPA) will release its monthly crush report on Thursday. Analysts on average expect NOPA member companies soybean oil stocks to reach 1.653 billion pounds in June, down from 1.735 billion pounds at the end of May, but higher than the 1.384 billion pounds projected for the end of June 2025.Japans core machinery orders fell 12.4% month-on-month in May, compared with an expected decline of 4.2% and a previous reading of 8.70%.Japans core machinery orders fell 1.9% year-on-year in May, compared to a forecast of 12.90% and a previous reading of 15.60%.Sources say Coreweave (CRWV.O) is exploring the use of financial derivatives to hedge against the risk of future declines in memory chip prices.

Amazon Files a Grievance Against the Union's Victory in New York, Claiming Collusion

Haiden Holmes

Apr 08, 2022 10:02

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The United States' National Labor Relations Board (NLRB) has given Amazon until April 22 to substantiate its opposition to last week's poll in New York, in which Staten Island employees chose to create the company's first union in the United States. Amazon sought more time to provide evidence due to the "substantial" nature of its concerns, the company said in a filing Wednesday.


A verified election outcome would give organized labor a footing in the second biggest private employer in the United States, with the ability to affect how Amazon conducts its finely calibrated business.


Around 55% of employees at Amazon's JFK8 warehouse in the New York City borough of Staten Island who participated in the election chose to join the Amazon Labor Union (ALU), which has requested more compensation and job security. Since then, the union has been approached by employees at an additional 50 Amazon locations in the United States, according to the group's chairman.


Amazon's lawsuit said that company intends to challenge the decision on the grounds that the ALU interfered with workers in line to vote and that extended wait times decreased participation. Approximately 58% of eligible voters voted in person across many days.


Eric Milner, an attorney with the legal firm Simon & Milner who represents the ALU, denounced Amazon's assertions as bogus and said that they will be overturned.


"To assert that the Amazon Labor Union threatened staff is ludicrous," he said. "The Amazon Labor Union is composed entirely of Amazon workers."


Separately, the RWDSU expressed opposition on Thursday to an election in Bessemer, Alabama, in which Amazon employees voted against unionization. It was the second election in Bessemer, after the NLRB's determination that Amazon intervened unfairly in the last election there last year. The most recent results are still pending due to hundreds of contested votes and now the RWDSU's objections, which may prolong the process by months.


"We want our workers' votes to be heard," Amazon spokeswoman Kelly Nantel said. "We hope the NLRB considers every legitimate vote."


The RWDSU said in a filing that Amazon unjustly deleted pro-union information from non-work locations and dismissed one employee for speaking out in support of the union during required work sessions. The RWDSU said that these were sufficient reasons for the NLRB to vacate the decision.


Amazon expressed dissatisfaction with the RWDSU's activities, including the union's discussions with employees about the usage of a mailbox on warehouse property, but said that raising objections was regular procedure.


The company will have a difficult time showing that the New York union breached regulations governing employee involvement, according to John Logan, a labor expert at San Francisco State University.


Additionally, the NLRB often takes employer-related claimed breaches more seriously than union-related alleged violations, he said, since businesses wield more authority over employees.


"It's going to be really difficult" for Amazon, he said.

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