How the AI Boom Could Be Nvidia’s ‘iPhone Moment’

While the current AI boom is only just getting started, an early winner is NVIDIA Corporation (NASDAQ:NVDA), who – on ... Read more While the current AI boom is only just getting started, an early winner is NVIDIA Corporation (NASDAQ:NVDA), who – on Tuesday, May 30th – saw the company’s market capitalization exceed US$1 trillion for the first time. For a chip designer with no fabrication capabilities of its own, this is a significant moment. Hovering at around US$970 billion as of 1st June, the momentary increase in share price saw Nvidia join an elite club occupied by only five other companies currently: Apple, Microsoft, Alphabet, Amazon, and Saudi Aramco. Previously, only three other companies (Tesla, Meta and PetroChina) have also crossed the US$1 trillion threshold. Nvidia’s Market Capitalization Nvidia’s share price has increased roughly 170% since the beginning of the year, growth that has outpaced other members of the S&P 500 index. That growth is directly correlated to the increasing awareness and use of AI tools, and the potential for impact on business and consumers alike. Market values for nine US chip designers as of May 30th, 2023. Five of these exceed market capitalizations of US$1 trillion. Market values were calculated using the most recently published volume of outstanding shares from company financial statements, with the price taken as being the NASDAQ day high on May 30th, 2023. Source: IDTechEx ChatGPT has been discussed in boardrooms and at the water cooler since it was released in November 2022. As of January 2023, just three months after its release, ChatGPT had registered 100 million users. The chatbot – which is built on a large language model consisting of 175 billion parameters – was trained using approximately 10,000 Nvidia A100 Graphics Processing Units (GPUs). Nvidia currently accounts for around 80% of all GPUs globally, where the use of these GPUs has been bolstered by AI and data mining (the parallel processing benefits of GPUs making them as useful for the training of AI algorithms as for cryptocurrency mining). Market research company IDTechEx recently published a report that forecasts Nvidia’s continued dominance not just on the GPU stage but more specifically as AI hardware leaders, with the company taking a considerable percentage of the forecast US$257 billion AI chip revenue as of 2033. Revenue From Data Centers Presently, Nvidia generates more revenue from their data center and networking market segment (which includes data centre platforms as well as autonomous vehicle solutions and cryptocurrency mining processors) than from their graphics reporting segment. In FY2023, Nvidia generated US$15.01 billion in Data Center revenue, which accounted for 55.6% of the total revenue generated for the year. This presents an increase in Data Center revenue of 41% from 2022, where Nvidia has shown year-on-year growth in Data Center revenues of over 40% since 2020. Contrast this to other AI chip designers – such as AMD (who recently acquired Xilinx) and Qualcomm – and it is clear that Nvidia are establishing early dominance in the data center AI space. The company is not resting on its laurels either. While the A100 is presently the most commonly used chip for AI purposes within data centers, Nvidia announced early this year the H100 GPU, based on their new Hopper architecture. The Hopper architecture is built in TSMC’s 4N process (an enhanced version of the 5 nm node), incorporating 80 billion transistors (the A100 has 54.2 billion transistors, made in a 7 nm process). With speedups ranging from 7X to 30X across training and inference when compared with the A100 – as well as a comparable thermal design power in the PCIe form factor – Nvidia will be supplying the key hardware necessary to run the increasingly complex AI algorithms of tomorrow. And yet, while Nvidia acquires more of the data center processing market, there is still significant opportunity for chip designers at the edge, which is forecast to grow at a greater compound annual growth rate than for cloud AI over the next ten years, according to IDTechEx’s latest report on AI chips. AI at the edge has different requirements than in the cloud, chief among them the power consumption of chips due to the thermal capabilities of the devices in which they are embedded. As chips at the edge can typically consume no more than a few Watts, the complexity of the models that they run must be greatly simplified. A chip such as the A100, with its large footprint and transistor density, would be a waste; instead, companies need not design at the cutting-edge in terms of node processes and can instead opt to manufacture at more mature nodes, which have a lower price point (and therefore barrier to entry) than leading-edge nodes. It is difficult to determine the precise location of the AI inflection point and how far in the future it is. While opinions may differ, there is no questioning that the AI boom is happening and that AI tools have the capacity to transform workflows across industry verticals. To learn more about the global AI chips market, including the technology developments, key players, and market prospects for AI-capable hardware, please refer to IDTechEx’s “AI Chips 2023-2033” report. About IDTechEx IDTechEx guides your strategic business decisions through its Research, Subscription and Consultancy products, helping you profit from emerging technologies. For more information, contact research@IDTechEx.com or visit www.IDTechEx.com......»»

The wave of layoffs hitting tech companies and beyond shows no signs of slowing down. Spotify is the latest to make job cuts. Spotify announced it would lay off 2% of its workforce, following job cuts the brand announced back in January.Onur Dogman/SOPA Images/LightRocket via Getty Images Spotify is the latest company to announce layoffs. In recent months, layoffs have expanded beyond tech, media, and finance as Gap and Whole Foods announced cuts. See the full list of layoffs so far in 2023. A wave of layoffs that hit dozens of US companies toward the end of 2022 shows no sign of slowing down into 2023.Spotify is the latest company to announce layoffs, according to a memo sent to employees from the company.In the memo, the vice president of Spotify's podcast business Sahar Elhabashi explained the layoffs would impact around 200 employees. A Spotify spokesperson told Insider the layoffs would impact employees a part of Spotify's podcast business and its supporting functions, including talent acquisition and financial roles. This is the second round of layoffs the company has announced this year: In January, Spotify's CEO said the company would cut 6% of its staff.The recent layoffs are a part of the brand's decision to change how it works with podcast partners around the globe and would help the brand "support the creator community better," the memo read.The news comes less than a week after cryptocurrency exchange company Binance announced it was considering staff cuts, and on the heels of recent layoffs at companies including  JPMorgan Chase, LinkedIn and Shopify.  These companies join a large number of major corporations that have made significant cuts in the new year: Tech companies, including Meta and Google, and finance behemoths, like Goldman Sachs, announced massive layoffs in the first weeks of 2023 amid a continued economic downturn and stagnating sales.The downsizing followed significant reductions that companies including Meta and Twitter made last year. The layoffs have primarily affected the tech sector, which is now hemorrhaging employees at a faster rate than at any point during the pandemic, the Journal reported. According to data cited by the Journal from Layoffs.fyi, a site tracking layoffs since the start of the pandemic, tech companies slashed more than 187,000 in 2023 alone — compared to 80,000 in March to December 2020 and 15,000 in 2021. But it's not just tech companies that are cutting costs, with the major job reductions that have come from the Gap, along with FedEx, Dow, and Wayfair.Here are notable job cuts so far in 2023: Spotify: laying off 2% of workforceSpotify announced it would lay off 2% of its workforce, following job cuts the brand announced back in January.Onur Dogman/SOPA Images/LightRocket via Getty ImagesSpotify announced that the music and podcast streaming app would lay off about 200 employees, or 2% of its workforce. The layoffs will impact employees across Spotify's podcasting business and its supporting functions, including talent acquisition and financial roles, a Spotify spokesperson told Insider.In the memo sent to employees, the vice president of Spotify's podcast business Sahar Elhabashi explained the layoffs were a part of the brand's decision to change how it works with podcast partners around the globe. The "fundamental pivot from a more uniform proposition will allow us to support the creator community better," the memo read."The company will support these individuals with generous severance packages, including extended Healthcare coverage and immediate access to outplacement support," the statement read. This announcement arrives on the tail of additional layoffs the music streaming service made back in January. In a memo to Spotify employees, CEO Daniel Ek said the company would cut 6% of its staff, about 600 people. "While we have made great progress in improving speed in the last few years, we haven't focused as much on improving efficiency. We still spend far too much time syncing on slightly different strategies, which slows us down. And in a challenging economic environment, efficiency takes on greater importance. So, in an effort to drive more efficiency, control costs, and speed up decision-making, I have decided to restructure our organization," he wrote. As part of those changes, Dawn Ostroff, the company's chief content and advertising officer, who spent more than $1 billion signing exclusive podcast deals with Joe Rogan, the Obamas, and Prince Harry and Meghan Markle, has departed. Binance: potential layoffsBinance, one of the world's largest cryptocurrency exchanges by volume, is considering staff cuts as the company prepares for the next bull cycle and evaluates its "talent density," a Binance spokesperson told Insider. "As we prepare for the next major bull cycle, it has become clear that we need to focus on talent density across the organization to ensure we remain nimble and dynamic," the spokesperson said.The statement came after a series of tweets from independent journalist Colin Wu on May 31 that indicated forthcoming layoffs at the company. "This is not a case of rightsizing, but rather, re-evaluating whether we have the right talent and expertise in critical roles," the Binance statement continued. "This will include looking at certain products and business units to ensure our resources are allocated properly to reflect the evolving demands of users and regulators." JPMorgan: About 500 jobsJPMorgan recently began cuts of about 500 employees, CNBC and CNN reported.ReutersJPMorgan announced on March 26 that it is slashing 500 roles, CNBC reported.The cuts are expected to spread across JPMorgan's retail and commercial banking, asset and wealth management, and corporate and investment banking operations, according to CNBC.The reported layoffs come just a day after reports that JPMorgan laid off 1,000 First Republic employees, or about 15% of its workforce. JPMorgan, the largest bank in the US, got even larger earlier this month when it acquired the assets of failing First Republic after it was seized by regulators.LinkedIn: 716 rolesRyan Roslansky, CEO of LinkedIn, said the company would be cutting 716 roles on Tuesday.Courtesy of Ryan RoslanskyLinkedIn announced earlier this month that it would be cutting 716 roles from its global workforce in a message from CEO Ryan Roslansky.Roslansky also noted that company will also be discontinuing InCareer, a local jobs app in China, as it refocuses on helping companies in China hire, market, and train abroad. The decision comes on the heels of LinkedIn's 20th anniversary last week. "While we're making meaningful progress creating economic opportunities for our members and customers and experiencing record engagement on the platform, we're also seeing shifts in customer behavior and slower revenue growth," Roslansky said.Shopify: 20% of workforceDavid Fitzgerald/Sportsfile via Getty ImagesShopify is slashing 20% of its workforce and selling off most of its logistics business to supply chain company Flexport, the company announced on May 4. The cuts confirmed growing concern of layoffs among staffers in recent weeks, following the cancellation of several team-building offsite events and analyst speculation that Shopify would alter its logistics arm, Insider reported."I recognize the crushing impact this decision has on some of you, and did not make this decision lightly," Shopify CEO Tobi Lütke said in a note to employees and shareholders.He continued: "This is a consequential and hard week. It's the right thing for Shopify but it negatively affects many team members who we admire and love working with."Morgan Stanley: 3,000 jobsReutersMorgan Stanley is cutting 3,000 jobs by the end of the quarter, Bloomberg reported, citing sources familiar with the matter. One person told the outlet that the company's banking and trading teams will be most impacted.The cuts will affect about 5% of the firm's workforce, excluding financial advisers and personnel in the wealth management division, Bloomberg noted. A spokesperson for the bank did not immediately respond to Insider's request for comment and declined to comment to Bloomberg. However, CEO James Gorman noted last month that underwriting and mergers activity has been "subdued" and that he doesn't expect a rebound before the second half of 2023 or even 2024, Bloomberg noted. The firm last cut 1,600, or around 2% of its staff in December, Bloomberg noted. Dropbox: 16% of staffDrew Houston, cofounder and CEO of Dropbox, told employees Thursday that the company was eliminating 500 jobs.Matt Winkelmeyer / Getty ImagesCloud storage firm Dropbox said Thursday that it would be reducing its global workforce by 16%, or 500 jobs.In a message to staff sent Thursday, CEO Drew Houston said the cuts are being made, in part, from slowing business growth and the expansion of AI products. "Today's changes were the result of taking a hard look at our strategic priorities and organizational structure as a leadership team, and aligning to principles of sustainable financial growth, efficiency, and flexibility to invest in our future. We're also streamlining how the company is organized," Houston said.  Gap: more than 2,000 jobs since late last yearGap posters in Birmingham, England.Mike Kemp/Getty ImagesClothing retailer Gap is cutting 1,800 positions in its headquarters and upper management as part of a restructuring plan meant to cut costs, the retailer said Thursday.Gap said that the cuts are expected to help the company see $300 million in annualized savings."We are taking the necessary actions to reshape Gap Inc. for the future — simplifying and optimizing our operating model, elevating creativity, and driving better delivery in every dimension of the customer experience," the company's chairman and interim CEO Bob Martin said in a statement given to Insider.In September, Gap slashed 500 jobs from its corporate ranks in a push to save $250 million annually, the Wall Street Journal reported. Jenny Craig: potential mass layoffsA man enters a Jenny Craig facility June 19, 2006 in Niles, Illinois.Tim Boyle/Getty ImagesWeight loss company Jenny Craig notified staffers of potential mass layoffs on April 27, as a result of the company "winding down physical operations," according to an internal email reviewed by NBC News.According to NBC News, the company has been in the process of selling and anticipates the pending sale "will likely impact all employees in some manner," an FAQ document sent to employees read. "We do not know the exact employees/groups whom will be impacted, and if any employees may be retained," the document said, per NBC News. "As a result, we would suggest that you anticipate that your employment may be impacted and begin to seek other employment." 3M: 6,000 jobsMike Roman, CEO of 3M.Xinhua News Agency / Contributor/Getty ImagesOn Tuesday, the Scotch tape and Post-It Notes manufacturer said it will be cutting 6,000 positions across all parts of the company with the goal of streamlining operations, simplifying supply chain, and reducing layers of management, according to The Wall Street Journal.The company's chief executive Mike Roman said Tuesday that the cuts would eliminate 10% of 3M's global workforce and ultimately save the company between $700 to $900 million in pretax costs, the Journal said. 3M last announced cuts in January when it said it was removing 2,500 manufacturing positions.Lyft: 1,072 rolesReutersIn an SEC filing on Thursday, Lyft said it was cutting roles for 1,072 employees, or about 26% of its corporate workforce. In the filing, the company also said it is scaling back on hiring and has eliminated over 250 open positions. The news comes just weeks after David Risher took the helm as Lyft's new CEO, part of an executive shakeup that involved cofounders Logan Green and John Zimmer moving into board roles. A spokesperson for Lyft previously told Insider, "David has made clear to the company that his focus is on creating a great and affordable experience for riders and improving drivers' earnings."The spokesperson added, "To do so requires that we reduce our costs and structure our company so that our leaders are closer to riders and drivers. This is a hard decision and one we're not making lightly. But the result will be a far stronger, more competitive Lyft." Deloitte: 1,200 jobsAlex Tai/SOPA Images/LightRocket via Getty ImagesDeloitte announced on April 21 it was cutting 1,200 jobs, or about 1.5% of its US staff, the Financial Times reported. The cuts will largely be concentrated in the financial advisory business as a result of a decline in mergers and acquisitions, per internal communications viewed by the FT. Whole Foods: Several hundred corporate employeesMary Meisenzahl/InsiderWhole Foods announced on April 20 it was letting go of several hundred corporate employees, amounting to less than 0.5% of the company's workforce, CNBC reported.The cuts are a result of a structural reorganization of global and regional support teams, which will be downsized from nine to six, but will not cause store closures, according to CNBC.In a memo to employees viewed by CNBC, Whole Foods executives wrote "simplifying our work and improving how we operate is critical as we grow." "As the grocery industry continues to rapidly evolve, and as we — like all retailers — have navigated challenges like the COVID-19 pandemic and continued economic uncertainty, it has become clear that we need to continue to build on these changes," the memo read, per CNBC. It continued: "With additional adjustments, we will be able to further simplify our operations, make processes easier, and improve how we support our stores."BuzzFeed News: 15% of staffBuzzFeed News headquarters.Drew Angerer / Getty ImagesBuzzFeed announced on April 20 that it was shuttering its BuzzFeed News division, laying off 15% of its staff, or 180 employees, in the process. In a memo to staff shared with Insider's Lucia Moses, CEO Jonah Peretti admitted to mistakes like over-investing in the news arm and failing to successfully integrate BuzzFeed and Complex after the latter was acquired in 2021. "I could have managed these changes better as the CEO of this company and our leadership team could have performed better despite these circumstances," he wrote. "Our job is to adapt, change, improve, and perform despite the challenges in the world. We can and will do better."Ernst & Young: 3,000 positionsEY spends $500 million annually on learning for its employees.TOLGA AKMEN / Contributor / GettyErnst & Young announced on April 17 it was laying off 3,000 US employees, or about 5% of its total US staff.The decision came after the financial auditor nixed a proposed reorganization that would break up its consulting and accounting businesses, Reuters reported. According to the Financial Times, which first reported the layoffs, the cuts will address "overcapacity" and will largely impact the company's consulting business. Opendoor: 560 jobsOpendoor announced it was cutting 560 jobs on Tuesday.Opendoor Technologies/GlassdoorOn Tuesday, home flipping giant Opendoor said it was cutting 560 jobs, or 22% of its workforce, citing a souring housing market. A spokesperson for Opendoor told Insider by email,"We've been weathering a sharp transition in the housing market – the steepest and fastest rate increase by the Fed in 40 years, the more than doubling of mortgage rates from historic lows, and the hit to home affordability have driven an approximately 30% decline in new listings from peak levels last year."The spokesperson noted that the cuts have been made to "better align our operational costs with the anticipated near-term market opportunity, while maintaining our critical technology investments that will continue to drive the business long term."Impacted team members will receive severance pay, extended health benefits, and job transition support. Opendoor last made cuts in November 2022, laying off 550 workers or about 18% of its staff.  McKinsey: About 1,400 employeesFABRICE COFFRINI/AFP via Getty ImagesMcKinsey & Company will cut an estimated 1,400 positions, or 3% of its total workforce, Bloomberg reported on March 29.The layoffs are part of the consulting firm's efforts to reorganize support teams and pare down an employee base that has grown rapidly in recent years, per the outlet. "The painful result of this shift is that we will have to say goodbye to some of our firm functions colleagues, while helping others move into new roles that better align to our firm's strategy and priorities," Bob Sternfels, global managing partner, wrote in a note to staff seen by Bloomberg. He continued: "Starting now, where local regulations allow, we will begin to notify colleagues who will depart our firm or be asked to change roles."David's Bridal: 9,236 employeesShoppers head for David's Bridal in Sunset Hill, Mo. Tuesday, May 10, 2005.James A. Finley/AP ImagesDavid's Bridal is laying off more than 9,000 workers across the US, according to a WARN notice filed with the Pennsylvania Department of Labor and Industry on April 14. "We are evaluating our strategic options and a sale process is underway," David's Bridal spokesperson Laura McKeever told the Philadelphia Inquirer. "At this time, there are no updates to share."The company is considering filing for bankruptcy in the near future, according to an April 7 report from the New York Times. David's Bridal also filed for bankruptcy in 2018. Virgin Orbit: 85% of staffersSir Richard Branson, founder of Virgin Orbit.Mark GreenbergVirgin Orbit disclosed in a March 30 filing with the Securities and Exchange Commission that it is slashing 85% of its staff, or about 675 employees.The company, which operates within the Virgin Group and provides launch services for satellites, is also ceasing operations "for the foreseeable future," CNBC reported. "Unfortunately, we've not been able to secure the funding to provide a clear path for this company," Virgin Orbit CEO Dan Hart said, according to audio of a company all-hands obtained by CNBC.     Electronic Arts: About 780 employeesLucy Nicholson/ReutersElectronic Arts — the video game company best known for its "The Sims," "FIFA," and "Madden NFL" franchises — is letting go of 6% of its staff, or about 780 employees, the company announced on March 24. "As we drive greater focus across our portfolio, we are moving away from projects that do not contribute to our strategy, reviewing our real estate footprint, and restructuring some of our teams," Electronic Arts CEO Andrew Wilson wrote in a blog post to staffers. Wilson said the cuts began early this quarter and will continue through the beginning of the next fiscal year.  Amazon: 9,000 more jobsAmazon CEO Andy Jassy announced on Monday that the company would be eliminating another 9,000 roles, on top of the 18,000 announced in January.Richard Brian/ReutersAmazon announced on March 20 that it would cut 9,000 jobs from its workforce over the coming weeks. The cuts come on the heels of the 18,000 roles the company announced it was cutting back in January. In a message to employees shared on Amazon's site, CEO Andy Jassy noted that the impacted positions are largely in the Amazon Web Services, People Experience and Technology Solutions, Advertising, and Twitch departments. In the memo, Jassy said the company staggered its layoff announcements because "not all of the teams were done with their analyses in the late fall." He added, "rather than rush through these assessments without the appropriate diligence, we chose to share these decisions as we've made them so people had the information as soon as possible."Roku: 200 staffersRoku CEO Anthony Wood speaks during Tribeca X - 2021 Tribeca Festival on June 18, 2021 in New York City.Photo by Arturo Holmes/Getty Images for Tribeca FestivalRoku is cutting an additional 200 roles, or 6% of its workforce, Reuters reported on March 30. The cuts come after the streaming device manufacturer previously laid off 200 employees in November 2022. The company is expected to complete the cuts by the end of the second quarter, and also plans to leave and sublease office facilities in an attempt to reduce costs, according to Reuters. Walmart: About 200 employeesA Walmart store.Bruce Bennett/Getty ImagesWalmart asked about 200 workers at five fulfillment centers to find employment elsewhere in the company in the next 90 days or else be laid off, Reuters reported on March 23.The cuts are a response to the reduction of evening and weekend shifts at select Walmart facilities, including those in Chino, California; Davenport, Florida; Bethlehem, Pennsylvania; Pedricktown, New Jersey; and Fort Worth, Texas, per Reuters. "We recently adjusted staffing levels to better prepare for the future needs of customers," a Walmart spokesperson told Reuters in a statement.  Accenture: 19,000 positionsJoan Cros/Corbis via Getty ImagesAccenture is slashing 19,000 roles, or 2.5% of its total workforce, according to a Security and Exchange Commission filing on March 23.The tech consultancy company said the layoffs will take place over the next 18 months and half of the cuts will impact staffers in "non-billable corporate functions," per the filing.  "While we continue to hire, especially to support our strategic growth priorities, during the second quarter of fiscal 2023, we initiated actions to streamline our operations and transform our non-billable corporate functions to reduce costs," Accenture wrote in the filing. Indeed: 2,200 staffersIndeed CEO Chris HyamsPhoto by Niall Carson/PA Images via Getty ImagesIndeed CEO Chris Hyams announced on March 22 that the online networking platform will cut 2,200 jobs, or about 15% of its staff. In a note sent to employees, Hyams wrote the reductions will impact "nearly every team, function, level, and region" across the company in an effort to reduce redundancy and increase efficiency. "I am heartbroken to share that I have made the difficult decision to reduce our headcount through layoffs. This is a decision I truly hoped I'd never have to make," he wrote. Meta: 10,000 workersMeta CEO Mark ZuckerbergMark Lennihan/APRoughly 10,000 Meta workers will find out that their jobs have been cut between March and May, according to an announcement by the company's founder and CEO, Mark Zuckerberg. Zuckerberg also said the company would close around 5,000 open roles that haven't yet been filled as part of the company's effort to downsize. "My hope is to make these org changes as soon as possible in the year so we can get past this period of uncertainty and focus on the critical work ahead," Zuckerberg wrote in a post on Facebook announcing the layoffs. In the post, Zuckerberg said that members of Meta's recruiting team would learn about the fate of their jobs in March, while tech workers would find out in late April, and business groups would find out in May. "In a small number of cases, it may take through the end of the year to complete these changes," he wrote. The job cuts come less than 5 months after Meta slashed 11,000 workers, or about 13% of its workforce, in November. At the time, Zuckerberg called the layoffs a "last resort."  SiriusXM: 475 rolesJennifer Witz, CEO of SiriusXM said the company was cutting 475 roles on March 6.Cindy Ord / Staff/ Getty ImagesThe radio company said March 6th that it was cutting 8% of its staff or 475 roles according to a statement posted on the company's website from CEO Jennifer Witz.In the statement, Witz said "nearly every department" across the company will be impacted. She also noted that those impacted will be contacted directly and will have the opportunity to speak with a leader from their department as well as a member of the company's People + Culture team. Impacted employees will also be provided with exit packages that include severance, transitional health insurance benefits, Employee Advocacy Program continuation, and outplacement services, Witz noted.Citigroup: hundreds of jobsCiti CEO Jane FraserPatrick T. Fallon/AFP via Getty ImagesCiti plans to cut hundreds of jobs, with many focused on the company's investment bank division. The total headcount cut will reportedly amount to less than 1% of Citi's more than 240,000 workers and are part of Citi's normal course of activities.Citi's cuts were first reported by Bloomberg. In January, Citi's CFO told investors the company remained "focused on simplifying the organization, and we expect to generate further opportunities for expense reduction in the future."Citi declined Insider's request to provide comment on the record. Waymo: reported 209 roles so farWaymo's co-CEOs Tekedra N. Mawakana and Dmitri Dolgov reportedly told employees that 8% of the unit's staff has been cut this year.Peter Prado/Insider; Vaughn Ridley/Sportsfile via Getty ImagesAlphabet's self-driving car unit Waymo has reportedly laid off a total of 209 employees this year in two rounds of cuts, according to The Information. Waymo reportedly laid off 137 employees on March 1, according to The Information. Waymo's co-CEOs Tekedra N. Mawakana and Dmitri Dolgov reportedly told employees that 209 employees— approximately 8% of the company's staff— have been cut this year, according to an internal email seen by The Information.Waymo did confirm the cuts to Insider but did not specify the number of roles impacted or the date the first round of cuts occurred.  Thoughtworks: reported 500 employeesThoughtworks laid off 500 employees on February 28. That day, CEO Guo Xiao said in the company's earnings release that it was "pleased" with its performance in the fourth quarter of 2022.Screenshot of Guo Xiao from the Thoughtworks website.Thoughtworks, a software consultancy firm, reportedly laid off 500 employees or 4% of its global workforce, according to TechCrunch. TechCrunch noted that the company "did not dispute" the figure when reached for comment on March 1. According to TechCrunch, Thoughtworks "initially informed" the affected employees about the decision on February 28. That same day, Thoughtworks reported that its revenue had increased 8.3% between the fourth quarter of 2022 and the fourth quarter of 2021. The company also reported a more than 21% year over year revenue increase for 2022. In the company's earnings release, Thoughtworks' CEO Guo Xiao said, "We are pleased with our performance in the fourth quarter and our clients continue to look to us to help them navigate these uncertain times and tackle their biggest technology challenges."General Motors: reported 500 salaried jobsGM CEO Mary Barra.Patrick T. Fallon/Getty ImagesGeneral Motors plans to cut 500 executive-level and salaried positions, according to a report from The Detroit News. The layoffs come only one month after CEO Mary Barra told investors and reporters on the company's earnings call, "I do want to be clear that we're not planning layoffs." In a memo to employees, seen by Insider, GM's chief people officer wrote, "we are looking at all the ways of addressing efficiency and performance. This week we are taking action with a relatively small number of global executives and classified employees following our most recent performance calibration." Employees who are getting laid off were informed on Feb. 28. General Motors confirmed the layoffs to Insider but did not confirm a specific number of employees getting cut. Twitter: about 200 employeesElon Musk is Twitter's CEO and ownerREUTERS/Jonathan ErnstThe layoffs reportedly haven't stopped at Twitter under Elon Musk. The social media company reportedly laid off 200 more employees on a Saturday night in late February, according to the New York Times. Some workers reportedly found out they had lost their jobs when they couldn't log into their company emails.Musk laid off 50% of Twitter's workforce in November after buying the company for $44 billion. Yahoo: 20% of employeesSOPA Images / Getty ImagesYahoo announced it will eliminate 20% of its staff, or more than 1,600 people, as part of an effort to restructure the company's advertising technology arm, Axios reported on February 9.Yahoo CEO Jim Lanzone told Axios that the cuts are part of a strategic overhaul of its advertising unit and will be  "tremendously beneficial for the profitability of Yahoo overall."    Disney: 7,000 jobsBob Iger, CEO of DisneyCharley Gallay/Stringer/Getty ImagesFresh off his return as Disney CEO, Bob Iger announced February 8 that Disney will slash 7,000 jobs as the company looks to reduce costs. Iger, who returned to the position in November 2022 to replace his successor Bob Chapek after first leaving in 2020, told investors the cuts are part of an effort to help save an estimated $5.5 billion. "While this is necessary to address the challenges we are facing today, I do not make this decision lightly," Iger said. "I have enormous respect and appreciation for the talent and dedication of our employees worldwide and I am mindful of the personal impact of these changes."DocuSign: 10%Igor Golovniov/SOPA Images/LightRocket/Getty ImagesDocuSign plans to slash 10% of employees as part of a restructuring plan "designed to support the company's growth, scale, and profitability objectives," the electronic signature company wrote in a Securities and Exchange Commission filing on Feb. 16. The company said the restructuring plan is expected to be complete by the second quarter of fiscal 2024, per the filing. Affirm: 19% of its workforceAffirm co-founder and CEO Max LevchinAffirmAffirm announced on February 8 it plans to slash 19% of its workforce, after reporting declining sales that missed Wall Street expectations. Affirm co-founder and CEO Max Levchin said in a call with investors that the technology company "has taken appropriate action" in many areas of the business to navigate economic headwinds, including creating a "smaller, therefore, nimbler team.""I believe this is the right decision as we have hired a larger team that we can sustainably support in today's economic reality, but I am truly sorry to see many of our talented colleagues depart and we'll be forever grateful for their contributions to our mission," he said.  GoDaddy: 8% of workersGoDaddy's CEO Aman Bhutani in September 2019Don Feria/Invision/AP ImagesGoDaddy, the website domain company, announced on February 8 it will cut 8% of its global workforce. "Despite increasingly challenging macroeconomic conditions, we made progress on our 2022 strategic initiatives and continued our efforts to manage costs effectively," GoDaddy CEO Aman Bhutani wrote in an email to staffers."The discipline we embraced was important but, unfortunately, it was not sufficient to avoid the impacts of slower growth in a prolonged, uncertain macroeconomic environment."Zoom: 15% of staffZoom CEO Eric Yuan.AP Photo/Mark LennihanZoom CEO Eric Yuan announced in a memo to workers that the company would reduce its headcount by 15%, or about 1,300 employees, on February 7. He attributed the layoffs to "the uncertainty of the global economy and its effect on our customers" but also said the company "made mistakes" as it grew. "We didn't take as much time as we should have to thoroughly analyze our teams or assess if we were growing sustainably toward the highest priorities," Yuan said. In the memo, Yuan also announced that he would cut his salary by 98% in 2023 and forgo his corporate bonus. In addition, other members of the executive leadership team will also reduce their base salaries by 20% this year, according to Yuan. eBay: 500 jobseBay CEO Jamie Iannone told employees Tuesday that the company would be eliminating 500 roles.Harry Murphy/Sportsfile for Web Summit via Getty ImagesOn Tuesday, e-commerce giant eBay told employees that it would be eliminating 500 roles, or about 4% of its workforce, according to a message included in a regulatory filing on Tuesday. In the message, CEO Jamie Iannone wrote "Today's actions are designed to strengthen our ability to deliver better end-to-end experiences for our customers and to support more innovation and scale across our platform."He added, "this shift gives us additional space to invest and create new roles in high-potential areas — new technologies, customer innovations and key markets — and to continue to adapt and flex with the changing macro, ecommerce and technology landscape." Dell: 5% of workforceDell is eliminating approximately 5% of its workforce. The company's co-chief operating officer Jeff Clarke told employees in a memo, "market conditions continue to erode with an uncertain future."Kevork Djansezian / Staff/Getty ImagesOn February 6, Dell said in a regulatory filing that it would be eliminating about 5% of its workforce. The percentage amounts to approximately 6,650 roles based on numbers that Dell provided Insider. In a memo sent to employees posted on Dell's website, co-chief operating officer Jeff Clarke, said "market conditions continue to erode with an uncertain future." He also noted in the memo that the company had paused hiring, limited employee traveling, and decreased spending on outside services. He added, however, "the steps we've taken to stay ahead of downturn impacts – which enabled several strong quarters in a row – are no longer enough."Pinterest: 150 jobsBen Silbermann is the founder and executive chair of Pinterest. He was the company's CEO until June 2022.Horacio Villalobos/Getty ImagesPinterest said it would cut 150 workers, or less than 5% of its workforce, on February 1, the company confirmed to Insider.  "We're making organizational changes to further set us up to deliver against our company priorities and our long-term strategy," a company representative said.The social media company was recently the target of activist investor Elliott Management, agreeing to add one of the firm's representatives to its board last month.   Rivian: 6% of jobsRivian CEO RJ Scaringe.Carlos Delgado/Associated PressRivian's CEO RJ Scaringe announced the EV company would cut 6% of its workforce in a memo to employees, the company confirmed to Insider. This is the company's second round of job cuts in the last 6 months after Scaringe announced a separate 6% workforce reduction in July 2022. In his memo to staff, Scaringe said Rivian needs to focus its resources on ramping up production and reaching profitability. BDG Media: 8% of staffScreengrab of Gawker's homepageGawkerBDG Media announced on February 1 that it was shutting down pop-culture site Gawker and laying off 8% of its staff, according to Axios. BDG owns Bustle, Elite Daily, and other lifestyle and news websites. "After experiencing a financially strong 2022, we have found ourselves facing a surprisingly difficult Q1 of 2023," CEO Bryan Goldberg wrote in a memo to staff seen by Axios. Splunk: 325 jobsGary Steele took over as Splunk's CEO in April 2022.YouTube/ProofpointSoftware and data platform Splunk is the latest in a long list of tech companies to announce layoffs in recent months. On February 1, the company said it would lay off 4% of its staff and scale back the use of consultants to cut costs, according to a filing viewed by Insider. The layoffs will reportedly be focused on workers in North America, and CEO Gary Steele told employees Splunk would continue to hire in "lower-cost areas."Intel: 343 jobsIntel CEO Pat Gelsinger.Pool Eric Lalmand/Getty ImagesIntel notified California officials per WARN Act requirements it plans to layoff 343 workers from its Folsom campus, local outlets reported on January 30. "These are difficult decisions, and we are committed to treating impacted employees with dignity and respect," Intel said in a statement to KCRA 3, noting that the cost-cutting comes as the company is faces a "challenging macro-economic environment." On February 1, the company announced CEO Pat Gelsinger will take a 25% pay cut, while other members of the executive team will take salary reductions in amounts ranging from 5% to 15%.  FedEx: more than 10% of top managersFedEx workers in New York City on March 16, 2021.Alexi Rosenfeld/Getty ImagesFedEx informed staffers on February 1 it plans to slash more than 10% of top managers in an effort to reduce costs.  "This process is critical to ensure we remain competitive in a rapidly changing environment, and it requires some difficult decisions," CEO Raj Subramaniam wrote in a letter to staff, which was shared with Insider's Emma Cosgrove. While the exact number of employees impacted was not specified, a FedEx spokesperson told Insider that since June 2022 the company has reduced its workforce by more than 12,000 staffers through "headcount management initiatives." "We will continue responsible headcount management throughout our transformation," the spokesperson said. PayPal: 7% of total workforceDan Schulman, president and CEO of PayPal announced that the company would be cutting 7% of its total workforce on January 31.PaypalPayPal announced on January 31 that it plans to cut 2,000 workers or approximately 7% of the company's total workforce over the coming weeks. In a statement announcing the layoffs on PayPal's website, CEO and president Dan Schulman cited the "challenging macro-economic environment." He added, "While we have made substantial progress in right-sizing our cost structure, and focused our resources on our core strategic priorities, we have more work to do."HubSpot: 7% of staffYamini Rangan is HubSpot's CEO.Matt Winkelmeyer/ Getty ImagesHubSpot's CEO Yamini Rangan announced that the company would lay off 500 workers, according to an email seen by Insider. "We came into 2022 anticipating growth would slow down from 2021, but we experienced a faster deceleration than we expected. The year was challenging due to a perfect storm of inflation, volatile foreign exchange, tighter customer budgets, and longer decision making cycles," Rangan wrote to employees. IBM: 1.5% of staffIBM's CEO Arvind KrishnaBrian Ach / Stringer / Via GettyIBM plans would cut 1.5% of its staff, roughly 3,900 workers. The layoffs were first reported by Bloomberg but confirmed by Insider.The company said the cuts would cost IBM about $300 million and is related entirely to businesses the company has spun off. Bloomberg reports that CFO James Kavanaugh said the company is still hiring in "higher-growth areas." Hasbro: 15% of workersA Jenga game by Hasbro Gaming.Thomson ReutersHasbro reportedly plans to cut 1,000 workers after warning that the 2022 holiday season was weaker than expected, according to the toy and game company. The company said the layoffs come as it seeks to save between $250 million to $300 million per year by the end of 2025. "While the full-year 2022, and particularly the fourth quarter, represented a challenging moment for Hasbro, we are confident in our Blueprint 2.0 strategy, unveiled in October, which includes a focus on fewer, bigger brands; gaming; digital; and our rapidly growing direct to consumer and licensing businesses," Chris Cocks, Hasbro's CEO said. Dow: 2,000 global employeesThe Dow Chemical logo is shown on a building in downtown Midland, home of the Dow Chemical Company corporate headquarters, December 10th, 2015 in Midland, MichiganBill Pugliano/Getty ImagesDow Inc. announced on January 26 that it will lay off 2,000 global employees, a move that indicates mass layoffs are spreading beyond just the technology sector, the Wall Street Journal reported. It's part of a $1 billion cost-cutting effort intended to help amid "challenging energy markets," Dow CEO Jim Fitterling said in a press release. The chemical company also  will shut down select assets, mostly in Europe, per the release."We are taking these actions to further optimize our cost structure and prioritize business operations toward our most competitive, cost-advantaged and growth-oriented markets, while also navigating macro uncertainties and challenging energy markets, particularly in Europe," Fittlering said.   SAP: Up to 3,000 positionsSAP CEO Christian KleinULI DECK/POOL/AFP via Getty ImagesSoftware company SAP said on January 26 it will slash up to 3,000 jobs globally in response to a profit slump, with many of the cuts coming outside of its headquarters in Berlin, the Wall Street Journal reported.  The layoffs will impact an estimated 2.5% of the company's workforce and are part of a cost-cutting initiative aiming at reaching an annual savings of $382 million in 2024, according to the Journal. "The purpose is to further focus on strategic growth areas," said Luka Mucic, SAP's chief financial officer, per the Journal.   3M: 2,500 jobs cut3M3M, which makes Post-It notes, Scotch tape, and N95 masks, said it plans to cut 2,500 manufacturing jobs worldwide. CEO Mike Roman called it "a necessary decision to align with adjusted production volumes." "We expect macroeconomic challenges to persist in 2023. Our focus is executing the actions we initiated in 2022 and delivering the best performance for customers and shareholders," he said in a press release. Google: around 12,000 employeesBrandon Wade/ReutersSundar Pichai, CEO of Google parent company Alphabet, informed staffers on January 20 that the company will lay off 12,000 employees, or 6% of its global workforce. In a memo sent to employees and obtained by Insider, Pichai said the layoffs will "cut across Alphabet, product areas, functions, levels and regions" and were decided upon after a "rigorous review." Pichai said the company will hold a townhall meeting to further discuss the cuts, adding he took "full responsibility for the decisions that led us here" "Over the past two years we've seen periods of dramatic growth," Pichai wrote in the email. "To match and fuel that growth, we hired for a different economic reality than the one we face today." Vox: 7% of staffThe layoffs were reportedly announced in a memo from CEO Jim Bankoff.Vox MediaVox Media, the parent company of publications like Vox, The Verge, New York magazine, and Vulture, is laying off roughly 133 people, or 7% of its staff, according to a report by Axios. The cuts come just a few months after the media company laid off 39 roles in July. The decision was reportedly announced in a note to staff from CEO Jim Bankoff, who wrote that while the company is "not expecting further layoffs at this time, we will continue to assess our outlook, keep a tight control on expenses and consider implementing other cost savings measures as needed," according to Axios.Vox Media's layoffs come at a time when advertisers are tightening their belts in anticipation of an economic slowdown, taking a toll on the media industry. Capital One: more than 1,100 tech workersBrian Ach/AP ImagesCapital One slashed 1,100 technology positions on January 18, a company spokesperson told Insider. The cuts impacted workers in the "Agile job family," a department which was eliminated and its responsibilities integrated into "existing engineering and product manager roles," per the spokesperson. "Decisions that affect our associates, especially those that involve role eliminations, are incredibly difficult," the Capital One spokesperson said in the statement. "This announcement is not a reflection on these individuals or the work they have driven on behalf of our technology organization," the spokesperson continued. "Their contributions have been critical to maturing our software delivery model and our overall tech transformation."The eliminations came after the bank had invested heavily in tech efforts in recent years, including launching a new software business focused on cloud computing in June 2022. "This decision was made solely to meet the evolving skills and process enhancements needed to deliver on the next phase of our tech transformation," the spokesperson said.  WeWork: About 300 employeesReutersWeWork announced on January 19 it will cut about 300 positions as it scales back on coworking spaces in low-performing regions, Reuters reported. The layoffs come after the company said in November 2022 it planned to exit 40 locations in the US as part of a larger cost-cutting effort. The company announced the cuts in a press release listing its fourth-quarter earnings call date, stating only the reductions are "in connection with its portfolio optimization and in continuing to streamline operations."  Wayfair: more than 1,000 employeesPavlo Gonchar/SOPA Images/LightRocket via Getty ImagesWayfair is expected to lay off more than 1,000 employees, about 5% of its workforce, in the coming weeks in response to slumping sales, the Wall Street Journal reported on January 19.The cuts mark the second round of layoffs in six months for the online furniture and home goods company, after it nixed 900 staffers in August 2022. Though the company experienced significant growth during the pandemic-driven home improvement boom, sales began to stagnate as social distancing policies loosened and Americans began returning to offices."We were seeing the tailwinds of the pandemic accelerate the adoption of e-commerce shopping, and I personally pushed hard to hire a strong team to support that growth. This year, that growth has not materialized as we had anticipated," Wayfair CEO Niraj Shah wrote in a letter to employees announcing the August 2022 layoffs, per CNN. In its most recent quarter, the Wayfair reported that net revenue decreased by $281 million, down 9% from the same period the year prior.  Microsoft: 10,000 workersMicrosoft CEO Satya NadellaStephen Brashear/Getty ImagesMicrosoft announced on January 18 that it planned to reduce its workforce by 10,000 jobs by the end of the third quarter of this year. CEO Satya Nadella attributed the layoffs to customers cutting back in anticipation of a recession. However, Nadella also told workers that the company still plans to grow in some areas, despite the firings, writing that the company will "continue to hire in key strategic areas." Microsoft's layoff announcement comes as the tech giant is reportedly in talks to invest $10 billion in OpenAI, which created the AI chatbot ChatGPT. On February 13, the company laid off staff at LinkedIn—which it acquired in 2016— according to The Information. The cuts were in the recruiting department, though the total number laid off is not immediately clear, The Information reported.Crypto.com: 20% of staffCrypto.com CEO Kris MarszalekCrypto.comCrypto.com announced on January 13 that it would let go of a fifth of its workforce amid a sagging crypto market and fallout from FTX's collapse. This is the second major round of firings for Crypto.com, which also had layoffs in July. "The reductions we made last July positioned us to weather the macro economic downturn, but it did not account for the recent collapse of FTX, which significantly damaged trust in the industry. It's for this reason, as we continue to focus on prudent financial management, we made the difficult but necessary decision to make additional reductions in order to position the company for long-term success," CEO Kris Marszalek wrote in a memo to employees. BlackRock: up to 3% of global workforceBlackRock CEO Larry FinkSpencer Platt/Getty ImagesBlackRock is cutting up to 500 roles in its first round of firings since 2019. Staff members were notified on January 11 about whether they were laid off. "Taking a targeted and disciplined approach to how we shape our teams, we will adapt our workforce to align even more closely with our strategic priorities and create opportunities for the immense talent inside the firm to develop and prosper," CEO Larry Fink and President Rob Kapito wrote in a memo to employees. Goldman Sachs: an estimated 6.5% of its global workforceGoldman Sachs is laying off an expected 3,200 employees.Photo by Michael M. Santiago/Getty ImagesGoldman Sachs began laying off employees on Jan. 11, with cuts expected to impact an estimated 6.5% of the company's global workforce — or roughly 3,200 staffers — a source told Insider. The company previously slashed roles on its media and tech teams in September 2022, and it was expected to issue further reductions in the first half of January. The cost-cutting efforts from the investment banking giant mirror reductions from competitors including Morgan Stanley and Citi, which also laid off employees in 2022. "We continue to see headwinds on our expense lines, particularly in the near term," Goldman Sachs CEO David Solomon said at a conference in December. "We've set in motion certain expense mitigation plans, but it will take some time to realize the benefits. Ultimately, we will remain nimble and we will size the firm to reflect the opportunity set."   BNY Mellon: 1,500 jobsBNY Mellon CEO Robin VinceBNY MellonBNY Mellon is planning to cut approximately 3% of its workforce, or 1,500 jobs, according to the Wall Street Journal, which cited people familiar with the matter. The cuts will be primarily aimed at talent management roles, according to the report. BNY Mellon will reportedly plan to invest more in junior staff. Verily (part of Alphabet): reportedly 15% of workersAlphabet CEO Sundar PichaiJerod Harris/Getty ImagesVerily, which is Alphabet's healthcare unit, is laying off more than 200 employees, according to an email seen by the Wall Street Journal. The Journal reports that the company will also scale down the number of projects it works on in an effort to cut costs."We are making changes that refine our strategy, prioritize our product portfolio and simplify our operating model," Verily's CEO, Stephen Gillet, wrote in the email, according to the Journal.This is the first significant layoff done by Google's parent company, which had so far avoided the massive waves of job cuts done by other big tech giants like Amazon and Meta. DirecTV: 10% of management staffDirecTV.Karen Bleier/AFP/Getty ImagesDirecTV employees were told in the first week of January that the company would lay off several hundred workers in management roles.The satellite TV business has faced slowing revenues as more people choose to cut the cord and pay for streaming services over cable TV. "The entire pay-TV industry is impacted by the secular decline and the increasing rates to secure and distribute programming. We're adjusting our operations costs to align with these changes and will continue to invest in new entertainment products and service enhancements," a spokesperson for DirecTV told Insider. Coinbase: 950 workersCEO Brian Armstrong cited the downward trend in cryptocurrency prices and the broader economy as reasons for the layoffs.Patrick Fallon/Getty ImagesCoinbase announced on Tuesday, Jan. 10, that would lay off another 20% of its staff. The cuts came after the crypto company laid off over 1,000 employees in July. In a memo to employees, CEO Brian Armstrong said, "in hindsight, we could have cut further at that time," referencing the layoffs in July. Armstrong partially attributed the company's weakness to the "fallout from unscrupulous actors in the industry," likely referencing the alleged fraud that took place at FTX late last year under then-CEO Sam Bankman-Fried. Armstrong predicted "there could still be further contagion" from FTX in the crypto markets but assured remaining employees that Coinbase is well capitalized. Amazon: 18,000 employeesAmazon CEO Andy Jassy initially announced the company's latest round of layoffs in November.AmazonAmazon is in the midst of the most significant round of layoffs in the company's history. In a memo to employees, CEO Andy Jassy said the company would cut more than 18,000 workers in total — far more than what was initially expected based on reporting by the New York Times. Jassy cited "the uncertain economy" and rapid hiring as reasons for the layoffs. While most of Amazon's 1.5 million staff have warehouse jobs, the layoffs are concentrated in Amazon's corporate groups. Amazon's layoffs began late last year, though the Wall Street Journal reports cuts will continue through the first few weeks of 2023.Amazon's 18,000 jobs cuts are the largest of any major tech company amid the wave of recent layoffs.  Salesforce: 10% of its staffSalesforce said in the first month of 2023 that it would enact big job cuts.Noam Galai/Getty ImagesSalesforce co-CEO Marc Benioff announced on Jan. 4 that the software company plans to layoff 10% of its workforce — an estimated 7,000 employees — and close select offices as part of a restructuring and cost-cutting plan. "The environment remains challenging and our customers are taking a more measured approach to their purchasing decisions," Benioff wrote in an email to staff. "With this in mind, we've made the very difficult decision to reduce our workforce by about 10 percent, mostly over the coming weeks."He continued: "As our revenue accelerated through the pandemic, we hired too many people leading into this economic downturn we're now facing, and I take responsibility for that."Everlane: 17% of corporate employeesEverlane founder and executive chair Michael Preysman.Lars Ronbog/Getty Images for Copenhagen Fashion SummitEverlane is slashing 17% of its 175-person corporate workforce, and 3% of its retail staff."We know there will be some bumpiness over the next few weeks as we navigate a lot of change at once. We ask for your patience as we do right by our departing team members," CEO Andrea O'Donnell wrote to employees, according to an internal memo seen by Insider. In a statement to Insider, a company spokesperson said the decision was intended to "improve profitability in 2023 and continue our efforts to help leave the fashion industry cleaner than we found it."The e-commerce clothing company previously laid off nearly 300 workers, mostly in retail in March 2020 amid the outbreak of the Covid-19 pandemic.Vimeo: 11% of its workforceAnjali Sud, CEO of Vimeo, speaks during the company's direct listing on Nasdaq, Tuesday, May 25, 2021, in New York.AP Photo/Mark LennihanVimeo CEO Anjali Sud told employees on Jan. 4 that the company would layoff 11% of its staff, the video platform's second major round of layoffs in less than a year, after cutting 6% of employees in July"This was a very hard decision that impacts each of us deeply," Sud wrote in an email to staff. "It is also the right thing to do to enable Vimeo to be a more focused and successful company, operating with the necessary discipline in an uncertain economic environment."A spokesperson told Insider reduction is intended to assist with ongoing economic concerns and improve the company's balance sheet. Compass: size of layoffs not immediately disclosedCompass is letting go of more employees after two rounds of layoffs in the past eight months.CompassCompass CEO Robert Reffkin told staffers on Jan. 5 it would conduct more layoffs, following two previous rounds in the past eight months, as the brokerage continues to struggle with significant financial losses. "We've been focused over the last year on controlling our costs," Reffkin wrote in an email to employees. "As part of that work, today we reduced the size of some of our employee teams. While decisions like these are always hard, they are prudent and allow us to continue to build a long-term, successful business for all of you."While the size of the layoffs was not immediately disclosed, the brokerage let go of 450 corporate employees in June 2022, followed by an additional 750 people from its technology team in October 2022.   Stitch Fix: 20% of salaried jobsStitch Fix is laying off salaried employees.SOPA ImagesStitch Fix announced on Jan. 5 that it plans to slash 20% of its salaried workforce, the Wall Street Journal reported.The cuts come in tandem with the announcement that CEO Elizabeth Spaulding is stepping down, after less than 18 months at the helm of the struggling retail company."First as president and then as CEO, it has been a privilege to lead in an unprecedented time, and to chart the course for the future with the Stitch Fix team," Spaulding said in a statement. "It is now time for a new leader to help support the next phase."Stitch Fix founder Katrina Lake — who formerly served as chief executive and sits on the board of directors — will become interim CEO, the company said in a press release. Read the original article on Business Insider.....»»

With net zero becoming a global trend, the energy-storage battery industry is expected to enjoy exponential growth in demand in the next several years with global energy-storage battery sales in 2022 already enjoying an on-year surge of 177%, according to DIGITIMES Research's new study of China's battery industry. At the moment, most energy-storage battery suppliers are from China......»»

Here are two stocks that have more than doubled the S&P 500 over the past 20 years that boast proven business models that should thrive for years to come. Both stocks are also trading at prices and valuations that make them potentially attractive long-term buys right now. There are plenty of fantastic large-cap stocks on sale right now that long-term investors might want to start buying in June and beyond.  With the debt-ceiling deal almost done, Wall Street could begin to focus more on the fact that the stellar 2023 performances of Nvidia, Meta, and the other biggest tech companies on the planet have papered over the rather mundane showing from most of the S&P 500. Investors who can stomach the possibility of more near-term downside should start looking around for all the deals out there in the market right now.The best investors don’t need to try to call bottoms on individual stocks. Instead, investors with long-term horizons should search for proven companies trading at rather attractive levels by their own historical standards.Some of the best times to buy established giants are when they are seemingly ice cold. Investors are often bullish to buy stocks at what might soon prove to be the near-term peaks and very nervous to buy strong stocks at levels that will likely look ‘cheap’ years from now.Here are two large-cap stocks that have more than doubled the S&P 500 over the past 20 years that boast proven business models that should thrive for years to come. Both stocks are also trading at prices and valuations that make them potentially attractive long-term buys right now.  NextEra Energy (NEE)NextEra Energy operates one of the largest electric utilities, Florida Power & Light Company, in the U.S., which services over 12 million people. NEE is also one of the biggest producers of wind and solar energy on the planet. NextEra is a battery storage leader as well, and it is exposed to the potential long-term upside of nuclear power. The company combines the huge growth potential of renewable energy and the stability of an electric utility.Image Source: Zacks Investment ResearchNEE boasts a roughly $150 billion market cap and it is the largest holding in the Utilities Select Sector SPDR ETF (XLU). NextEra expanded its contracted renewables and storage backlog in the first quarter to boost its total backlog to roughly 20.4 gigawatts. NEE reaffirmed both its 2023 earnings guidance and its long-term financial outlook, which includes strong bottom-line expansion and dividend growth. NextEra’s dividend currently yields 2.6% and it has raised its payout by an average of 11% annually over the past five years.NextEra’s revenue is projected to grow by 26% in FY23 to $26.48 billion and then climb 8% higher next year to help boost its bottom line by 7% and 9%, respectively, based on Zacks estimates. NEE’s FY24 earnings outlook has risen steadily since early 2022 and it has consistently topped our EPS estimates in recent years. Plus, nine of the 13 brokerage recommendations Zacks has for NEE are “Strong Buys,” with no “Sells.” Image Source: Zacks Investment ResearchNEE stock has climbed by 270% in the past decade and 770% in the last 20 years, with a total return of roughly 1,500% vs. the S&P 500’s 330% run over the last 20 years and 575% total return. This outperformance includes over two years of recent sluggishness, highlighted by some big up and down moves. NextEra currently trades around where it was in September of 2020 and over 20% below its records.The downturn has NEE trading 33% beneath its highs at 22.8X forward 12-month earnings and not too far above its decade-long median. NextEra is flirting with some potentially worrisome technical levels. But it could be poised to break out of its slump at some point and possibly reward investors who are thinking about holding the stock for year and years to come. NextEra currently lands a Zacks Rank #3 (Hold).Home Depot (HD) Home Depot stock has fallen around 30% from its records as Wall Street began to price in slowing demand after the pandemic home building and improvement spending bonanza. The home improvement power posted 20% revenue growth in FY20 and over 14% higher sales in FY21 vs. an average of around 6% top-line growth during the five prior years. Meanwhile, its adjusted earnings surged by around 17% and 29%, respectively.Image Source: Zacks Investment ResearchHome Depot was never going to be able to keep up that scorching pace as the economy returned closer to normal. Yet sales still popped 4% in 2022 to help boost by adjusted earnings by 7%. Home Depot then provided somewhat disappointing fiscal 2023 guidance when it reported its Q1 results on May 16.In fact, HD warned that its annual sales would fall for the first time since 2009. Zacks estimates call for Home Depot’s revenue to slip by 3.5% from $157 billion to around $152 billion and then pop 2% to $155 billion in FY24. Meanwhile, its adjusted earnings are projected to slip by 10% in 2023 and then bounce back to the tune of a 7% gain next year.Home Depot’s longer-term outlook remains intact since Millennials are now driving the housing market and Baby Boomers are finally retiring and moving. Plus, home builders didn’t overbuild during the covid boom, which means there is plenty of upside. And the average home in the U.S. is growing older, likely leading to more repairs and remodels.Image Source: Zacks Investment ResearchHome Depot lands a Zacks Rank #3 (Hold) right now and its earnings outlook for FY24 is only down by around 5% since its Q1 report. Fourteen of the 24 brokerage recommendations Zacks has for HD are “Strong Buys,” with no sell ratings. And its Building Products – Retail space lands in the top 7% of over 250 Zacks industries. Home Depot’s dividend yields 2.9% at the moment and it has raised its payout by 15% on an annualized basis over the past five years.HD shares have climbed around 266% in the last decade and 1,100% in the past 15 years to blow away the S&P 500’s 240% 15-year move and its Zacks Econ Sector’s 300%. Home Depot is currently neck-and-neck with the benchmark in the trailing five years, with it down 8% in the past two. HD stock is trading around where it was in the summer of 2020. Home Depot is also trading at an 8% discount to its own 10-year median at 18.5X forward 12-month earnings.(Disclosure: Ben Rains owns NEE in the Zacks Alternative Energy Innovators service)  Zacks Names "Single Best Pick to Double" From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all. It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time. This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.Free: See Our Top Stock and 4 Runners Up >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report NextEra Energy, Inc. (NEE): Free Stock Analysis Report The Home Depot, Inc. (HD): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment Research.....»»

Stockman Slams Speaker McCarthy's 'Rotten Deal' Submitted by David Stockman via Contra Corner blog, If there was ever any doubt, now we know: Speaker Kevin McCarthy has straw for brains and a Twizzlers stick for a backbone. He was within perhaps five days of breaking the iron grip of America’s fiscal doomsday machine, yet inexplicably he turned tail and threw in the towel for a mess of fiscal pottage. We are referring, of course, to the impending moment when the US Treasury would have been forced to forgo scheduled vendor or beneficiary distributions in order to preserve incoming cash for interest payments and other priorities. That act of spending deferrals and prioritization would have obliterated the debt “default” canard once and for all, paving the way for a nascent fiscal opposition to regain control of the nation’s wretched public finances. And there should be no doubt that we were damn close to that crystalizing moment. After all, Grandma Yellen herself forewarned just last week on Meet The Press that absent a debt ceiling increase, the Treasury Department would have to prioritize payments and leave some bills unpaid: “And my assumption is that if the debt ceiling isn’t raised, there will be hard choices to make about what bills go unpaid,” Yellen said on NBC’s “Meet the Press…….“We have to pay interest and principle on outstanding debt. We also have obligations to seniors who count on Social Security, our military that expects pay, contractors who’ve provided services to the federal government, and some bills have to go unpaid….” And, of course, that prioritization and deferral could have been easily done. Federal receipts are now running about $450 billion per month, meaning that after paying $61 billion of interest, $128 billion for Social Security, $26 billion for Veterans and $47 billion for military pay and O&M there would still be $188 billion left to cover at least 50% of everything else. That is to say, no sweat with respect to servicing the public debt, and a lot of sweat among the constituencies that would have had payments delayed or reduced. So, yes, the GOP has truly earned the Stupid Party sobriquet. No ifs, ands or buts about it. Instead of spending days negotiating over the minutia of budgetary scams, tricks and slights-of-hand, which is the entirety of the McCarthy deal, they should have been demanding from the Treasury a detailed list of scheduled payments by day for the first few weeks in June. And then, in return for continued negotiations on meaningful spending cuts and reforms, demanded assurance from the White House that enough of these due bills would be temporarily stuck in the drawer (deferred), if necessary, to ensure payment of scheduled interest, Social Security, military pay and Veterans pensions. That is to say, McCarthy had Sleepy Joe over the proverbial barrel. But instead of applying the wood to his political backside good and hard, the Speaker chose to hold Biden’s coat and help him get back up, praising the latter’s supercilious retainers as he did so. For crying out loud. Upwards of 96% of Uncle Sam’s cash balance had been dissipated over the past year, guaranteeing that expected June collections of well more than $500 billion would not be enough to cover 100% of the scheduled due bills. Accordingly, just a couple of days of missed payments on selective items would have turned the Washington fiscal equation upside down. The bogeyman of “debt default” would have been completely annihilated. And the legions of interest groups, businesses and individuals who suckle on the Federal teat month-inand-month-out would have screamed to high heaven for relief, which McCarthy would have been positioned to provide to them…..at a price! Needless to say, the “price” in question has nothing to do with the risible budgetary trivia that passes for the Speaker’s compromise deal. For instance, does the GOP think voters are actually stupid enough to buy the rescission of $28 billion of left-over Covid budget authority, which probably wouldn’t have been spent anyway, when these “saved” funds are to be recycled into FY 2024 appropriations but not counted against the ceiling? That’s Swamp Creature math, and arrogance, too, like never before. Even Goldman Sachs says that the budgetary impact of the deal amounts to a pure rounding error in the scheme of things: The spending deal looks likely to reduce spending by 0.1-0.2% of GDP yoy in 2024 and 2025, compared with a baseline in which funding grows with inflation. Here’s the point. CBO’s most recent projection shows new deficits of $20.3 trillion over the 10-year budget window—and that’s based on Rosy Scenario economics with no recession, inflation gone away and only gently rising interest rates. Throw-in even a modest dose of realism about the economics and back-out the huge tax increases and spending cuts built into the out-year baseline, which will never be permitted to actually materialize, and you have a de facto public debt of $55 trillion by the early 2030s or more than 200% of the current GDP. What that amounts to is a long-term structural fiscal equation which is a guaranteed route to financial and political disaster. Thus, CBO’s end year numbers (FY 2033) show current policy receipts at 18.1% of GDP and spending at 25.3% of GDP. Folks, you can’t borrow 7.3% of GDP every year from now until eternity and get away with it; and most especially not when American society is plunging into a 100 million strong baby boom retirement wave—accompanied by a shrinking work force and tax base owing to collapsing birth rates and Washington’s idiotic migrant worker internment camps at the southern border. Stated differently, fiscal governance in Washington is totally kaput. They never pass an annual budget resolution and enforcement plan, which was taken as a sacred duty back in the day; and there are never even annual appropriations bills for the mere 25% of the budget still subject to the Congressional “power of the purse”. Instead, what occurs is a perennial string of short-term Continuing Resolutions (CRs) followed by an 11th hour, 3000 page pork-ridden “Omnibus Appropriations” bill that no one has read and which gives log-rolling (i.e. more domestic for more defense) a new definition. In short, the debt ceiling was the only fiscal control mechanism left. And even that has been neutered time after time in the last decade by the hideous, flat-out lie that if the Treasury on any given day is one dollar short of being able to cover all of its due bills it must default on each and every one of them including interest payments, thereby destroying the credit of the United States. Yada, yada. Finally, that lie was being put to the test and would have been eviscerated sometime next week. Yet after a lifetime on the public teat, Kevin McCarthy like his two GOP predecessors surrendered to the Doomsday Machine because he works for the GOP wing of the Swamp, not the voters, current and future. And he did so while expectorating the most risible of lies: Republicans are changing the culture and trajectory of Washington—and we’re just getting started. Not close. Not in the ballpark or even the catcher’s box behind home plate. The deal does absolutely nothing to change the current “trajectory” toward fiscal disaster because it reduces nary a dime of built-in spending for defense, entitlements/mandatories, veterans and net interest, while those items account for 89% of the $80 trillion of built-in spending over the next decade. Current 10-Year CBO Baseline for FY 2024-2033: Revenues: $60 trillion; Spending: $80 trillion ; New Debt: $20 trillion; Mandatory Spending & Net Interest: $59 trillion; Discretionary Spending for Defense & Veterans: $12 trillion; Total Spending Exempted From Cuts in McCarthy Deal: $71 trillion; % of Baseline Spending Exempted From Cuts: 89% For avoidance of doubt, just consider the recent trajectory of defense spending, and the uncut CBO defense baseline for the next decade. That is, the GOP is so enthrall to its warmongering neocon majority that it can’t even talk about spending control with a straight face, as underscored by national defense spending levels since Obama left office. The schedule below computes to a 52% expansion in just seven years, with Biden getting his full request for FY 2024 under the McCarthy deal. As it happens, the subsequent FY 2024-2033 spending total for national defense according to the CBO projection is now $10 trillion. The deal does not reduce that by one red cent, either. In this context it might be noted that FY 2024 defense outlays rise by 11.5% versus the 3.3% gain in defense budget authority advertised for the deal. Of course, that’s because the budgetary tricksters on Capitol Hill never stop their con job. In fact, the uniparty raised defense budget authority by a whopping $76 billion or 9.7% in FY 2023, which base was incorporated into the more modest gain for FY 2024. But, alas, the cash outlays (which lag) from the FY 2023 appropriations eruption will happen notwithstanding the deal’s budget authority cap for FY 2024. Back on the farm, that was called closing the barn door after the horses already left. OMB Record of National Defense Outlays, FY 2017 to FY 2023 and McCarthy Deal Amount for FY 2024: FY 2017: $599 billion; FY 2018: $631 billion; FY 2019: $686 billion; FY 2020: $725 billion; FY 2021: $754 billion; FY 2022: $766 billion; FY 2023: $815 billion; FY 2024P: $909 billion. With respect to the heart of the budget—entitlements and mandatories—the deal is about as pathetic as could be imagined. The CBO base line total for the 10-year window is $48.3 trillion and we doubt whether the deal would even save $10 billion. That’s 0.02% if anyone is computing. Actually, as it turns out, CBO is counting. And it concludes that the new exemptions from the food stamps work requirement for veterans, homeless people and young people leaving foster care will cost more than the savings from raising the age cut off for everyone else. That is to say, the GOP negotiators started with -$130 billion of CBO certified savings in the House based bill and ended up with a +$2 billion increase over 10-years! And McCarthy says he’s bending the trajectory? Bending over, bar of soap at the ready, is more like it. Alas, the liberals are no better. They are whining to high heaven about this sensible increase in the working age to 54 years, yet this change would only impact 700,000 able bodied adults, who constitute just 1.7% of current food stamp enrollments. Indeed, here is a list of the major entitlement programs which are left unscathed by the McCarthy deal. They account for 98% of the CBO baseline for mandatories/entitlements over the FY 2024- 2033: 10-Year Baseline Spending That The McCarthy Deal Leaves Unscathed: Social Security: $18.8 trillion; Medicare: $14.8 trillion; Medicaid, Obamacare and Child Health: $8.0 trillion; Veterans Disability and Comp: $3.0 trillion; Earned Income Tax Credit and Child Credit: $0.9 trillion; Aid to Aged, Blind and Disabled: $0.7 trillion; • Military retirement: $0.9 trillion; Total Mandatories Unscathed: $47.1 trillion; % of CBO Mandatories Baseline: 98%; As it turns out, the only cuts in the entire entitlement universe contained in the McCarthy deal pertain to the aforementioned foods stamps and family assistance programs, where baseline spending totals about $1.5 trillion over the decade. So our estimated $10 billion cut, which is owing to raising the work requirement for adults without dependents from age 49 to age 54 and excludes the expanded exemptions, amounts to a minuscule 0.7% of the baseline. Moreover, the resulting hall pass for the remaining $48.29 trillion of built-in mandatory spending was not issued owing to the intransigence of the White House negotiators. Fully 97.3% of the CBO baseline amount for mandatory/entitlement spending was given a no cuts exemption by the GOP caucus, even before they brought their phony “Limit, Save, Grow Act” to the floor last month. That’s right. The CBO baseline for what amounts to the heart of the Fiscal Doomsday Machine is projected to grow from $3.98 trillion in FY 2023 to $6.14 trillion in FY 2033. And yet the only savings the GOP chose to even table was $130 billion of work requirement savings from Medicaid, foods stamps and family assistance. And when you count the expanded work exemptions, fully 102% of those meager savings were left on the cutting room floor of the White House negotiations. Then again, an even more complete capitulation occurred on the two items in the original House GOP bill that actually saved a meaningful amount of money. For instance, the GOP cancellation of Biden’s student debt forgiveness plan would have saved $320 billion according to CBO, which savings evaporated to $0.0 billion under the McCarthy deal. Likewise, there could be no greater blow for free market efficiency and fiscal sanity than the House GOP’s original provision to cancel the ridiculously generous tax credits for overwhelmingly inefficient solar, windmill and electrification investments. These measures designed to save the planet from the phony Climate Crisis were originally guesstimated to cost $270 billion over 10-years when Biden’s so-called Inflation Reduction Act was passed last year. But in response to the House-passed debt ceiling plan in late April, Congress’ official tax scorekeeper, the Joint Committee on Taxation (JCT), updated its estimates, pegging the costs at $570 billion from 2023 to 2033, or roughly double its original estimate. And that’s nothing compared to a new estimate from researchers at the Brookings Institution, which puts the revenue loss at more than $1 trillion over the coming decade. So. Pray tell what did McCarthy’s pitiful negotiators do in response to the good news that the House-approved plan would shrink the deficit by up to $1 trillion over a decade? Why, they effectively said, “just kidding!” We will keep bashing these senseless give-aways out on the political hustings, but all the green energy interest groups can keep sending their bribe money to the Dems because these huge tax subsidies will remain in place. As we said, the Stupid Party is driving toward a cliff with its eyes-wide shut. We truly cannot believe that a majority of the GOP House caucus is bone-headed enough to fall for the McCarthy deal. But if they do the GOP will have forfeited the last chance to stop the nation’s rush toward fiscal armageddon. Indeed, if the plan is approved the debt ceiling will take its place along side of budget resolutions and annual appropriations bills in the dead letter office of fiscal governance. The only thing the “compromise” pretends to cut is domestic discretionary appropriations excluding veterans health care and when all the gimmicks are peeled away, the IRS, too. The GOP claims they froze FY 2024 nondefense appropriations below the FY 2023 level, but the so-called freeze is actually loophole-ridden in the fine print and is not binding after FY 2025. And, not surprisingly, these unenforceable “targets” for the out-years (FY 2026-2033) account for 90% of the purported “savings”. Holy moly. At least the 2011 debt ceiling deal had a 10-year enforcement mechanism based on automatic sequestration. As it happened they loop-holed their way around these caps with “emergency” spending and other exempt gimmicks, and even then the result was a blithering joke. In return for the debt ceiling increase, appropriated defense and nondefense spending was to be limited to $8.45 trillion over the next 10-years.The actual level, as it turned out, was $10.60 trillion. That is to say, these fakers missed their targets by $2.15 trillion or 25% over the period! As it also turned out, once the GOP got back into the White House and took partial control of Congress, nondefense discretionary spending literally went into orbit. Here is the path from Obama’s FY 2017 outgoing budget to FY 2023. That’s up by 53%, and now these cats have the gall to call it a freeze! Non-defense Discretionary Outlays: FY 2017: $610 billion; FY 2018: $639 billion; FY 2019: $661 billion; FY 2020 $914 billion; FY 2021 $895 billion; FY 2022: $912 billion; FY 2023: $936 billion; 6-Year Increase: +53% And yet, and yet. The GOP clowns in the US House now want to count enforcement-free savings from eight years of outyear “targets” that no one in Washington—-and we mean no one—intends to observe. As we said, the “compromise deal” is a hideous joke, and Kevin McCarthy truly does have sawdust for brains and a Twizzlers stick for a backbone. There is no other way to interpret the facts. In fact, just five months into his Speakership, McCarthy has already earned his place on the Wall of Shame right along side of Speaker John Boehner and Speaker Paul Ryan. Tyler Durden Thu, 06/01/2023 - 07:20.....»»

The five companies — Alphabet, Amazon, Apple, Microsoft, and Nvidia — have gained nearly $3 trillion in market value this year. New York Stock Exchange traders.Spencer Platt/Getty Images The S&P 500 index is on a tear, rising nearly 10% this year. But most of the gains are from a quintet of stocks that have surged massively this year. Alphabet, Amazon, Apple, Microsoft, and Nvidia are big winners this year. The S&P 500 index is on a tear, rising nearly 10% so far this year — in stark contrast to a 13% decline over the same period last year.But gains in the benchmark index — which tracks a broad range of sectors such as banks, manufacturing, tech, and retail — are thanks to massive upswings from just five companies: Apple, Microsoft, Alphabet, Amazon, and Nvidia, all of which have posted outsized gains in market cap this year so far.The companies are part of the elusive club of firms touching $1 trillion in market valuation, with Nvidia becoming the latest company to briefly hit the milestone before giving up some gains.Collectively, the five companies have raised their market cap by about $2.9 trillion in 2023 — contributing 96% of the almost $3 trillion gains in the S&P 500's market value this year, Fortune reported on Wednesday.This means the rest of the 495 companies in the S&P 500 contributed to just 4%, or $110 billion in the index's gain, per Fortune.The outsized gains of the five companies have also put the benchmark index under scrutiny for concentration risk, as Insider's Zahra Tayeb reported on Sunday. "Today's US price action is another reminder that this year's favorable equity market performance is still about a handful of tech stocks. Not only is the Nasdaq outperforming again but, also, the S&P 500 would be in negative territory were it not for #Nvidia," Mohamed El-Erian, a top economist and Allianz advisor said in a tweet last Thursday when the S&P500 settled nearly 1% higher.The S&P 500 Index closed flat at 4,205.52 on Tuesday.Read further to know the five bigwigs' market capitalization — or marcap — gains this year, in descending order:1. Apple: $718 billion in marcap gainsThe world's largest company by market cap, Apple shares ended 2022 at $129.93 apiece. They are now 36% higher at $177.30 apiece.This takes Apple's market value to $2.8 trillion as of Tuesday from $2.07 trillion at the end of 2022. Apple has so far avoided mass layoffs, unlike its high-profile Big Tech peers. The company even managed to post solid fiscal second-quarter earnings that beat market expectations, with strong iPhone sales supporting revenues.CEO Tim Cook told CNBC on May 4 that Apple doesn't plan to conduct mass layoffs. However, the tech giant is cutting costs and has slowed hiring, Cook added to the network."I view that as a last resort and, so, mass layoffs is not something that we're talking about at this moment," Cook told CNBC's Steve Kovach.2. Microsoft: $672 billion in marcap gainsMicrosoft shares ended 2022 at $239.82 apiece and are now 38% higher at $331.21 piece, taking the company's market cap to nearly $2.5 trillion now. The tech giant's shares were boosted by posting fiscal third-quarter earnings that beat Wall Street estimates. In particular, AI boosted sales at its cloud computing businesses over the period, the company disclosed.Microsoft has an ongoing partnership with OpenAI and in February launched a new version of its search engine Bing that's powered by an AI tool it says is "more powerful than ChatGPT."However, Microsoft wasn't immune to the tech slowdown that hit the tech industry in 2022. In January, it announced 10,000 job cuts by the end of the third quarter as customers cut back on spending amid economic uncertainty.3. Nvidia: $628 billion in marcap gainsNvidia — the stock market darling of the moment — closed out 2022 with its share at $146.14 apiece. They are now at $401.11 — representing stunning gains of nearly 175% this year so far. On Tuesday, the chipmaker's market cap briefly hit the coveted $1 trillion mark for the first time. But the market capitalization is just shy of $1 trillion now.Nvidia's recent rally came thanks to the rise in the California-based chipmaker's share price following the company's blockbuster first-quarter results from the generative artificial intelligence boom.Particularly, shares of the company rose 25% last Thursday.The gains in Nvidia's shares have boosted the fortune of cofounder and CEO Jensen Huang by 160% this year so far, according to the Bloomberg Billionaires Index. Huang is now worth $36 billion, making him the 34th richest person in the world.4. Alphabet: $426 billion in marcap gainsGoogle parent Alphabet's share price closed out 2022 at $88.23 apiece and is now 40% higher at $123.67 apiece, taking its market cap to $1.58 trillion. Alphabet reported better-than-expected first-quarter results in April, with its cloud unit turning in a profit for the first time, per Bloomberg.This was after the tech giant managed to turn in solid earnings after slashing 6% of its workforce in January.CEO Sundar Pichai said in a memo to employees announcing the job cuts that he took "full responsibility for the decisions that led us here.""Over the past two years we've seen periods of dramatic growth," Pichai wrote in the email. "To match and fuel that growth, we hired for a different economic reality than the one we face today."5. Amazon: $391 billion in marcap gainsThe e-commerce giant closed out 2022 at $84 apiece, but its share price is now trading at 45% higher at about $122 apiece.This takes Amazon's market cap to $1.25 trillion — up from $857 billion at the end of 2022. Amazon's share surge comes on the back of first-quarter profit that beat Wall Street estates, with operating income coming in at $4.8 billion as compared to the $3 billion analysts polled by Bloomberg were expecting.The tech giant's gain also came with a lot of pain for its employees. Just this year alone, Amazon conducted two rounds of layoffs impacting 27,000 roles collectively. This was  after cutting 10,000 employees in 2022.CEO Andy Jassy attributed the "uncertain economy" and rapid hiring in a January memo announcing its largest round of job cuts ever.Read the original article on Business Insider.....»»

Marvell Technology Inc (NASDAQ:MRVL) shares surged as much as 16% on Friday after the chipmaker offered positive commentary and said ... Read more Marvell Technology Inc (NASDAQ:MRVL) shares surged as much as 16% on Friday after the chipmaker offered positive commentary and said it expects its AI-related revenue will at least double this year. Moreover, the company’s first-quarter results showed that non-AI areas are finally seeing some improvements, although elevated inventory levels are still bothering the chipmaker. How Did Marvell Perform in Q1? For the first quarter, Marvell posted an adjusted profit of $0.31 per share, slightly ahead of the Street at $0.29. Revenue fell 9% to $1.32 billion, however, still better than the analyst expectations for a 10% decline to $1.3 billion. For this quarter, Marvell’s revenue outlook implies sales of $1.33 billion at the midpoint, beating the consensus of $1.31 billion. The adjusted earnings per share is seen at $0.32, at the midpoint, just ahead of the Street at $0.30. “We are expecting revenue growth to accelerate in the second half of this fiscal year, accompanied by gross and operating margin expansion,” said Matt Murphy, Marvell’s President and CEO. The data center revenue was $436 million in Q1, down 32% and 12% on a year-over-year and quarter-over-quarter basis, respectively. Still, the reported number came in higher than Marvell’s forecast. “We saw stronger demand for our optical data center interconnect products from expanding AI deployments,” said CEO Murphy. The storage business has continued to sharply decline, but Marvell said it now expects to see sequential growth in Q2. The chipmaker expects its non-GAAP gross margin will come in the range of 60-61%, ahead of the 60% reported for the first quarter. Investors were braced for weaker Q2 guidance given the softness in Carrier, Enterprise, and Storage business units. However, the better-than-feared guidance is likely to calm investor concerns. Moreover, the company’s management signaled that the bottom is likely in as far as revenue decline is concerned and it expects the second half of the year to be much better, despite still-present weakness in Carrier and Enterprise segments. Still, Marvell executives added that “few markets remain choppy,” while Wired and Enterprise revenue is expected to be down due to “macroeconomic uncertainty and inventory corrections.” AI Dominates the Earnings Call While Marvell’s Q1 results were better than what Street was projecting, it was the AI comments that stoked the flames. Shares surged after the company said in the press release that it expects its AI revenue to “at least double from the prior year and continue to grow rapidly in the coming years.” “AI has emerged as a key growth driver for Marvell, which we are enabling with our leading network connectivity products and emerging cloud optimized silicon platform,” Murphy said while adding that Marvell is still in the early stages of the AI ramp. This was enough for institutional investors to rush and buy Marvell shares in after-market hours as the chipmaker likely belongs in the AI basket, which is completely dominated by Nvidia (NASDAQ:NVDA). On the earnings call, AI was the dominant discussion topic and was mentioned nearly 100 times. Marvell’s AI business was worth around $200 million last year and is now expected to double this year and next. CEO Murphy started discussing the AI opportunity even before he got to results for each business segment. The Chief Executive pointed to a “significant increase in demand for our 400ZR solution” as enterprises shift their capex priorities. “In the past, we considered AI to be one of many applications within cloud, but its importance and therefore the opportunity has increased dramatically. Generative AI is rapidly driving new applications and changing the investment priorities for our cloud customers. Today’s AI workloads require truly massive data sets,” Murphy said. Stunningly, Murphy said that the AI technology refresh rate is happening at 18-24 months, which compares to the 4+ years in standard infrastructure. Nvidia blew away investor expectations yesterday after saying it expects Q2 revenue to come in at $11 billion, up or down 2%. As analysts were looking for “just” $7.13 billion, the Q2 guidance prompted a race among Wall Street brokers to boost Nvidia estimates and price target numbers. Financial news outlet The Tokenist referred to the AI boom as Nvidia’s ‘iPhone moment’. Rosenblatt analysts set a new Street-high price target ($600 per share) for Nvidia stock. “Nvidia’s epic print and guide on the massive inflection of global generative AI is historical on so many levels and consistent with a needed view that there is a secular change in semiconductor growth ahead. We call this the Mother of All Cycles or MOAC,” analysts wrote. Marvell shares rose 7.6% yesterday on the back of Nvidia’s massive Q2 forecast upside. Nvidia shares closed 24.4% on Thursday after coming close to becoming the first chipmaker with a $1 trillion market cap. Summary Marvell shares surged on Friday after the chipmaker delivered better-than-expected Q1 results and offered a solid forecast for the second quarter despite ongoing macroeconomic headwinds. The stock leaped sharply higher following management comments that AI revenues should double this year and next given a “significant” increase in demand. Shane Neagle is the EIC of The Tokenist. Check out The Tokenist’s free newsletter, Five Minute Finance, for weekly analysis of the biggest trends in finance and technology......»»

“They’re ticking time bombs waiting to explode.” I recently ran into a guy I hadn’t seen in 20 years. He’s ... Read more “They’re ticking time bombs waiting to explode.” I recently ran into a guy I hadn’t seen in 20 years. He’s a car salesman. I asked his opinion on electric vehicles. “I wouldn’t touch them with a bargepole. You see the videos of EVs turning into giant fire balls online? They’re ticking time bombs waiting to explode. And anyway, all that climate change stuff… it’s a hoax.” So… not a fan. Here’s the truth: Whether he agrees or not: EVs will be one of the defining disruptions of the next decade. But the best way to make money from this disruption isn’t buying Tesla (NASDAQ:TSLA)… or other automakers going green. Today, I’ll share my top “backdoor” stock to profit from the coming EV boom. Global EV Sales Tell me this isn’t one of the prettiest charts in the world… A record 10.5 million new EVs hit the roads last year. That’s a 4X surge since 2019: This reminds me of iPhone sales a decade ago. Shipments surged 15X between 2007 and 2009. That was incredible growth. Yet, look back today, and you have to squint to see increasing sales figures: Since 2020, EV sales as a percentage of the total auto market have more than tripled to 14%. In fact, car lovers spent a record $425 billion “going electric” last year. The Secret Behind The Clean-Car Revolution Here’s the dirty little secret behind the clean-car revolution… Folks cruising around in EVs think they’re saving our kids from asthma-filled lungs. They imagine a green utopia, where towering trees sway in the gentle breeze, providing shade to lush plants. Let me shatter their dreams for a moment… Remember best-selling artist Moby? Everything Is Wrong was his breakthrough album. I remember there was a list of facts inside the album’s booklet. One that always stuck with me was: 80% of USDA chicken inspectors no longer eat chicken. Want to know how the (EV) sausage is really made? Unlike regular gas guzzlers, when you pop the hood on an electric car, you won’t find an engine. Electric cars run on batteries like the one in your smartphone… just 10,000X more powerful. A humongous amount of “stuff” is needed to power these batteries. For example, there are 180 lbs. of copper and 140 lbs. of lithium under the hood of a Tesla Model S. These materials don’t grow on trees. You can’t make them in sterilized test tubes. You have to pull them out of the ground. And that requires giant, rusty excavators… larger-than-life trucks… and lots of dirty, filthy mining. This is the grimy underbelly of the green revolution you don’t see on TV. Mining Companies Are Racking It In Houston, we’re going to need a lot more “stuff.” The transition from regular gas guzzlers to EVs doesn’t just require a little more copper and lithium. Tesla, Ford (NYSE:F), and others are tearing the hinges off the door to get their hands on these materials. The amount of money automakers spent on lithium surged 12X to $35 billion in the past two years alone. And we ain’t seen nothing yet. Humans mined a combined 700 million tons of copper over the past 5,000 years. Bloomberg estimates we’ll need to mine the same amount over the next 20 years to meet our current climate goals using wind, solar, and EVs! Surging EV sales are impressive. But the real boom is in the raw materials powering our sleek, new battery-powered cars. Automakers are spending the money. Mining companies are the ones raking it in. The revenues of the top 40 mining companies shot up 30% over the past two years, while profits more than doubled. Opportunity In Copper The greatest investor alive knows how to profit from this hidden boom. Stan Druckenmiller is a reclusive billionaire who rarely gives interviews. But his track record is astonishing… “Druck” strung together 30 straight profitable years from 1980 to 2010. During that time, he earned returns of 30% per year. If you took $10,000 and compounded it at 30% per year for 30 years… you’d amass a $26.2 million fortune. In a rare interview, Druck was asked what he’s investing in today… “Copper is in the tightest position, frankly, I’ve ever studied. Given the move toward EVs… it’s hard to believe copper won’t be a huge beneficiary.” Copper is a special metal that’s excellent at letting electricity flow through it. It powers everything from toasters to air conditioners to computer chips. In fact, there are 400 lbs. of copper in the average US home. There are 180 lbs. of copper in a Tesla Model S. Copper’s used in the wires and cables that carry the electricity from the battery to the motor. Battery-powered cars need almost 3X as much copper as a regular gas guzzler. Surging EV sales are expected to double the demand for the “red metal” over the next decade, according to S&P Global. There’s a huge squeeze setting up in the copper market over the next few years, which should push prices much higher. We’ll need more copper than ever before. But it takes 10 years to get a new copper mine up and running. And almost none are being built. Consulting giant McKinsey estimates there will be a shortfall of six million metric tons of copper per year by 2030. Freeport-McMoRan Here’s my top “backdoor” stock to profit from the squeeze. Construction firms are the largest buyers of copper. When China was booming in the 2000s—building ghost cities, wiring and plumbing millions of apartments—copper prices jumped 800% over the decade. “EVs” are the new “China.” A disruptive force that will send copper demand through the roof. Our research suggests copper prices could repeat their 800% surge over the coming decade… and that’s being conversative. Last year alone, lithium prices more than doubled on the back of record EV sales… Which is why I recommend buying Freeport-McMoRan (NYSE:FCX). Freeport is one of the world’s largest copper producers. It also operates the world’s largest gold mine, the Grasberg mine in Indonesia. Freeport could easily triple in the coming years as copper demand surges higher. Article by Stephen McBride – Chief Analyst, RiskHedge To get more ideas like this sent straight to your inbox every Monday, Wednesday, and Friday, make sure to sign up for The RiskHedge Report, a free investment letter focused on profiting from disruption. Expect smart insights and analysis on the latest breakthrough technologies, the big stories the mainstream media isn’t reporting on, and much more… including actionable recommendations. Click here to sign up......»»

How To Face Risk In An Uncertain World Authored by MN Gordon via EconomicPrism.com, Managing risk.  Mitigating uncertainty.  Is attempting to crack this unsolvable puzzle all just a waste of time and energy? The Popocatépetl volcano erupted last week.  It was an impressive sight.  Smoke and ash, in addition to 1,500-foot-high lava fountains, spewed from the volcano’s conical, crater top. El Popo, as the locals call it, is about 45 miles southeast of Mexico City.  Roughly 25 million people live within a 60-mile radius. The eruption prompted the Mexican government to raise the warning level to “yellow phase three.”  This means residents should be prepared to evacuate. With a little luck, the volcanic activity will subside – for now.  In reality, there’s no good way to evacuate 25 million people from a single area. For example, when panicked residents attempted to flee Los Angeles during the 1992 riots the highways quickly grinded to a halt.  Enterprising vendors traversed the immobile onramps on foot, selling bottled water and canned soda pop at a hefty premium. Thirsty evacuees had little choice.  They were trapped.  They had to pay up.  There was no way out of the LA Basin. About 15 years ago we rode a bus from Mexico City to the municipality of Amecameca to visit our wife’s aunt and uncle.  Amecameca is about 15-miles from El Popo.  The views are extraordinary. The volcano’s peak is about 17,800 feet above sea level.  By comparison, the highest peak in the contiguous U.S. is Mount Whitney, in the Sierra Nevada Mountains, which is about 14,500 feet.  The highest peak in the Smoky Mountains, Clingmans Dome, stands at a humble 6,643 feet. El Popo is, in a word, colossal. Acceptance The name Popocatépetl comes from two Nahuatl Aztec words.  They generally translate to ‘smoking mountain.’ From a third story rooftop patio, many years ago, we gazed at the towering steep slopes and ultimate summit.  We pondered what seemed a likely and looming catastrophe. Yet Tío Miguel showed little concern of the potential for fiery lava to rain down from the sky.  Like residents of Portland, Oregon, with Mount Saint Helens in the distance, El Popo is warmly admired for the unique topographic relief it offers. Perhaps it’s better to accept the dangers of life when there’s nothing you can do to prevent them – if and when they happen.  In the case of El Popo, you could always move away.  However, you would soon discover a different host of dangers. Then what?  Do you move again…and encounter some other uncertain danger? Still, there are times when it’s wise to take a clue from the gods and get out of Dodge. On the morning of August 24, 79 AD, residents of Pompeii, a Roman trading town, woke up with hardly a worry in the world.  Why wouldn’t they? Pompeii had experienced nearly 700 years of uninterrupted advancement.  Residents lived in large homes with elegant courtyard gardens and all the modern conveniences. Rooms were heated by hot air flowing through cavity walls and spaces under the floors.  Running water was provided to the city from a great reservoir and conveyed through underground pipelines to houses and public buildings. Fresh fish from the Bay of Naples were readily available in the Macellum (food market) and countless cauponae (small restaurants).  Entertainment was on hand at the large amphitheatre. Life was agreeable, pleasant, and idyllic for all – and it was only getting better. Against the Gods Yet, just when things couldn’t have seemed more certain for Pompeii, Mount Vesuvius blew.  A cloud of gas and ash spewed down, instantly killing its inhabitants and burying the city under 60 feet of ash and pumice. Nineteen hours later, where there had been life and a thriving civilization, there was silence for the next 1,669 years. “You could hear women lamenting, children crying, men shouting,” was the account by Pliny the Younger, 61 AD – 112 AD.   “There were some so afraid of death that they prayed for death.  Many raised their hands to the gods, and even more believed that there were no gods any longer and that this was one unending night for the world.” Hindsight is always 20/20.  In the case of Pompeii, the warning signs were evident to those who bothered to heed them. Seventeen years before Mount Vesuvius erupted there was a massive earthquake that damaged many of the structures within the city.  Then, leading up to 79 AD, frequent, but smaller quakes occurred.  Soon no one seemed to pay them any concern. In the end, the gods had their say.  One day after the Vulcanalia – the festival of the Roman god of fire – Mount Vesuvius erupted. Today in America, as in most developed economies, another Vesuvius of sorts is releasing warning ash into the atmosphere.  But most of its caution goes unheeded. Investors, with both eyes firmly fixed on interest rates and the major stock market indexes, are blinded by the politics of the moment.  Partisan squabbles over a ridiculous statutory debt limit. At the same time, all the cool and hip investors are keen for a debt limit deal so they can get on with bidding up another bubble in technology stocks – filled with the hot air of AI. Are they missing something? How to Face Risk in an Uncertain World From our perspective, the debt limit and a burgeoning AI boom are mere distractions.  Decades of bad decisions have stacked up in ways that make a pain-free reckoning impossible. With a little study and contemplation one can see the facets leading to a mega economic collapse, financial crash, and complete societal breakdown coming into alignment. Many American cities are already unlivable hellholes.  Homeless drug addicts are ubiquitous, flapping their arms and flailing about on the asphalt.  Youth flash mobs load up on five finger discounts with little consequences. What chaos will there be when prices double and the unemployment rate tops 15 percent? Still, what can you really do about it? You can tie yourself into knots trying to manage your risk.  You can buy put options.  Regardless, there’s always uncertainty you cannot account for.  So, why not keep things simple? Perhaps an equal mix of gold, cash, shares of good businesses, and property will do the trick.  Maybe, for kicks, set aside a few bucks to speculate on the elegant mirage of AI. Then, with some spiritual guidance, you can get on with enjoying the good things in life. Ultimately, you never know how it will all turn out.  Sometimes winning is losing and losing is winning. Consider Thomas Douglas Allsup.  He passed away on January 11, 2017.  But, if he hadn’t lost a coin toss, he would have perished on February 3, 1959 – the day the music died. Instead, Ritchie Valens won the coin toss for the remaining seat on the fateful flight.  Legend has it, he remarked, “That’s the first time I’ve ever won anything in my life.” Soon after, the airplane Valens, Buddy Holly and The Big Bopper were flying in fell from the sky and crashed.  They all died.  Portfolio diversification couldn’t save them. What’s the point? The world is full of uncertainty and there’s nothing you can do to stop whatever it is that’s going to happen.  So, to face risk in an uncertain world, make the best preparation you can, with the means available to you. After that, enjoy the time you have and the people you have to spend it with. As Lord William Rees-Mogg once remarked, “even our happiest moments are picnics on the slopes of Vesuvius.” *  *  * Like this article?  If so, please Subscribe to the Economic Prism. Tyler Durden Sat, 05/27/2023 - 12:30.....»»

The wave of layoffs hitting tech companies and beyond shows no signs of slowing down. JPMorgan is cutting 500 jobs, and about 1,000 from newly acquired First Republic. JPMorgan confirmed to CNN it was cutting 500 employees within its own bank, as well as 1,000 staffers from newly acquired First Republic Bank.Chris Hondros/Getty Images JPMorgan is the latest US company to conduct layoffs, reportedly slashing about 500 employees. Over the past few months, layoffs have expanded outside of tech, media, and finance as Gap and Whole Foods announced cuts. See the full list of layoffs so far in 2023. A wave of layoffs that hit dozens of US companies toward the end of 2022 shows no sign of slowing down into 2023.America's largest bank, JPMorgan Chase, is the latest US company to announce layoffs. CNBC was first to report that the finance giant was cutting about 500 jobs across several divisions, and a JPMorgan spokesperson confirmed the cuts to CNN later on Friday.The news comes weeks after Linkedin announced cuts of its own. The business networking platform informed employees in a memo posted May 8 that it would be cutting 716 roles from its global workforce and discontinue InCareer, its localized jobs app in China. These companies join a large number of major corporations that have made significant cuts in the new year: Tech companies, including Meta and Google, and finance behemoths, like Goldman Sachs, announced massive layoffs in the first weeks of 2023 amid a continued economic downturn and stagnating sales.The downsizing followed significant reductions that companies including Meta and Twitter made last year. The layoffs have primarily affected the tech sector, which is now hemorrhaging employees at a faster rate than at any point during the pandemic, the Journal reported. According to data cited by the Journal from Layoffs.fyi, a site tracking layoffs since the start of the pandemic, tech companies slashed more than 187,000 in 2023 alone — compared to 80,000 in March to December 2020 and 15,000 in 2021. But it's not just tech companies that are cutting costs, with the major job reductions that have come from the Gap, along with FedEx, Dow, and Wayfair.Here are notable job cuts so far in 2023: JPMorgan: About 500 jobsJPMorgan recently began cuts of about 500 employees, CNBC and CNN reported.ReutersJPMorgan announced this week that it is slashing 500 roles, CNBC reported.The cuts are expected to spread across JPMorgan's retail and commercial banking, asset and wealth management, and corporate and investment banking operations, according to CNBC.The reported layoffs come just a day after reports that JPMorgan laid off 1,000 First Republic employees, or about 15% of its workforce. JPMorgan, the largest bank in the US, got even larger earlier this month when it acquired the assets of failing First Republic after it was seized by regulators.LinkedIn: 716 rolesRyan Roslansky, CEO of LinkedIn, said the company would be cutting 716 roles on Tuesday.Courtesy of Ryan RoslanskyLinkedIn announced earlier this month that it would be cutting 716 roles from its global workforce in a message from CEO Ryan Roslansky.Roslansky also noted that company will also be discontinuing InCareer, a local jobs app in China, as it refocuses on helping companies in China hire, market, and train abroad. The decision comes on the heels of LinkedIn's 20th anniversary last week. "While we're making meaningful progress creating economic opportunities for our members and customers and experiencing record engagement on the platform, we're also seeing shifts in customer behavior and slower revenue growth," Roslansky said.Shopify: 20% of workforceDavid Fitzgerald/Sportsfile via Getty ImagesShopify is slashing 20% of its workforce and selling off most of its logistics business to supply chain company Flexport, the company announced on May 4. The cuts confirmed growing concern of layoffs among staffers in recent weeks, following the cancellation of several team-building offsite events and analyst speculation that Shopify would alter its logistics arm, Insider reported."I recognize the crushing impact this decision has on some of you, and did not make this decision lightly," Shopify CEO Tobi Lütke said in a note to employees and shareholders.He continued: "This is a consequential and hard week. It's the right thing for Shopify but it negatively affects many team members who we admire and love working with."Morgan Stanley: 3,000 jobsReutersMorgan Stanley is cutting 3,000 jobs by the end of the quarter, Bloomberg reported, citing sources familiar with the matter. One person told the outlet that the company's banking and trading teams will be most impacted.The cuts will affect about 5% of the firm's workforce, excluding financial advisers and personnel in the wealth management division, Bloomberg noted. A spokesperson for the bank did not immediately respond to Insider's request for comment and declined to comment to Bloomberg. However, CEO James Gorman noted last month that underwriting and mergers activity has been "subdued" and that he doesn't expect a rebound before the second half of 2023 or even 2024, Bloomberg noted. The firm last cut 1,600, or around 2% of its staff in December, Bloomberg noted. Dropbox: 16% of staffDrew Houston, cofounder and CEO of Dropbox, told employees Thursday that the company was eliminating 500 jobs.Matt Winkelmeyer / Getty ImagesCloud storage firm Dropbox said Thursday that it would be reducing its global workforce by 16%, or 500 jobs.In a message to staff sent Thursday, CEO Drew Houston said the cuts are being made, in part, from slowing business growth and the expansion of AI products. "Today's changes were the result of taking a hard look at our strategic priorities and organizational structure as a leadership team, and aligning to principles of sustainable financial growth, efficiency, and flexibility to invest in our future. We're also streamlining how the company is organized," Houston said.  Gap: more than 2,000 jobs since late last yearGap posters in Birmingham, England.Mike Kemp/Getty ImagesClothing retailer Gap is cutting 1,800 positions in its headquarters and upper management as part of a restructuring plan meant to cut costs, the retailer said Thursday.Gap said that the cuts are expected to help the company see $300 million in annualized savings."We are taking the necessary actions to reshape Gap Inc. for the future — simplifying and optimizing our operating model, elevating creativity, and driving better delivery in every dimension of the customer experience," the company's chairman and interim CEO Bob Martin said in a statement given to Insider.In September, Gap slashed 500 jobs from its corporate ranks in a push to save $250 million annually, the Wall Street Journal reported. Jenny Craig: potential mass layoffsA man enters a Jenny Craig facility June 19, 2006 in Niles, Illinois.Tim Boyle/Getty ImagesWeight loss company Jenny Craig notified staffers of potential mass layoffs on April 27, as a result of the company "winding down physical operations," according to an internal email reviewed by NBC News.According to NBC News, the company has been in the process of selling and anticipates the pending sale "will likely impact all employees in some manner," an FAQ document sent to employees read. "We do not know the exact employees/groups whom will be impacted, and if any employees may be retained," the document said, per NBC News. "As a result, we would suggest that you anticipate that your employment may be impacted and begin to seek other employment." 3M: 6,000 jobsMike Roman, CEO of 3M.Xinhua News Agency / Contributor/Getty ImagesOn Tuesday, the Scotch tape and Post-It Notes manufacturer said it will be cutting 6,000 positions across all parts of the company with the goal of streamlining operations, simplifying supply chain, and reducing layers of management, according to The Wall Street Journal.The company's chief executive Mike Roman said Tuesday that the cuts would eliminate 10% of 3M's global workforce and ultimately save the company between $700 to $900 million in pretax costs, the Journal said. 3M last announced cuts in January when it said it was removing 2,500 manufacturing positions.Lyft: 1,072 rolesReutersIn an SEC filing on Thursday, Lyft said it was cutting roles for 1,072 employees, or about 26% of its corporate workforce. In the filing, the company also said it is scaling back on hiring and has eliminated over 250 open positions. The news comes just weeks after David Risher took the helm as Lyft's new CEO, part of an executive shakeup that involved cofounders Logan Green and John Zimmer moving into board roles. A spokesperson for Lyft previously told Insider, "David has made clear to the company that his focus is on creating a great and affordable experience for riders and improving drivers' earnings."The spokesperson added, "To do so requires that we reduce our costs and structure our company so that our leaders are closer to riders and drivers. This is a hard decision and one we're not making lightly. But the result will be a far stronger, more competitive Lyft." Deloitte: 1,200 jobsAlex Tai/SOPA Images/LightRocket via Getty ImagesDeloitte announced on April 21 it was cutting 1,200 jobs, or about 1.5% of its US staff, the Financial Times reported. The cuts will largely be concentrated in the financial advisory business as a result of a decline in mergers and acquisitions, per internal communications viewed by the FT. Whole Foods: Several hundred corporate employeesMary Meisenzahl/InsiderWhole Foods announced on April 20 it was letting go of several hundred corporate employees, amounting to less than 0.5% of the company's workforce, CNBC reported.The cuts are a result of a structural reorganization of global and regional support teams, which will be downsized from nine to six, but will not cause store closures, according to CNBC.In a memo to employees viewed by CNBC, Whole Foods executives wrote "simplifying our work and improving how we operate is critical as we grow." "As the grocery industry continues to rapidly evolve, and as we — like all retailers — have navigated challenges like the COVID-19 pandemic and continued economic uncertainty, it has become clear that we need to continue to build on these changes," the memo read, per CNBC. It continued: "With additional adjustments, we will be able to further simplify our operations, make processes easier, and improve how we support our stores."BuzzFeed News: 15% of staffBuzzFeed News headquarters.Drew Angerer / Getty ImagesBuzzFeed announced on April 20 that it was shuttering its BuzzFeed News division, laying off 15% of its staff, or 180 employees, in the process. In a memo to staff shared with Insider's Lucia Moses, CEO Jonah Peretti admitted to mistakes like over-investing in the news arm and failing to successfully integrate BuzzFeed and Complex after the latter was acquired in 2021. "I could have managed these changes better as the CEO of this company and our leadership team could have performed better despite these circumstances," he wrote. "Our job is to adapt, change, improve, and perform despite the challenges in the world. We can and will do better."Ernst & Young: 3,000 positionsEY spends $500 million annually on learning for its employees.TOLGA AKMEN / Contributor / GettyErnst & Young announced on April 17 it was laying off 3,000 US employees, or about 5% of its total US staff.The decision came after the financial auditor nixed a proposed reorganization that would break up its consulting and accounting businesses, Reuters reported. According to the Financial Times, which first reported the layoffs, the cuts will address "overcapacity" and will largely impact the company's consulting business. Opendoor: 560 jobsOpendoor announced it was cutting 560 jobs on Tuesday.Opendoor Technologies/GlassdoorOn Tuesday, home flipping giant Opendoor said it was cutting 560 jobs, or 22% of its workforce, citing a souring housing market. A spokesperson for Opendoor told Insider by email,"We've been weathering a sharp transition in the housing market – the steepest and fastest rate increase by the Fed in 40 years, the more than doubling of mortgage rates from historic lows, and the hit to home affordability have driven an approximately 30% decline in new listings from peak levels last year."The spokesperson noted that the cuts have been made to "better align our operational costs with the anticipated near-term market opportunity, while maintaining our critical technology investments that will continue to drive the business long term."Impacted team members will receive severance pay, extended health benefits, and job transition support. Opendoor last made cuts in November 2022, laying off 550 workers or about 18% of its staff.  McKinsey: About 1,400 employeesFABRICE COFFRINI/AFP via Getty ImagesMcKinsey & Company will cut an estimated 1,400 positions, or 3% of its total workforce, Bloomberg reported on March 29.The layoffs are part of the consulting firm's efforts to reorganize support teams and pare down an employee base that has grown rapidly in recent years, per the outlet. "The painful result of this shift is that we will have to say goodbye to some of our firm functions colleagues, while helping others move into new roles that better align to our firm's strategy and priorities," Bob Sternfels, global managing partner, wrote in a note to staff seen by Bloomberg. He continued: "Starting now, where local regulations allow, we will begin to notify colleagues who will depart our firm or be asked to change roles."David's Bridal: 9,236 employeesShoppers head for David's Bridal in Sunset Hill, Mo. Tuesday, May 10, 2005.James A. Finley/AP ImagesDavid's Bridal is laying off more than 9,000 workers across the US, according to a WARN notice filed with the Pennsylvania Department of Labor and Industry on April 14. "We are evaluating our strategic options and a sale process is underway," David's Bridal spokesperson Laura McKeever told the Philadelphia Inquirer. "At this time, there are no updates to share."The company is considering filing for bankruptcy in the near future, according to an April 7 report from the New York Times. David's Bridal also filed for bankruptcy in 2018. Virgin Orbit: 85% of staffersSir Richard Branson, founder of Virgin Orbit.Mark GreenbergVirgin Orbit disclosed in a March 30 filing with the Securities and Exchange Commission that it is slashing 85% of its staff, or about 675 employees.The company, which operates within the Virgin Group and provides launch services for satellites, is also ceasing operations "for the foreseeable future," CNBC reported. "Unfortunately, we've not been able to secure the funding to provide a clear path for this company," Virgin Orbit CEO Dan Hart said, according to audio of a company all-hands obtained by CNBC.     Electronic Arts: About 780 employeesLucy Nicholson/ReutersElectronic Arts — the video game company best known for its "The Sims," "FIFA," and "Madden NFL" franchises — is letting go of 6% of its staff, or about 780 employees, the company announced on March 24. "As we drive greater focus across our portfolio, we are moving away from projects that do not contribute to our strategy, reviewing our real estate footprint, and restructuring some of our teams," Electronic Arts CEO Andrew Wilson wrote in a blog post to staffers. Wilson said the cuts began early this quarter and will continue through the beginning of the next fiscal year.  Amazon: 9,000 more jobsAmazon CEO Andy Jassy announced on Monday that the company would be eliminating another 9,000 roles, on top of the 18,000 announced in January.Richard Brian/ReutersAmazon announced on March 20 that it would cut 9,000 jobs from its workforce over the coming weeks. The cuts come on the heels of the 18,000 roles the company announced it was cutting back in January. In a message to employees shared on Amazon's site, CEO Andy Jassy noted that the impacted positions are largely in the Amazon Web Services, People Experience and Technology Solutions, Advertising, and Twitch departments. In the memo, Jassy said the company staggered its layoff announcements because "not all of the teams were done with their analyses in the late fall." He added, "rather than rush through these assessments without the appropriate diligence, we chose to share these decisions as we've made them so people had the information as soon as possible."Roku: 200 staffersRoku CEO Anthony Wood speaks during Tribeca X - 2021 Tribeca Festival on June 18, 2021 in New York City.Photo by Arturo Holmes/Getty Images for Tribeca FestivalRoku is cutting an additional 200 roles, or 6% of its workforce, Reuters reported on March 30. The cuts come after the streaming device manufacturer previously laid off 200 employees in November 2022. The company is expected to complete the cuts by the end of the second quarter, and also plans to leave and sublease office facilities in an attempt to reduce costs, according to Reuters. Walmart: About 200 employeesA Walmart store.Bruce Bennett/Getty ImagesWalmart asked about 200 workers at five fulfillment centers to find employment elsewhere in the company in the next 90 days or else be laid off, Reuters reported on March 23.The cuts are a response to the reduction of evening and weekend shifts at select Walmart facilities, including those in Chino, California; Davenport, Florida; Bethlehem, Pennsylvania; Pedricktown, New Jersey; and Fort Worth, Texas, per Reuters. "We recently adjusted staffing levels to better prepare for the future needs of customers," a Walmart spokesperson told Reuters in a statement.  Accenture: 19,000 positionsJoan Cros/Corbis via Getty ImagesAccenture is slashing 19,000 roles, or 2.5% of its total workforce, according to a Security and Exchange Commission filing on March 23.The tech consultancy company said the layoffs will take place over the next 18 months and half of the cuts will impact staffers in "non-billable corporate functions," per the filing.  "While we continue to hire, especially to support our strategic growth priorities, during the second quarter of fiscal 2023, we initiated actions to streamline our operations and transform our non-billable corporate functions to reduce costs," Accenture wrote in the filing. Indeed: 2,200 staffersIndeed CEO Chris HyamsPhoto by Niall Carson/PA Images via Getty ImagesIndeed CEO Chris Hyams announced on March 22 that the online networking platform will cut 2,200 jobs, or about 15% of its staff. In a note sent to employees, Hyams wrote the reductions will impact "nearly every team, function, level, and region" across the company in an effort to reduce redundancy and increase efficiency. "I am heartbroken to share that I have made the difficult decision to reduce our headcount through layoffs. This is a decision I truly hoped I'd never have to make," he wrote. Meta: 10,000 workersMeta CEO Mark ZuckerbergMark Lennihan/APRoughly 10,000 Meta workers will find out that their jobs have been cut between March and May, according to an announcement by the company's founder and CEO, Mark Zuckerberg. Zuckerberg also said the company would close around 5,000 open roles that haven't yet been filled as part of the company's effort to downsize. "My hope is to make these org changes as soon as possible in the year so we can get past this period of uncertainty and focus on the critical work ahead," Zuckerberg wrote in a post on Facebook announcing the layoffs. In the post, Zuckerberg said that members of Meta's recruiting team would learn about the fate of their jobs in March, while tech workers would find out in late April, and business groups would find out in May. "In a small number of cases, it may take through the end of the year to complete these changes," he wrote. The job cuts come less than 5 months after Meta slashed 11,000 workers, or about 13% of its workforce, in November. At the time, Zuckerberg called the layoffs a "last resort."  SiriusXM: 475 rolesJennifer Witz, CEO of SiriusXM said the company was cutting 475 roles on March 6.Cindy Ord / Staff/ Getty ImagesThe radio company said March 6th that it was cutting 8% of its staff or 475 roles according to a statement posted on the company's website from CEO Jennifer Witz.In the statement, Witz said "nearly every department" across the company will be impacted. She also noted that those impacted will be contacted directly and will have the opportunity to speak with a leader from their department as well as a member of the company's People + Culture team. Impacted employees will also be provided with exit packages that include severance, transitional health insurance benefits, Employee Advocacy Program continuation, and outplacement services, Witz noted.Citigroup: hundreds of jobsCiti CEO Jane FraserPatrick T. Fallon/AFP via Getty ImagesCiti plans to cut hundreds of jobs, with many focused on the company's investment bank division. The total headcount cut will reportedly amount to less than 1% of Citi's more than 240,000 workers and are part of Citi's normal course of activities.Citi's cuts were first reported by Bloomberg. In January, Citi's CFO told investors the company remained "focused on simplifying the organization, and we expect to generate further opportunities for expense reduction in the future."Citi declined Insider's request to provide comment on the record. Waymo: reported 209 roles so farWaymo's co-CEOs Tekedra N. Mawakana and Dmitri Dolgov reportedly told employees that 8% of the unit's staff has been cut this year.Peter Prado/Insider; Vaughn Ridley/Sportsfile via Getty ImagesAlphabet's self-driving car unit Waymo has reportedly laid off a total of 209 employees this year in two rounds of cuts, according to The Information. Waymo reportedly laid off 137 employees on March 1, according to The Information. Waymo's co-CEOs Tekedra N. Mawakana and Dmitri Dolgov reportedly told employees that 209 employees— approximately 8% of the company's staff— have been cut this year, according to an internal email seen by The Information.Waymo did confirm the cuts to Insider but did not specify the number of roles impacted or the date the first round of cuts occurred.  Thoughtworks: reported 500 employeesThoughtworks laid off 500 employees on February 28. That day, CEO Guo Xiao said in the company's earnings release that it was "pleased" with its performance in the fourth quarter of 2022.Screenshot of Guo Xiao from the Thoughtworks website.Thoughtworks, a software consultancy firm, reportedly laid off 500 employees or 4% of its global workforce, according to TechCrunch. TechCrunch noted that the company "did not dispute" the figure when reached for comment on March 1. According to TechCrunch, Thoughtworks "initially informed" the affected employees about the decision on February 28. That same day, Thoughtworks reported that its revenue had increased 8.3% between the fourth quarter of 2022 and the fourth quarter of 2021. The company also reported a more than 21% year over year revenue increase for 2022. In the company's earnings release, Thoughtworks' CEO Guo Xiao said, "We are pleased with our performance in the fourth quarter and our clients continue to look to us to help them navigate these uncertain times and tackle their biggest technology challenges."General Motors: reported 500 salaried jobsGM CEO Mary Barra.Patrick T. Fallon/Getty ImagesGeneral Motors plans to cut 500 executive-level and salaried positions, according to a report from The Detroit News. The layoffs come only one month after CEO Mary Barra told investors and reporters on the company's earnings call, "I do want to be clear that we're not planning layoffs." In a memo to employees, seen by Insider, GM's chief people officer wrote, "we are looking at all the ways of addressing efficiency and performance. This week we are taking action with a relatively small number of global executives and classified employees following our most recent performance calibration." Employees who are getting laid off were informed on Feb. 28. General Motors confirmed the layoffs to Insider but did not confirm a specific number of employees getting cut. Twitter: about 200 employeesElon Musk is Twitter's CEO and ownerREUTERS/Jonathan ErnstThe layoffs reportedly haven't stopped at Twitter under Elon Musk. The social media company reportedly laid off 200 more employees on a Saturday night in late February, according to the New York Times. Some workers reportedly found out they had lost their jobs when they couldn't log into their company emails.Musk laid off 50% of Twitter's workforce in November after buying the company for $44 billion. Yahoo: 20% of employeesSOPA Images / Getty ImagesYahoo announced it will eliminate 20% of its staff, or more than 1,600 people, as part of an effort to restructure the company's advertising technology arm, Axios reported on February 9.Yahoo CEO Jim Lanzone told Axios that the cuts are part of a strategic overhaul of its advertising unit and will be  "tremendously beneficial for the profitability of Yahoo overall."    Disney: 7,000 jobsBob Iger, CEO of DisneyCharley Gallay/Stringer/Getty ImagesFresh off his return as Disney CEO, Bob Iger announced February 8 that Disney will slash 7,000 jobs as the company looks to reduce costs. Iger, who returned to the position in November 2022 to replace his successor Bob Chapek after first leaving in 2020, told investors the cuts are part of an effort to help save an estimated $5.5 billion. "While this is necessary to address the challenges we are facing today, I do not make this decision lightly," Iger said. "I have enormous respect and appreciation for the talent and dedication of our employees worldwide and I am mindful of the personal impact of these changes."DocuSign: 10%Igor Golovniov/SOPA Images/LightRocket/Getty ImagesDocuSign plans to slash 10% of employees as part of a restructuring plan "designed to support the company's growth, scale, and profitability objectives," the electronic signature company wrote in a Securities and Exchange Commission filing on Feb. 16. The company said the restructuring plan is expected to be complete by the second quarter of fiscal 2024, per the filing. Affirm: 19% of its workforceAffirm co-founder and CEO Max LevchinAffirmAffirm announced on February 8 it plans to slash 19% of its workforce, after reporting declining sales that missed Wall Street expectations. Affirm co-founder and CEO Max Levchin said in a call with investors that the technology company "has taken appropriate action" in many areas of the business to navigate economic headwinds, including creating a "smaller, therefore, nimbler team.""I believe this is the right decision as we have hired a larger team that we can sustainably support in today's economic reality, but I am truly sorry to see many of our talented colleagues depart and we'll be forever grateful for their contributions to our mission," he said.  GoDaddy: 8% of workersGoDaddy's CEO Aman Bhutani in September 2019Don Feria/Invision/AP ImagesGoDaddy, the website domain company, announced on February 8 it will cut 8% of its global workforce. "Despite increasingly challenging macroeconomic conditions, we made progress on our 2022 strategic initiatives and continued our efforts to manage costs effectively," GoDaddy CEO Aman Bhutani wrote in an email to staffers."The discipline we embraced was important but, unfortunately, it was not sufficient to avoid the impacts of slower growth in a prolonged, uncertain macroeconomic environment."Zoom: 15% of staffZoom CEO Eric Yuan.AP Photo/Mark LennihanZoom CEO Eric Yuan announced in a memo to workers that the company would reduce its headcount by 15%, or about 1,300 employees, on February 7. He attributed the layoffs to "the uncertainty of the global economy and its effect on our customers" but also said the company "made mistakes" as it grew. "We didn't take as much time as we should have to thoroughly analyze our teams or assess if we were growing sustainably toward the highest priorities," Yuan said. In the memo, Yuan also announced that he would cut his salary by 98% in 2023 and forgo his corporate bonus. In addition, other members of the executive leadership team will also reduce their base salaries by 20% this year, according to Yuan. eBay: 500 jobseBay CEO Jamie Iannone told employees Tuesday that the company would be eliminating 500 roles.Harry Murphy/Sportsfile for Web Summit via Getty ImagesOn Tuesday, e-commerce giant eBay told employees that it would be eliminating 500 roles, or about 4% of its workforce, according to a message included in a regulatory filing on Tuesday. In the message, CEO Jamie Iannone wrote "Today's actions are designed to strengthen our ability to deliver better end-to-end experiences for our customers and to support more innovation and scale across our platform."He added, "this shift gives us additional space to invest and create new roles in high-potential areas — new technologies, customer innovations and key markets — and to continue to adapt and flex with the changing macro, ecommerce and technology landscape." Dell: 5% of workforceDell is eliminating approximately 5% of its workforce. The company's co-chief operating officer Jeff Clarke told employees in a memo, "market conditions continue to erode with an uncertain future."Kevork Djansezian / Staff/Getty ImagesOn February 6, Dell said in a regulatory filing that it would be eliminating about 5% of its workforce. The percentage amounts to approximately 6,650 roles based on numbers that Dell provided Insider. In a memo sent to employees posted on Dell's website, co-chief operating officer Jeff Clarke, said "market conditions continue to erode with an uncertain future." He also noted in the memo that the company had paused hiring, limited employee traveling, and decreased spending on outside services. He added, however, "the steps we've taken to stay ahead of downturn impacts – which enabled several strong quarters in a row – are no longer enough."Pinterest: 150 jobsBen Silbermann is the founder and executive chair of Pinterest. He was the company's CEO until June 2022.Horacio Villalobos/Getty ImagesPinterest said it would cut 150 workers, or less than 5% of its workforce, on February 1, the company confirmed to Insider.  "We're making organizational changes to further set us up to deliver against our company priorities and our long-term strategy," a company representative said.The social media company was recently the target of activist investor Elliott Management, agreeing to add one of the firm's representatives to its board last month.   Rivian: 6% of jobsRivian CEO RJ Scaringe.Carlos Delgado/Associated PressRivian's CEO RJ Scaringe announced the EV company would cut 6% of its workforce in a memo to employees, the company confirmed to Insider. This is the company's second round of job cuts in the last 6 months after Scaringe announced a separate 6% workforce reduction in July 2022. In his memo to staff, Scaringe said Rivian needs to focus its resources on ramping up production and reaching profitability. BDG Media: 8% of staffScreengrab of Gawker's homepageGawkerBDG Media announced on February 1 that it was shutting down pop-culture site Gawker and laying off 8% of its staff, according to Axios. BDG owns Bustle, Elite Daily, and other lifestyle and news websites. "After experiencing a financially strong 2022, we have found ourselves facing a surprisingly difficult Q1 of 2023," CEO Bryan Goldberg wrote in a memo to staff seen by Axios. Splunk: 325 jobsGary Steele took over as Splunk's CEO in April 2022.YouTube/ProofpointSoftware and data platform Splunk is the latest in a long list of tech companies to announce layoffs in recent months. On February 1, the company said it would lay off 4% of its staff and scale back the use of consultants to cut costs, according to a filing viewed by Insider. The layoffs will reportedly be focused on workers in North America, and CEO Gary Steele told employees Splunk would continue to hire in "lower-cost areas."Intel: 343 jobsIntel CEO Pat Gelsinger.Pool Eric Lalmand/Getty ImagesIntel notified California officials per WARN Act requirements it plans to layoff 343 workers from its Folsom campus, local outlets reported on January 30. "These are difficult decisions, and we are committed to treating impacted employees with dignity and respect," Intel said in a statement to KCRA 3, noting that the cost-cutting comes as the company is faces a "challenging macro-economic environment." On February 1, the company announced CEO Pat Gelsinger will take a 25% pay cut, while other members of the executive team will take salary reductions in amounts ranging from 5% to 15%.  FedEx: more than 10% of top managersFedEx workers in New York City on March 16, 2021.Alexi Rosenfeld/Getty ImagesFedEx informed staffers on February 1 it plans to slash more than 10% of top managers in an effort to reduce costs.  "This process is critical to ensure we remain competitive in a rapidly changing environment, and it requires some difficult decisions," CEO Raj Subramaniam wrote in a letter to staff, which was shared with Insider's Emma Cosgrove. While the exact number of employees impacted was not specified, a FedEx spokesperson told Insider that since June 2022 the company has reduced its workforce by more than 12,000 staffers through "headcount management initiatives." "We will continue responsible headcount management throughout our transformation," the spokesperson said. PayPal: 7% of total workforceDan Schulman, president and CEO of PayPal announced that the company would be cutting 7% of its total workforce on January 31.PaypalPayPal announced on January 31 that it plans to cut 2,000 workers or approximately 7% of the company's total workforce over the coming weeks. In a statement announcing the layoffs on PayPal's website, CEO and president Dan Schulman cited the "challenging macro-economic environment." He added, "While we have made substantial progress in right-sizing our cost structure, and focused our resources on our core strategic priorities, we have more work to do."HubSpot: 7% of staffYamini Rangan is HubSpot's CEO.Matt Winkelmeyer/ Getty ImagesHubSpot's CEO Yamini Rangan announced that the company would lay off 500 workers, according to an email seen by Insider. "We came into 2022 anticipating growth would slow down from 2021, but we experienced a faster deceleration than we expected. The year was challenging due to a perfect storm of inflation, volatile foreign exchange, tighter customer budgets, and longer decision making cycles," Rangan wrote to employees. IBM: 1.5% of staffIBM's CEO Arvind KrishnaBrian Ach / Stringer / Via GettyIBM plans would cut 1.5% of its staff, roughly 3,900 workers. The layoffs were first reported by Bloomberg but confirmed by Insider.The company said the cuts would cost IBM about $300 million and is related entirely to businesses the company has spun off. Bloomberg reports that CFO James Kavanaugh said the company is still hiring in "higher-growth areas." Hasbro: 15% of workersA Jenga game by Hasbro Gaming.Thomson ReutersHasbro reportedly plans to cut 1,000 workers after warning that the 2022 holiday season was weaker than expected, according to the toy and game company. The company said the layoffs come as it seeks to save between $250 million to $300 million per year by the end of 2025. "While the full-year 2022, and particularly the fourth quarter, represented a challenging moment for Hasbro, we are confident in our Blueprint 2.0 strategy, unveiled in October, which includes a focus on fewer, bigger brands; gaming; digital; and our rapidly growing direct to consumer and licensing businesses," Chris Cocks, Hasbro's CEO said. Dow: 2,000 global employeesThe Dow Chemical logo is shown on a building in downtown Midland, home of the Dow Chemical Company corporate headquarters, December 10th, 2015 in Midland, MichiganBill Pugliano/Getty ImagesDow Inc. announced on January 26 that it will lay off 2,000 global employees, a move that indicates mass layoffs are spreading beyond just the technology sector, the Wall Street Journal reported. It's part of a $1 billion cost-cutting effort intended to help amid "challenging energy markets," Dow CEO Jim Fitterling said in a press release. The chemical company also  will shut down select assets, mostly in Europe, per the release."We are taking these actions to further optimize our cost structure and prioritize business operations toward our most competitive, cost-advantaged and growth-oriented markets, while also navigating macro uncertainties and challenging energy markets, particularly in Europe," Fittlering said.   SAP: Up to 3,000 positionsSAP CEO Christian KleinULI DECK/POOL/AFP via Getty ImagesSoftware company SAP said on January 26 it will slash up to 3,000 jobs globally in response to a profit slump, with many of the cuts coming outside of its headquarters in Berlin, the Wall Street Journal reported.  The layoffs will impact an estimated 2.5% of the company's workforce and are part of a cost-cutting initiative aiming at reaching an annual savings of $382 million in 2024, according to the Journal. "The purpose is to further focus on strategic growth areas," said Luka Mucic, SAP's chief financial officer, per the Journal.   Spotify: 6% of the workforceDaniel Ek, Spotify cofounder and CEOGreg Sandoval/Business InsiderIn a memo to Spotify employees, CEO Daniel Ek said the company would cut 6% of its staff, about 600 people. "While we have made great progress in improving speed in the last few years, we haven't focused as much on improving efficiency. We still spend far too much time syncing on slightly different strategies, which slows us down. And in a challenging economic environment, efficiency takes on greater importance. So, in an effort to drive more efficiency, control costs, and speed up decision-making, I have decided to restructure our organization," he wrote. As part of the changes, Dawn Ostroff, the company's chief content and advertising officer, who spent more than $1 billion signing exclusive podcast deals with Joe Rogan, the Obamas, and Prince Harry and Meghan Markle, has departed. 3M: 2,500 jobs cut3M3M, which makes Post-It notes, Scotch tape, and N95 masks, said it plans to cut 2,500 manufacturing jobs worldwide. CEO Mike Roman called it "a necessary decision to align with adjusted production volumes." "We expect macroeconomic challenges to persist in 2023. Our focus is executing the actions we initiated in 2022 and delivering the best performance for customers and shareholders," he said in a press release. Google: around 12,000 employeesBrandon Wade/ReutersSundar Pichai, CEO of Google parent company Alphabet, informed staffers on January 20 that the company will lay off 12,000 employees, or 6% of its global workforce. In a memo sent to employees and obtained by Insider, Pichai said the layoffs will "cut across Alphabet, product areas, functions, levels and regions" and were decided upon after a "rigorous review." Pichai said the company will hold a townhall meeting to further discuss the cuts, adding he took "full responsibility for the decisions that led us here" "Over the past two years we've seen periods of dramatic growth," Pichai wrote in the email. "To match and fuel that growth, we hired for a different economic reality than the one we face today." Vox: 7% of staffThe layoffs were reportedly announced in a memo from CEO Jim Bankoff.Vox MediaVox Media, the parent company of publications like Vox, The Verge, New York magazine, and Vulture, is laying off roughly 133 people, or 7% of its staff, according to a report by Axios. The cuts come just a few months after the media company laid off 39 roles in July. The decision was reportedly announced in a note to staff from CEO Jim Bankoff, who wrote that while the company is "not expecting further layoffs at this time, we will continue to assess our outlook, keep a tight control on expenses and consider implementing other cost savings measures as needed," according to Axios.Vox Media's layoffs come at a time when advertisers are tightening their belts in anticipation of an economic slowdown, taking a toll on the media industry. Capital One: more than 1,100 tech workersBrian Ach/AP ImagesCapital One slashed 1,100 technology positions on January 18, a company spokesperson told Insider. The cuts impacted workers in the "Agile job family," a department which was eliminated and its responsibilities integrated into "existing engineering and product manager roles," per the spokesperson. "Decisions that affect our associates, especially those that involve role eliminations, are incredibly difficult," the Capital One spokesperson said in the statement. "This announcement is not a reflection on these individuals or the work they have driven on behalf of our technology organization," the spokesperson continued. "Their contributions have been critical to maturing our software delivery model and our overall tech transformation."The eliminations came after the bank had invested heavily in tech efforts in recent years, including launching a new software business focused on cloud computing in June 2022. "This decision was made solely to meet the evolving skills and process enhancements needed to deliver on the next phase of our tech transformation," the spokesperson said.  WeWork: About 300 employeesReutersWeWork announced on January 19 it will cut about 300 positions as it scales back on coworking spaces in low-performing regions, Reuters reported. The layoffs come after the company said in November 2022 it planned to exit 40 locations in the US as part of a larger cost-cutting effort. The company announced the cuts in a press release listing its fourth-quarter earnings call date, stating only the reductions are "in connection with its portfolio optimization and in continuing to streamline operations."  Wayfair: more than 1,000 employeesPavlo Gonchar/SOPA Images/LightRocket via Getty ImagesWayfair is expected to lay off more than 1,000 employees, about 5% of its workforce, in the coming weeks in response to slumping sales, the Wall Street Journal reported on January 19.The cuts mark the second round of layoffs in six months for the online furniture and home goods company, after it nixed 900 staffers in August 2022. Though the company experienced significant growth during the pandemic-driven home improvement boom, sales began to stagnate as social distancing policies loosened and Americans began returning to offices."We were seeing the tailwinds of the pandemic accelerate the adoption of e-commerce shopping, and I personally pushed hard to hire a strong team to support that growth. This year, that growth has not materialized as we had anticipated," Wayfair CEO Niraj Shah wrote in a letter to employees announcing the August 2022 layoffs, per CNN. In its most recent quarter, the Wayfair reported that net revenue decreased by $281 million, down 9% from the same period the year prior.  Microsoft: 10,000 workersMicrosoft CEO Satya NadellaStephen Brashear/Getty ImagesMicrosoft announced on January 18 that it planned to reduce its workforce by 10,000 jobs by the end of the third quarter of this year. CEO Satya Nadella attributed the layoffs to customers cutting back in anticipation of a recession. However, Nadella also told workers that the company still plans to grow in some areas, despite the firings, writing that the company will "continue to hire in key strategic areas." Microsoft's layoff announcement comes as the tech giant is reportedly in talks to invest $10 billion in OpenAI, which created the AI chatbot ChatGPT. On February 13, the company laid off staff at LinkedIn—which it acquired in 2016— according to The Information. The cuts were in the recruiting department, though the total number laid off is not immediately clear, The Information reported.Crypto.com: 20% of staffCrypto.com CEO Kris MarszalekCrypto.comCrypto.com announced on January 13 that it would let go of a fifth of its workforce amid a sagging crypto market and fallout from FTX's collapse. This is the second major round of firings for Crypto.com, which also had layoffs in July. "The reductions we made last July positioned us to weather the macro economic downturn, but it did not account for the recent collapse of FTX, which significantly damaged trust in the industry. It's for this reason, as we continue to focus on prudent financial management, we made the difficult but necessary decision to make additional reductions in order to position the company for long-term success," CEO Kris Marszalek wrote in a memo to employees. BlackRock: up to 3% of global workforceBlackRock CEO Larry FinkSpencer Platt/Getty ImagesBlackRock is cutting up to 500 roles in its first round of firings since 2019. Staff members were notified on January 11 about whether they were laid off. "Taking a targeted and disciplined approach to how we shape our teams, we will adapt our workforce to align even more closely with our strategic priorities and create opportunities for the immense talent inside the firm to develop and prosper," CEO Larry Fink and President Rob Kapito wrote in a memo to employees. Goldman Sachs: an estimated 6.5% of its global workforceGoldman Sachs is laying off an expected 3,200 employees.Photo by Michael M. Santiago/Getty ImagesGoldman Sachs began laying off employees on Jan. 11, with cuts expected to impact an estimated 6.5% of the company's global workforce — or roughly 3,200 staffers — a source told Insider. The company previously slashed roles on its media and tech teams in September 2022, and it was expected to issue further reductions in the first half of January. The cost-cutting efforts from the investment banking giant mirror reductions from competitors including Morgan Stanley and Citi, which also laid off employees in 2022. "We continue to see headwinds on our expense lines, particularly in the near term," Goldman Sachs CEO David Solomon said at a conference in December. "We've set in motion certain expense mitigation plans, but it will take some time to realize the benefits. Ultimately, we will remain nimble and we will size the firm to reflect the opportunity set."   BNY Mellon: 1,500 jobsBNY Mellon CEO Robin VinceBNY MellonBNY Mellon is planning to cut approximately 3% of its workforce, or 1,500 jobs, according to the Wall Street Journal, which cited people familiar with the matter. The cuts will be primarily aimed at talent management roles, according to the report. BNY Mellon will reportedly plan to invest more in junior staff. Verily (part of Alphabet): reportedly 15% of workersAlphabet CEO Sundar PichaiJerod Harris/Getty ImagesVerily, which is Alphabet's healthcare unit, is laying off more than 200 employees, according to an email seen by the Wall Street Journal. The Journal reports that the company will also scale down the number of projects it works on in an effort to cut costs."We are making changes that refine our strategy, prioritize our product portfolio and simplify our operating model," Verily's CEO, Stephen Gillet, wrote in the email, according to the Journal.This is the first significant layoff done by Google's parent company, which had so far avoided the massive waves of job cuts done by other big tech giants like Amazon and Meta. DirecTV: 10% of management staffDirecTV.Karen Bleier/AFP/Getty ImagesDirecTV employees were told in the first week of January that the company would lay off several hundred workers in management roles.The satellite TV business has faced slowing revenues as more people choose to cut the cord and pay for streaming services over cable TV. "The entire pay-TV industry is impacted by the secular decline and the increasing rates to secure and distribute programming. We're adjusting our operations costs to align with these changes and will continue to invest in new entertainment products and service enhancements," a spokesperson for DirecTV told Insider. Coinbase: 950 workersCEO Brian Armstrong cited the downward trend in cryptocurrency prices and the broader economy as reasons for the layoffs.Patrick Fallon/Getty ImagesCoinbase announced on Tuesday, Jan. 10, that would lay off another 20% of its staff. The cuts came after the crypto company laid off over 1,000 employees in July. In a memo to employees, CEO Brian Armstrong said, "in hindsight, we could have cut further at that time," referencing the layoffs in July. Armstrong partially attributed the company's weakness to the "fallout from unscrupulous actors in the industry," likely referencing the alleged fraud that took place at FTX late last year under then-CEO Sam Bankman-Fried. Armstrong predicted "there could still be further contagion" from FTX in the crypto markets but assured remaining employees that Coinbase is well capitalized. Amazon: 18,000 employeesAmazon CEO Andy Jassy initially announced the company's latest round of layoffs in November.AmazonAmazon is in the midst of the most significant round of layoffs in the company's history. In a memo to employees, CEO Andy Jassy said the company would cut more than 18,000 workers in total — far more than what was initially expected based on reporting by the New York Times. Jassy cited "the uncertain economy" and rapid hiring as reasons for the layoffs. While most of Amazon's 1.5 million staff have warehouse jobs, the layoffs are concentrated in Amazon's corporate groups. Amazon's layoffs began late last year, though the Wall Street Journal reports cuts will continue through the first few weeks of 2023.Amazon's 18,000 jobs cuts are the largest of any major tech company amid the wave of recent layoffs.  Salesforce: 10% of its staffSalesforce said in the first month of 2023 that it would enact big job cuts.Noam Galai/Getty ImagesSalesforce co-CEO Marc Benioff announced on Jan. 4 that the software company plans to layoff 10% of its workforce — an estimated 7,000 employees — and close select offices as part of a restructuring and cost-cutting plan. "The environment remains challenging and our customers are taking a more measured approach to their purchasing decisions," Benioff wrote in an email to staff. "With this in mind, we've made the very difficult decision to reduce our workforce by about 10 percent, mostly over the coming weeks."He continued: "As our revenue accelerated through the pandemic, we hired too many people leading into this economic downturn we're now facing, and I take responsibility for that."Everlane: 17% of corporate employeesEverlane founder and executive chair Michael Preysman.Lars Ronbog/Getty Images for Copenhagen Fashion SummitEverlane is slashing 17% of its 175-person corporate workforce, and 3% of its retail staff."We know there will be some bumpiness over the next few weeks as we navigate a lot of change at once. We ask for your patience as we do right by our departing team members," CEO Andrea O'Donnell wrote to employees, according to an internal memo seen by Insider. In a statement to Insider, a company spokesperson said the decision was intended to "improve profitability in 2023 and continue our efforts to help leave the fashion industry cleaner than we found it."The e-commerce clothing company previously laid off nearly 300 workers, mostly in retail in March 2020 amid the outbreak of the Covid-19 pandemic.Vimeo: 11% of its workforceAnjali Sud, CEO of Vimeo, speaks during the company's direct listing on Nasdaq, Tuesday, May 25, 2021, in New York.AP Photo/Mark LennihanVimeo CEO Anjali Sud told employees on Jan. 4 that the company would layoff 11% of its staff, the video platform's second major round of layoffs in less than a year, after cutting 6% of employees in July"This was a very hard decision that impacts each of us deeply," Sud wrote in an email to staff. "It is also the right thing to do to enable Vimeo to be a more focused and successful company, operating with the necessary discipline in an uncertain economic environment."A spokesperson told Insider reduction is intended to assist with ongoing economic concerns and improve the company's balance sheet. Compass: size of layoffs not immediately disclosedCompass is letting go of more employees after two rounds of layoffs in the past eight months.CompassCompass CEO Robert Reffkin told staffers on Jan. 5 it would conduct more layoffs, following two previous rounds in the past eight months, as the brokerage continues to struggle with significant financial losses. "We've been focused over the last year on controlling our costs," Reffkin wrote in an email to employees. "As part of that work, today we reduced the size of some of our employee teams. While decisions like these are always hard, they are prudent and allow us to continue to build a long-term, successful business for all of you."While the size of the layoffs was not immediately disclosed, the brokerage let go of 450 corporate employees in June 2022, followed by an additional 750 people from its technology team in October 2022.   Stitch Fix: 20% of salaried jobsStitch Fix is laying off salaried employees.SOPA ImagesStitch Fix announced on Jan. 5 that it plans to slash 20% of its salaried workforce, the Wall Street Journal reported.The cuts come in tandem with the announcement that CEO Elizabeth Spaulding is stepping down, after less than 18 months at the helm of the struggling retail company."First as president and then as CEO, it has been a privilege to lead in an unprecedented time, and to chart the course for the future with the Stitch Fix team," Spaulding said in a statement. "It is now time for a new leader to help support the next phase."Stitch Fix founder Katrina Lake — who formerly served as chief executive and sits on the board of directors — will become interim CEO, the company said in a press release. Read the original article on Business Insider.....»»

Nvidia's stock price surged by nearly a quarter on Thursday and is now up 160% year-to-date. Intel is nowhere near matching that gain. Nvidia's stock price has jumped 160% year-to-date.Jakub Porzycki/NurPhoto via Getty Images Nvidia's shares surged Thursday after it issued a sales forecast that dwarfed Wall Street's expectations. The chipmaker's stock has gained a staggering 160% within the first five months of this year. Longtime rival Intel is up just 4% over the same period. Nvidia's AI-fueled share-price surge has left its longtime rival Intel in the dust.The California-based chipmaker's stock soared 24% on Thursday after it issued a second-quarter sales forecast that crushed Wall Street's expectations. Investors piled in, betting the company would benefit from the current AI boom.Nvidia's shares are now up 160% in 2023, making it comfortably the best performer in the benchmark S&P 500 year-to-date.Other AI-related stocks also surged on the back of Nvidia's stellar results – but Intel fell 5.5%, slashing its gains for the year to below 4%.The two companies have also diverged in terms of market capitalization.Nvidia's total market value has soared from $364 billion to $939 billion in 2023, according to data from CompaniesMarketCap – whereas Intel's has only climbed from $109 billion to $114 billion in the same period.AI appears to be responsible for the longtime rivals' mixed fortunes.Nvidia is the leading producer of the graphics chips needed for high-intensity AI computing, meaning it was well-positioned when the rise of ChatGPT created an "iPhone of AI" moment, CEO Jensen Huang said recently.In contrast, Intel's semiconductors tend to be used in data centers – which many have warned could be rendered obsolete by the rise of generative AI.By not matching its rival's AI efforts, Intel has "missed the boat, which has hit stock performance and valuation and growth potential," ROBO Global analyst Zeno Mercer told Bloomberg.Read more: Nvidia's stellar results show that there's an AI goldrush coming, chip analyst saysRead the original article on Business Insider.....»»

Nvidia provided a revenue forecast way above expectations, citing skyrocketing demand for its artificial intelligence chips with the generative AI boom. Nvidia’s stock soared on Thursday after the chipmaker reported better-than-expected first-quarter earnings, beating analysts’ expectations regarding earnings and revenue. The company also provided a revenue forecast for the July quarter way above expectations, citing skyrocketing demand for its artificial intelligence chips with the generative AI boom. AI Boom Could Mark Nvidia’s “iPhone Moment” Thanks to the surging demand for its artificial intelligence chips, Nvidia expects record sales in the near term. The company has projected $11 billion in sales for the current quarter, far above the $7.2 billion Wall Street estimated and the highest quarterly total ever for the firm. Nvidia CEO Jensen Huang said the company is working on a new generation of advanced Nvidia chips for AI calculations in data centers to meet the surging demand. “We are significantly increasing our supply to meet surging demand for them,” he added. Analysts say Nvidia’s chips are essential to creating AI language-generating tools like ChatGPT. Since AI tools require vast amounts of data and enormous processing power, building just one AI system can require thousands of chips, which opens a huge new revenue opportunity for Nvidia — and could mark the company’s “iPhone moment.” Huang said operators of big data centers are retooling their computing infrastructure to address better the opportunities offered by AI. He added: “A trillion dollars of installed global data center infrastructure will transition from general-purpose to accelerated computing as companies race to apply generative AI into every product, service and business process.” Nvidia Diversifies into AI to Expand its Userbase Nvidia has inked partnerships with Amazon, Google, and Microsoft to help them develop generative AI services. On Tuesday, the chipmaker also announced adding its AI software to Microsoft’s Azure cloud-computing service to allow corporate customers to tap into the technology. Historically, Nvidia has primarily had roots in graphics-processing chips for video gaming, but it has broadened its customer base by diversification into AI and cryptocurrency mining. The surge in demand for its graphics chips by cryptocurrency miners caused severe supply shortages and price hikes last year, prompting the company to create specialized chips for these markets. More recently, the company’s AI chips helped its data center division surpass its gaming division in revenues. This has even prompted the chipmaker to offer a new generation of AI chips for data centers that promise a substantial performance upgrade. Earlier this month, Nvidia announced the shipment of its DGX H100 systems. The product features eight H100 Tensor Core GPUs that are connected via NVLink, alongside dual Intel Xeon Platinum 8480C processors, 2TB of system memory, and 30 terabytes of NVMe SSD, the company said in a blog post. The “iPhone moment,” derived from the explosive adoption of smartphones and phone apps, refers to a situation when an emerging technology disrupts as businesses pivot towards it. Nvidia Beats Wall Street Estimates in Q1 On Thursday, Nvidia released its earnings report for the year’s first quarter. The company reported $7.19 billion in revenue, compared to the expected $6.52 billion, beating estimates by a wide margin. Furthermore, the chip maker’s data center revenue was $4.28 million instead of the projected $3.9 billion. The company’s earnings and earnings per share were similarly impressive, beating the expected $0.92 and amounting to $1.09. The strong first-quarter results follow a lukewarm performance throughout 2022 which saw its share price drop repeatedly on decreasing revenue. Part of the decline in revenue was a slowdown in demand for mining chips after Ethereum transitioned to a Proof of Stake (PoS) consensus mechanism. This article originally appeared on The Tokenist Sponsored: Tips for Investing A financial advisor can help you understand the advantages and disadvantages of investment properties. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now. Investing in real estate can diversify your portfolio. But expanding your horizons may add additional costs. If you’re an investor looking to minimize expenses, consider checking out online brokerages. They often offer low investment fees, helping you maximize your profit......»»

Jimmy Carter is still alive, eating ice cream, and following discussion of his legacy as a president and humanitarian 3 months into hospice care. Ex-president Jimmy Carter, now 98, has been in hospice care since February.Paul Hennessy/NurPhoto via Getty Images Jimmy Carter is still alive — and even enjoying ice cream — three months after entering hospice. The 98-year-old former president is receiving care at his home in Plains, Georgia, where he's lived since 1962. Rosalynn Carter, 95, is by her husband's side meeting with family, their grandson said. NORCROSS, Ga. (AP) — Three months after entering end-of-life care at home, former President Jimmy Carter remains in good spirits as he visits with family, follows public discussion of his legacy and receives updates on The Carter Center's humanitarian work around the world, his grandson says. He's even enjoying regular servings of ice cream."They're just meeting with family right now, but they're doing it in the best possible way: the two of them together at home," Jason Carter said of Jimmy and Rosalynn Carter, now 98 and 95 years old."They've been together 70-plus years. They also know that they're not in charge," the younger Carter said Tuesday in a brief interview. "Their faith is really grounding in this moment. In that way, it's as good as it can be."The longest-lived U.S. president, Jimmy Carter famously said he was "completely at ease with death" when he was 95 and announced in February that, after a series of brief hospital stays, he would forgo further medical intervention and spend the remainder of his life in the same modest, one-story house in Plains where they lived when he was first elected to the state Senate in 1962. No illness was disclosed.The hospice care announcement prompted ongoing tributes and media attention on his 1977-81 presidency and the global humanitarian work the couple has done since co-founding The Carter Center in 1982."That's been one of the blessings of the last couple of months," Jason Carter said after speaking Tuesday at an event honoring his grandfather. "He is certainly getting to see the outpouring and it's been gratifying to him for sure."The former president also gets updates on The Carter Center's Guinea worm eradication program, launched in the mid-1980s when millions of people suffered from the parasite spread by unclean drinking water. Last year, there were fewer than two dozen cases worldwide.And in less serious moments, he also continues to enjoy peanut butter ice cream, his preferred flavor, in keeping with his political brand as a peanut farmer, his grandson said.Andrew Young, who served as Carter's U.N. Ambassador, told the AP that he too visited the Carters "a few weeks back" and was "very pleased we could laugh and joke about old times."Young and Jason Carter joined other friends and admirers Tuesday at a celebration of the former president along Jimmy Carter Boulevard in suburban Norcross, just northeast of Atlanta. Young said the setting — in one of the most racially and ethnically diverse suburban swaths in America — reflected the former president's broader legacy as someone who pursued peace, conflict resolution and racial equity.When the almost 10-mile stretch of highway in Gwinnett County was renamed in 1976 — the year he was elected president — the small towns and bedroom communities on the edge of metropolitan Atlanta were only beginning to boom. Now, Gwinnett alone has a population of about 1 million people, and Jimmy Carter Boulevard is thriving, with many businesses owned by Black proprietors, immigrants or first-generation Americans.Young, a top aide to the Rev. Martin Luther King Jr. during the Civil Rights Movement, said Carter began as a white politician from south Georgia in the days of Jim Crow segregation, but he proved his values were different.As governor and president, Carter believed "that the world can come to Georgia and show everybody how to live together," Young said.Now, Georgia "looks like the whole world," said Young, 91.Nicole Love Hendrickson, elected in 2020 as the first Black chair of the Gwinnett County Board of Commissioners, praised Carter as "a man with an exceptional regard for the humanity of others."Alluding to Carter's landslide re-election defeat, Young said he has personally relished seeing historians and others finding success stories as they reassess Carter's presidency — ceding control of the Panama Canal, developing a national energy strategy, engaging more in Africa than any U.S. president had. Such achievements were either unpopular at the time or overshadowed by Carter's inability to corral inflation, tame energy crises or free the American hostages in Iran before the 1980 election."I told him, 'you know, it took them over 50 years to appreciate President Lincoln. It may take that long to appreciate you,'" Young said."Nobody was thinking about the Panama Canal. Nobody would have thought about bringing Egypt and Israel together. I mean, I was thinking about trying to do something in Africa, but nobody else in Washington was, and he did. He's always had an idea about everything."Still, when Jason Carter addressed his grandparents' admirers Tuesday, he argued against thinking about them like global celebrities."They're just like all of y'all's grandparents — I mean, to the extent y'all's grandparents are rednecks from south Georgia," he said to laughter. "If you go down there even today, next to their sink they have a little rack where they dry Ziplock bags."Most remarkable, Jason Carter said, is the fact such a gathering occurred with his grandfather still living."We did think that when he went into hospice it was very close to the end," he told attendees. "Now, I'm just going to tell you, he's going to be 99 in October."Read the original article on Business Insider.....»»

Emotional-based decisions are a great way to miss out on the next bull run. Ben Rains shows how simple changes can adjust your behavioral algorithm to generate more confidence and more positive returns. It is staring you right in the face.One of the biggest things standing in the way of investment success has nothing to do with smarts, the ability to crunch numbers, processing complex economic data, or any other complicated subjects that might take years of schooling or professional experience to master.The best part is that almost anyone should be able to make the simple changes needed to start making more money in the market nearly overnight.Leave Your Emotions at the Door The last three years, from the initial Covid-19 crash to right now, serve as a perfect example of why investors need to block out the noise and become unemotional money makers.Pandemics, recessions, geopolitical fears, scary headlines, and tons of other forces always play their roles in equity markets on a daily, weekly, monthly, and even yearly basis.But the best investors and money managers know that a few key factors determine stock prices over the long haul, and they take advantage of every chance they get to buy stocks at a discount by ignoring the distractions.Investors who understand the resiliency and health of the U.S. economy and stock market over the long term are unfazed by short-term uncertainties and fears and continually make decisive, repeatable moves that help them become extremely successful.For example, the initial Covid-19 market collapse in 2020 likely led many investors to panic sell at prices that would soon prove to be the lows. Think of all these same investors who then stayed on the sidelines as stocks roared back to set new records by the end of that summer before going on another roughly 15-month run, posting new highs along the way.It is proven that many investors are most excited to buy stocks when they are peaking in the short term. Meanwhile, tons of those same investors are extremely nervous to buy stocks at levels that will—in retrospect—mark the start of the next huge run. Reports also find that missing the market’s 10 best days over the past 20 years (which often occur near the worst days) would have cut your returns roughly in half.These simple truths are why investors must avoid making emotional decisions at every turn. Thankfully, it is far easier to become a dispassionate, consistent winner on Wall Street than many might think.Algorithms Over Anger & Enthusiasm  Most investors should try to avoid market timing and stay constantly exposed to stocks. The reason is simple enough: even the most elite investors in the world cannot precisely time stocks and the broader market over and over again.Those who are able to time the market with an acceptable, money-making rate of success, year in and year out, in bull and bear markets, utilize nearly everything in their toolboxes apart from emotions.Today, quantitative and computer-driven strategies are often the most important tools for successful investors and funds. These models help crunch the numbers, interpret historical data, and backtest, while blocking out all the constant noise.At the opposite end of the spectrum, many retail investors who attempt to play the market-timing game on their own have been proven to consistently buy at or near the peaks and then sell close to the market’s eventual bottom.Behavioral economics is now a field of its own. Experts in the area can provide insights into why humans constantly make choices that negatively impact their own financial well-being.Of course, most people don’t need someone with a Ph.D. to tell them we can be our own worst enemies in investing.The goal moving forward isn’t to do more of the same while being calm and Zen. Instead, investors looking to achieve more success should emulate quantitative investing strategies that don’t have egos or bad days and never get caught up in the heat of the moment.Continued . . .------------------------------------------------------------------------------------------------------Emotion-Free Investing for This MarketUsing a secret formula of 12 fundamental and technical indicators, Zacks' computer-driven "Black Box" strategy recommends 10 high-potential stocks every week with mathematical precision.Recently, this unbiased approach closed gains of +42.9%, +20.1% and +21.3% in as little as a week.¹See Our Latest Computer-Generated Stocks Now >>------------------------------------------------------------------------------------------------------How Long Should You Stay in the Market? Every investor’s goal is somewhat similar: consistently make money over one’s lifetime.Clearly, there will be lean years and down times because even Wall Street legends go through slumps. And it is hard to consistently pick winners, especially during downturns like we saw throughout much of 2022. Yet, even during last year’s market drop, many stocks outperformed and shined.There is also little doubt that many investors who were afraid to jump back into the market amid the pandemic boom, having been burned the last time around, eventually bought stocks just as things were getting overheated and the economic picture was starting to change near the end of 2021.Many of these same investors might have finally capitulated and sold again near the end of 2022 or early 2023, which is when the current comeback began. The S&P 500 has climbed roughly 10% in 2023, while the tech-heavy Nasdaq has surged about 21% higher.Both indexes also still trade well below their record highs. With that in mind, be very suspicious of anyone telling you now is exactly the time to sell or buy.What’s been proven to be a winning long-term strategy is time in the market, not timing the market. And computers don’t need off days or performance bonuses to help boost your returns for decades to come.Confidence in Every Trade Wall Street has long been dominated by computerized and algorithmic trading strategies. Big investment firms and top traders utilize complicated models full of various inputs. They also verify that their strategies work consistently during bull markets and extended downturns.Past performance is no guarantee of future success. But why would anyone want to invest with a fund or stock picking strategy that has already consistently lost investors’ money over an extended period?At the same time, it’s obvious why traders utilize strategies that have continuously proven their worth by helping make them money throughout the years.Today, the average investor can implement a similar computerized-focused, backtested playbook to win like the Wall Street superstars.There are, of course, no sure things. And even the best investors and the top-ranked algorithmic models 'only' have win ratios of 60%, 70%, or even 80%.Despite that, Wall Street titans who utilize algorithmic-style strategies remain confident when executing the next trade, and so can you.Where to Begin? Starting today, you can apply our ready-made, proven approach that incorporates the best Zacks Rank stocks, the top Zacks Ranked Industries, and a special combination of various Growth, Value, and Momentum style inputs that have shown extreme profit potential.We call this secret formulation the Zacks Black Box Trader.Recently, it closed gains of +42.9%, +20.1% and +21.3% in as little as a week.¹Let me assure you that there’s not a trace of human bias in this computer driven and operated strategy. Just a straightforward, quantitative model that has beaten the market.Black Box applies the best time-tested analysis to every stock that comes through. And it automatically does this each and every time so you don't have to. Every week, you'll be signaled which stocks to buy (and which to sell) with the highest probability of success.Remarkably, whether you're a seasoned trader or brand new to the markets, it only takes a total of 5-10 minutes trading each week to enjoy the gains. Don’t miss this chance to get into our latest auto-selected Black Box stocks. They’ll be released this coming Tuesday so you can be among the first to see them.Bonus until midnight Sunday, May 28: Look into Black Box Trader now and you may also download our Special Report Bank Failures: How to Protect Yourself & Profit.It gives you a better understanding of the factors behind the so-called "banking crisis" and recommends 8 tickers that could see significant gains in the coming months. Don't delay.Look Inside Zacks’ Black Box and Download Our Free Special Report Right Now >> Thanks and good trading,Ben RainsBen is a Zacks Rank expert, noted for applying the algorithms and strategies that help individual investors achieve success. He manages the market-beating Black Box Trader.¹ The results listed above are not (or may not be) representative of the performance of all selections made by Zacks Investment Research's newsletter editors and may represent the partial close of a position.  Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free reportTo read this article on Zacks.com click here.Zacks Investment Research.....»»

The brutal truth about the housing market's new Ice Age: If you don't already own a home, you're going to be screwed for years to come. With the benefit of hindsight, we now know the exact moment America's housing market turned upside down.Arif Qazi / InsiderIf you don't already own a home, you're going to be screwed for years to comeAttempting to time the housing market is a foolish pursuit. Sure, there are heaps of data, forecasts, and market experts who can offer theories on where home prices or borrowing rates are headed. But no amount of tea-leaf reading can spare you from this harsh reality: Homebuying is ultimately a coin toss. If you're very lucky, you buy a home right before prices boom. If you're not so fortunate, you pony up the cash just in time for the bubble to burst.While these breaking points are nearly impossible to see in advance, they're often glaring in hindsight. Perhaps the most shocking "before and after" for the housing market in recent memory — the moment when the fortunes of homebuyers diverged, creating what one expert called a "housing economy of 'haves' and 'have-nots'" — came in July 2020. That's when it became clear that a wave of house-hungry millennials and space-starved remote workers were turning the housing market's initial pandemic slump into a full-blown frenzy.The differences between those who bought homes before and after that turning point are staggering. People who got in before things went haywire were able to dodge skyrocketing home prices, lock in record-low mortgage rates, and stack hundreds of thousands of dollars in home equity over the past few years. Meanwhile, people left on the sidelines have watched their rent costs eat into their down-payment nest eggs, median home prices soar by 30%, mortgage rates shoot back up, and the pool of available homes shrink to the lowest levels in recent history. The result is a housing market that's fundamentally out of whack. With each passing month, more millennials, and now Gen Zers, reach the points in their lives where they feel the urge to settle down and buy a home. Yet the number of available homes remains shockingly low, especially during what would normally be a busy spring selling season. On the horizon, there's no flood of new homes that could significantly ease the housing crunch. And homeowners have little incentive to move, since doing so would mean giving up the comfortably low mortgage rates that guarantee them manageable home payments for decades to come.The housing market has changed for good — and with the benefit of time-earned wisdom, we can pinpoint the moment it entered a new era. If July 2020 was the make-or-break moment for the market, we may now be seeing the crystallized "new normal": a fraught landscape defined by a scarcity of available homes, borrowing rates that have sharply rebounded from their historic lows, and homeowners who feel locked in by the deals they scored earlier in the pandemic. Call it the Housing Ice Age.An upside-down housing marketWhile the transformation may have been triggered by a once-in-a-generation public-health emergency, Mike Simonsen, the CEO of the housing-data firm Altos Research, told me, the seeds of our upside-down housing market were planted over a decade ago. Since the housing crash of 2008, builders' reluctance to add to the supply of homes, combined with a gradually cresting wave of millennial first-time buyers, created a combustible scenario."We were already at record-low inventory when we started the pandemic, then the pandemic just accelerated all of these things," Simonsen said.Two big things happened during the initial response to the pandemic that launched the housing market past the point of no return. First, borrowing rates hit historic lows as the Federal Reserve attempted to stimulate the economy. This shift allowed more people to get access to mortgages and dramatically reset buyers' expectations in ways that will reverberate for years. Second, demand for homes surged because of the widespread adoption of remote work and the sudden urge people felt for more space. The chaos pulled forward years of homebuying activity, creating a rush for homes that seriously warped the market. Both factors have propelled competition in the housing market to new heights and made it challenging for would-be buyers to find their footing.When that fateful July arrived in the pandemic's first year, homes were selling quicker than they had in any month since the National Association of Realtors began collecting data in 2011, prompting the organization to proclaim a "V-shaped housing-market recovery." First-time homebuyers were jumping into the market with gusto, accounting for 34% of home purchases. The median home price in the third quarter of that year jumped to $337,500, up 5% from the previous quarter, kicking off a two-year streak of massive price increases. Fueling this sudden shift was collapsing mortgage rates, which, for the typical 30-year loan, fell below 3% for the first time ever that month."I might say July is the turning point, where you actually saw that sharp increase in demand driven by the low-interest-rate environment and the remote-work phenomenon," Cristian deRitis, the deputy chief economist at Moody's Analytics, told me.As the dust settles after a hectic few years, it's becoming clear which of the pandemic distortions are going to stick around as long-term trends. Homebuyers and real-estate agents who grew accustomed to the market running red hot during the first couple of years of the pandemic are confronting the challenges that come with a much-chillier environment — higher borrowing rates, fewer transactions, and a dearth of homes that ensures competition for listings remains fierce. The most striking feature of this new housing market is the historic lack of homes available for sale. Part of this is due to pre-COVID-19 decisions: The hype around income-earning investment homes has over the past decade led to roughly 8 million homes being taken out of the resale market and turned into investment properties, Altos Research estimates. Even still, the severity of the inventory crunch proves something else has shifted.A busy spring selling season, when inventory typically spikes as people gear up to move in the summer, hasn't materialized this year. Typically, you'd expect to see about 1 million single-family homes on the market around this time of year, Simonsen told me — today there are just over 400,000. In March, roughly 30% fewer properties hit the market compared with pre-pandemic norms, Black Knight, a mortgage-software and -data provider, reported. And in April, existing home sales were down a whopping 23% from last year, Realtor.com found. The number of new listings that hit the market in March and April was essentially on par with the low levels in 2020, when the country was in the throes of the first pandemic restrictions, Danielle Hale, the chief economist at Realtor.com, told me."If you had told us in 2019 or 2018 that we were only going to have a little over half a million homes on the market in April, no one would have believed you," Hale said. "It's so vastly different that it's probably hard for most people to comprehend."Many would-be sellers are content to stay put because they've locked in mortgage rates well below what they could get if they got a new loan today. After rates bottomed in late 2021, the Federal Reserve's interest-rate hikes — designed to fight inflation that was caused in part by the housing-market surge — have sent borrowing costs soaring. The typical rate for a 30-year mortgage now stands at around 6.4%, according to Freddie Mac, about the highest levels since the Great Recession. This has kept people from putting their houses on the market and suppressed overall inventory levels. Roughly 86% of US homeowners with mortgages have an interest rate of 5% or lower, while half of all mortgages have an interest rate of 3.5% or lower, well below today's level, according to Black Knight. And roughly three in five homeowners have moved just within the past four years, meaning that even if rates do come down, many mortgage holders will be in no hurry to move, according to data from Redfin. "The high-interest-rate environment is locking out a lot of would-be first-time homebuyers. It's just not affordable at these levels for them, given their incomes," deRitis told me. "But even more frustrating, perhaps, is for buyers who are qualified, who even have the cash available — there's just very limited existing home inventory. Even if they want to buy, they just can't."The lucky and unluckyThis new Ice Age will have profound effects that are likely to linger for decades. Those who bought homes before the market's turning point have watched their wealth skyrocket over the past several years. As of March, the typical homeowner with a mortgage had about $185,102 in tappable equity — the amount they can borrow against while keeping a 20% stake in their home — according to Black Knight. That's a 54% increase from the same point in 2020. In the two years ending in October, US homeowners gained a whopping $9 trillion in home equity, according to the Federal Reserve.Renters have seen none of those wealth gains. In fact, they're more burdened by rent than ever before. Last year, the typical American household needed to fork over more than 30% of its income to rent an average-priced apartment, according to Moody's, the first time since the firm began tracking the data 25 years ago that the rent-to-income ratio crossed that threshold. For the people who can wade into the market today, there's ample evidence that they're getting short-changed. In March 2020, $300,000 could have gotten you a roughly 2,000-square-foot home, according to data on average prices per square foot from Realtor.com. Today, that same dollar amount would get you a 1,400-square-foot property. So in just three years, the same amount of money gets a buyer 30% less house. The NAR's housing-affordability index has plummeted since the start of the pandemic, falling from about 180 to just 98 as of March.Some aspects of the pandemic-era housing market that once seemed "odd" are increasingly becoming new norms. Buyers are still bidding quickly on the homes they want — more than 20% of homes are going under contract almost immediately, Altos Research found. In 2022, all-cash purchases accounted for more than one-third of all single-family-home and condo sales, a nine-year high, according to Attom Data Solutions, a real-estate-data firm.For those who missed out on the past several years of wealth building, the long-term effects could be devastating. We already know that millennials are living with their parents later, delaying typical life milestones such as getting married or having children, and having to wait longer to purchase homes. As a result, they have less wealth than their predecessors did, even though their earnings have caught up to those of previous generations. The steep rise in mortgage rates last year ensured that there would be a decadeslong gap between those who secured cheap rates earlier in the pandemic and those who will be forced to contend with all kinds of rising housing costs in the coming years. "The thing that I think is maybe not changing is the fact that we have people who are in homes now who are locked in for 30 years," Simonsen told me. "If I've got a 30-year mortgage, I don't ever have to sell that house. Those are generational changes."James Rodriguez is a senior reporter for Insider.Read the original article on Business Insider.....»»

Playing with Star Wars Lego made them famous. Then an ominous crime drove them apart. Louis created custom Star Wars Lego builds and shared them on his YouTube page Republicattak — until someone decided to destroy his creations.Mojo Wang for InsiderPlaying with Star Wars Lego bricks made them famous. Then a mysterious crime drove them apart.On October 4, 2018, a young Frenchman named Louis came home from work to find the window in his front door smashed. A practical-minded 20-year-old with short dark hair, he figured it was just another petty crime in the rural outskirts of Paris, where he lived with his parents. But when he saw the familiar gleam of a tiny red plastic brick on the driveway, his stomach plunged. It was his Lego.In brickspeak, Louis is an Adult Fan of Lego — known as AFOLs, for short — and among the most ardent. His grandmother gave him his first set, the Lego Clone Scout Walker, for his sixth birthday, igniting a singular passion that hasn't let up since. Under his handle Republicattak (the missing "c" a childhood misspelling that gnaws at him), he shares his custom Star Wars-themed builds on his YouTube channel. Unlike many aspiring influencers, he keeps his identity private, other than his first name, to avoid embarrassment at work. "Otherwise, it'll be very awkward," he tells me over Zoom in his thick French accent. "Because in my videos, I'm very much like, basically, a grown man playing with toys."On that October day, his toys were everywhere. Colorful parts littered the walkway outside his house — a green baseplate here, a yellow sloped brick there. As Louis slowly followed the trail, he recognized chunks of his most beloved builds: a broken cockpit from his UCS X-Wing, the black treads ripped from his Clone Turbo Tank, a limbless Stormtrooper Minifigure staring helplessly from inside its helmet. "It was like a horror movie," he recalls, "but for Lego."Though his parents were away, Louis feared the intruder might still be inside as he pushed open the broken front door. Nervously, he followed the trail of Lego to his bedroom. Since that first gift from his grandma, he'd painstakingly acquired, cataloged, and dusted ("just the dust," he tells me, is "terrible, painful work") more than 300 sets worth more than $20,000.Now, his collection appeared to have been blasted by a Death Star Superlaser. Whole models had vanished, mint-condition boxes were ransacked, and scattered across the floor were the remnants of his most valuable builds.His cash and laptops were untouched, but the Millennium Falcon his parents had given him was gone; so was the original Clone Scout Walker from his grandma. Most painful of all, the intruders had destroyed the massive, original Lego opus he'd been building over nights and long weekends for 10 months, a 35,000-piece installation he called "Imperial Gate.""I really feel like the whole part of my stomach is missing," Louis recalls. "It is just so much that I'm just collapsing on the ground. I will just crush my head against the floor. Then I will just stand up and crush my head against the walls and just screaming. I will just run outside screaming. I will maybe scream for at least 10, 20 minutes."That afternoon, he taped what he said was his final YouTube message. "I don't know what I'm going to do," he said into his cellphone camera, blinking back tears. "It really was my passion. That's the end of this channel."  Louis grew up in the Golden Age of Lego. The company, headquartered in the tiny Danish town of Billund, recently opened a Googleplex-like campus for its 2,000 employees. When I visited last year, the company had hoisted a King Kong-size, primary-colored Lego Minifigure at the entrance. In the lobby, a full-scale Lego Bugatti flashed its headlights. Fifteen million tourists a year flood the flagship Legoland theme park down the street, and a mile-long Lego factory runs around the clock, 361 days a year, churning out nearly 5 billion pieces a month. There are now more Minifigs in the world — 8.3 billion — than human beings.The boom has also given rise to a multimillion-dollar secondary market for the most sought-after builds. Researchers at the Higher School of Economics in Russia found that from 1987 to 2015 Lego investments returned about 10% annually — better than stocks, bonds, gold, and collectible items like wine and stamps. A Space Command Center Lego set that sold for $25 in 1979 is worth over $10,000 today. "Investors in Lego generate high returns from reselling unpackaged sets, particularly rare ones, which were produced in limited editions or a long time ago," said Victoria Dobrynskaya, one of the study's authors.But the big money in little bricks comes with a downside: crime. In 2012, the police arrested a 47-year-old Silicon Valley executive for tricking stores into giving him a discount on Lego sets and then reselling them on eBay. In 2015, a 46-year-old Florida man and his mother were convicted of stealing an estimated $2 million worth of Lego from Toys R Us stores from Maine to California. In 2020, thieves blasted through the warehouse wall of Fairy Bricks, a charity in England that donates Lego sets to sick kids at hospitals around the world, and absconded with $800,000 worth of bricks. That same year, police arrested three Polish suspects accused of robbing Lego toy stores across France as part of an international crime ring. Counterfeiting is even more lucrative: In Shanghai, the police recently broke up a crime syndicate accused of making and selling nearly $50 million in bogus Lego.Before Louis' bricks were stolen, he had devoted every birthday and Christmas wish list, every euro he earned tending his parents' garden, to their accumulation. When his grandmother complained about the pieces littering his bedroom, he told her she couldn't blame him — she was the one who had introduced him to the hobby. At school, his obsession became a liability. "It became more difficult," he says. "I was looked at as the guy who does Lego still." But when he won a contest in art class for building an elaborate bridge out of bricks, "that was enough to shut everybody's mouth about Lego being a childish thing."Mojo Wang for InsiderLouis launched his YouTube channel in 2011, taking his handle from his favorite Star Wars set, the Republic Attack Gunship. Lego YouTubers span the globe, from earnest amateurs with a few followers to professional influencers with paid sponsorships and worldwide fans. Those who are into Lego Star Wars are among the most popular. Louis made his name by creating his own scenes from the Star Wars universe. These MOCs, short for "My Own Creations," are considered high art among the Lego diehards.Louis' MOCs were pointillistic and inventive, faithful to the original story of Star Wars but still imaginative and new: a violent ambush on the lush planet Felucia, a staunch Republic patrol on the icy station of Hoth. "Many people love to take a scene from a movie and rebuild it into Lego, but I find this is very boring, honestly," he tells me. "I love to build something with just one first idea in mind. And then as I build, more and more and more ideas come — 'Hey, why not do something with snow? OK, let's see what sort of pieces I have.' Creativity comes with constraints. I'm putting myself in constraints and forcing myself to do something."After school and on weekends, Louis would spend long hours constructing and filming his builds for his YouTube channel. His videos were labors of love: a Star Wars-style "Republicattak Productions" logo; long, loving pans over his clone bases accompanied by a piano rendition of "Rondo Alla Turca." Though mocked at school, Louis found a legion of like-minded Lego fans online. He traveled to conventions and Lego-building tournaments.It was at an informal contest where Louis met Victor, a fellow Lego Star Wars fanatic. They were both 10, and they became best friends, visiting each other to build together in person. Soon they ranked among the most popular Lego Star Wars YouTubers in France, known for the size and scope of their MOCs. "We were the only two who made huge creations," Victor tells me. (Like Louis, he is known in the AFOL community by only his first name and his YouTube handle.)An aspiring filmmaker, Victor impressed Louis with his cinematic flair. His MOCs captured moments of action and even gore — a sprawl of security clones firing into an onslaught of coming bounty hunters, a massacre of decapitated clones with red brick blood. When he began selling his own artisan Minifigs online — sleek "luxury clone customs," as Victor bills them — Louis was among his first customers, eager to support his friend.Mojo Wang for InsiderIn 2018, Louis began building his greatest MOC yet: the Imperial Gate. He imagined a gray mountain chain, towering like the nearby Pyrenees, cut in half by the Imperial Engineering Corps to build a road. There would be a power plant, a dam, and, most dramatically, a giant, four-legged, mechanical All Terrain Armored Transport, or AT-AT walker, stomping through the range. "I know that this may be inappropriate," he says, "but for me, it was really like my baby."But as Louis' fame in the AFOL community grew, his friendship with Victor began to fray. By his own acknowledgment, Louis had grown cocky as his YouTube follower count topped Victor's. "When you're on YouTube and you get to climb," he says, "simply, you just have a big head." Then Victor won some notable Lego contests, and his own YouTube channel surged past Louis'. "I quickly went over him in terms of followers," Victor tells me. "I don't want to sound cocky, but the French are not the best builders, so I had no real competition. Even Republicattak, he is not considered a very good builder, even though he has a big collection."They were also growing apart in the way childhood friends often do. They had known each other since the sixth grade, a couple of nerdy kids obsessed with X-wing fighters and colored bricks. Now they were growing up and following divergent paths. Living in Paris, Victor became the cool city kid: growing his hair long, adding chill hip-hop tracks to his videos, pursuing his dream to be a director and an actor. Louis remained at home with his parents in the country, quiet and reclusive as he tinkered with his builds. The next time Victor came over to Louis' place proved to be the last. It was the summer of 2018. Louis had already spent the better part of the year constructing his Imperial Gate. Victor poked around Louis' stacks of unboxed Lego sets and found one he suggested they crack open and build together: the Battle of Scarif. Based on the Star Wars movie "Rogue One," the 2017 set was inspired by one of the canon's most dramatic Rebel missions: to steal the secret Death Star plans from a fortified beach bunker on the planet Scarif. With 419 pieces and four Minifigs, it wasn't a very big or complex set. But Louis was meticulous about his Lego room, and he didn't have the space, or the desire, to build it yet.Louis says that Victor didn't take it well, and that after much "whining" he stormed off. Victor plays down the moment, saying their lives simply went "adrift." The two friends no longer fit with that satisfying click that comes from snapping together two Lego bricks. After the Battle of Scarif, it would be months before they spoke with each other again. From the outside, every subculture seems strange and incomprehensible to the uninitiated. AFOLs exist in an obsessive ecosystem of websites, TikToks, Instagrams, conventions, trading sites, black markets, newsletters, and competitions devoted to the cult of the brick. The most hardcore make a pilgrimmage to Billund, where the Danish carpenter Ole Kirk Christiansen cobbled together the first bricks 90 years ago. For many, building with Lego is an almost spiritual experience. "It's about having a mindset of always using the endless opportunities," says Esben Christensen, a 76-year-old who plays in the Lego marching band with his son. "It's about looking at what can I get out of these bricks." Santiago Carluccio, a 32-year-old AFOL from Buenos Aires, Argentina, spent two years studying Danish and bought a one-way ticket to Billund with the hope of scoring a design job at the company. In the meantime, he's cooking poached salmon and sautéed pumpkin at the Mini Chef café, where robots serve meals in giant plastic bricks. "Lego is a part of how I'm built," he tells me.Lego is well aware of the value of its adult fans; the company estimates that 20% of its sales are grown-ups buying sets for themselves. At its headquarters in the center of town, it maintains a Masterpiece Gallery of AFOL MOCs. A 50-foot Tree of Creativity, made of over 6 million pieces, soars up from the lobby. There are intricate Lego flowers, elaborate Lego Rube Goldberg machines, a broom-size pop-art Lego toothbrush achingly detailed down to the bristles. "One of our philosophies is to showcase the endless possibilities of the brick," Stuart Harris, the gallery's master builder, tells me as we gaze up at a 10-foot-tall orange-and-red Tyrannosaurus rex. He hands me a bag of six red bricks, noting that they can be snapped into 915 million combinations. "You might have something in your mind as to what you want to create," he says. "But then it's engineering: How am I going to do that? What kind of bricks and techniques am I going to use? It's the challenge that's fun and inspiring."When Louis' fellow AFOLs saw his tearful farewell video, they were outraged on his behalf. The clip traveled rapidly through the community of adult fans, racking up more than 22 million views and prompting a shout-out from the YouTube influencer PewDiePie. "This absolutely breaks my fucking heart," one viewer posted. "All these years of hardwork RUINED." Another replied: "Whoever did this was a HORRIBLE person. They didn't just steal his Lego, but basically his whole life."As the outrage grew, Ryan McCullough, an AFOL in Florida, launched a GoFundMe campaign to help replace Louis' stolen sets. "His room was ransacked and almost all of his Lego was stolen," McCullough posted. "It would be incredible to help him rebuild his collection." McCullough hoped to raise $1,000. Within 24 hours, supporters had donated $18,350 — enough to replace the entire collection. "It's just an indescribable feeling," Louis recalls. He even received a package from Lego headquarters. Inside was a brand-new set tied to the final "Star Wars" movie that was signed by the designers — along with the film's director, J.J. Abrams.                    But even with the money to replace his collection, there was no buying back what his stolen sets had meant to him. "Those are priceless memories," Louis says. He couldn't bring himself to pick up a brick anymore: "It's hard to build something after what happened." He tried counseling, to no avail.           Even more distressing, the case was still unsolved. After searching Louis' home, the police found no evidence tracing the break-in to any person. Though it must have taken a truck to haul away all of Louis' Lego, no neighbor reported seeing anything suspicious. The police bristled over Louis' video, telling him he'd done the case a disservice by giving the thief a reason to unload the stolen goods, making an arrest even more difficult. They urged him to remain quiet while they tried to find the crook. (The police didn't respond to requests for comment from Insider.)But as months passed with no progress on the case, Louis began trying to solve the crime himself. Late at night he would chat on Discord with 13 of his AFOL friends from around the world: gamers, students, chess players, professionals. Acting as Lego detectives, they crafted a list of suspects and pored over it for motivations and clues. Maybe it had been an avid collector who prized Louis' Clone Scout Walker so much he was willing to break in to get it? Or perhaps a member of the Polish Lego gang suspected of robbing French toy stores was now targeting Lego influencers? They scoured websites in the lucrative Lego secondary market — Brick Link, Brick Economy, Brick Picker — searching for serial numbers that matched the stolen sets and checked garage sales around Paris. "It's very exhausting," Louis says, "because you have thousands and thousands and thousands of sellers."They found nothing. But they did reach one conclusion: This was not just a crime about money. The thieves left behind other valuables in Louis' house, and the destruction of his builds seemed too violent, too targeted. The smashed sets, the dismembered Minifigs: It felt more like a massacre than a burglary. This, Louis and his fellow sleuths decided, was a crime of passion. As Jehan Mesbah, one of Louis' friends, tells me, "This had to be about vengeance." By May 2019, seven months after Louis' burglary, it seemed his crook would never be found. Despite months of looking for clues online, he and his friends had come up empty. But, in his own mind, Louis kept returning to a single person. Shortly after the break-in, the police had asked him for a list of everyone he'd ever met in the AFOL community. Those were the people who were most likely to have understood the value of his collection, and known he was an easy mark. Louis gave them an extensive list, including his old friend Victor.When Louis had found his Lego room destroyed, Victor had immediately leapt to mind. They hadn't spoken since the fight. What's more, Victor was the only person in the AFOL community who knew where he lived. "Beyond my family," Louis says, "that was one of the three persons who knew. I know for sure that the two others don't have any interest in Lego."Mojo Wang for InsiderAnd there was something else that raised questions about Victor. Among AFOL YouTubers, he practiced a very specific kind of performance art: He loved to post elaborate videos of himself destroying his Lego builds. In one video from 2016, two years before the attack on Louis' Imperial Gate, Victor posted a slow-motion video that showed him smashing one of his massive Lego constructions with a mallet, to the strains of Beethoven's Symphony No. 9 in D minor. "1 year of building and 100,000 bricks are destroyed in less than 3 minutes," he boasted in the caption. Wry and raucous, he fashioned himself as the nihilistic Gallagher of the AFOL world, a devilish kid who loves to smash things.So Victor appeared to have both a means and a motive. But when Louis raised Victor's name with his parents, they urged him to be rational. "You can't judge somebody like that," they told him. "You don't have any evidence. Maybe this person is fully innocent." Louis agreed. A huge part of him hoped that anyone besides Victor was the Lego bandit. But then the police told him something that fueled his doubts. On his suggestion, they said, they had reached out to Victor in the early days of their investigation — but they still hadn't heard back from him. Neither had Louis, other than receiving what he calls "a cordial text" from Victor a few days after the burglary. If Victor was innocent, Louis wondered, then why wouldn't he immediately cooperate with the authorities?Louis texted Victor and asked him to meet with the police. "OK," Victor replied. "If they want a meeting, if that can help, I'll give it to them. I'll accept the meeting."Despite Louis' suspicions, it seemed as if Victor still wanted to be friends, as though nothing were amiss. After some back-and-forth, Victor invited him up to Paris for some Lego time. "You want to come up to my new apartment and do my first new MOC?" Victor texted.Louis decided to use the invitation to take matters into his own hands. He wanted to see for himself what Victor might be hiding. He texted Victor that he'd be happy to come to Paris. But, he added, he wasn't up for building more Lego yet — he was still too traumatized by the burglary. He suggested they just get together and hang out. Concerned that Victor might film their meeting for YouTube, he also made a request: "no video.""No video?" Victor replied. "Why are you so suspicious toward me?""I just don't want to make video of things," Louis texted back. "I just want to see you as a friend."The moment he saw Victor at a Paris café, Louis felt a shot of nerves. He didn't know what to think, and he was afraid his doubts would be obvious. "It was really awkward," Louis recalls. "I knew I had to pretend. I had my suspicions, but at the same time, I was still balancing. I don't know if he did it or if I'm, like, behaving badly because he's innocent."As they chatted, Victor marveled at how Louis' video about the burglary had gone viral. Even his hairdresser had seen it. "He was very enthusiastic about all the attention," Louis says. "He was very into the fame." Victor also regaled Louis with tales of the fame he was finding in his own life, directing fashion and music videos and acting in films. After lunch, he showed Louis his new apartment. Louis looked for any of his bricks among Victor's many Lego sets but saw nothing. As much as he wanted to confront Victor, he refrained. This was his closest friend from childhood; confronting Victor risked severing that connection forever. "If I accuse somebody who was clean, it'll have been pretty bad for our friendship," Louis says. "So I didn't want to."As the first anniversary of the burglary came and went, there was still no action on the case. In April 2020, Victor invited Louis to do a livestream with him on his YouTube channel. Louis agreed, thinking Victor might inadvertently give himself away. "I wanted to try to get closer to him," Louis says, "of hope that he might tell me something." Instead, they just talked about Lego like the old days. "We just ended up like chilling and building," he says, "like we do when we were younger."Later that month, Louis got some news from the police. Eighteen months after the break-in, they had finally spoken with Victor."I had to go to the police station and give my fingerprint," Victor tells me via Zoom from his apartment in Paris. With his wavy dark hair and his striped shirt unbuttoned to center chest, he looks a bit like Timothée Chalamet. He says he wasn't avoiding the police — it just took months of phone tag and missed calls to set up the interview.Victor becomes animated describing what he considered the police's absurd line of questioning. "They were creating these far-fetched theories," he says. The police told him that some of the few Lego that weren't stolen from Louis were Minifigs that Victor had custom-designed for his friend."If they were not stolen, it's because they're from you!" the police insisted.Victor says he tried to reason with them. "Guys, come on, be realistic," he pleaded.In the end, no evidence was ever presented linking Victor to the crime. But with the pain of the theft still tormenting Louis, he couldn't stay silent any longer.  That November, at the urging of his girlfriend, he finally confronted Victor. A real friend, Louis texted him, would have spoken to the police sooner, instead of letting it drag on for so long.Victor lashed back. He couldn't believe Louis thought he could be the Lego bandit. "I was extremely upset that you suspected me," he wrote, "and that I had to pass a day at the police station. It was extremely humiliating."The dynamic duo of French AFOLs was no more. There would be no more MOCs, no more miniature Rebel ships attacking miniature Imperial bases crawling with Minifig clones, no more YouTube livestreams. "The biggest victim of your robbery is me," Victor wrote, "because I lost my friendship with you." Watching the videos of Victor destroying his own Lego builds, it's easy to imagine the violence that went into smashing Louis' beloved MOCs. As the mallet swings and the music crashes and the bricks fly, a lifetime of love and Lego shatters in moments. Whoever wrecked Louis' work and stole his sets didn't just make off with some valuable builds — they drove a seemingly irreparable wedge between him and Victor.But could a Lego fan, even one who makes art of destruction, destroy another builder's dream? When I speak with Victor, he likens the fleetingness of his MOCs to the beauty of Tibetan Buddhist sand mandalas. "After two months, you get tired of seeing your creation every day. Because you see the flaws," he says. "So for me, the real pleasure is when I get to fucking destroy it."No one has been charged with stealing Louis' collection, and Victor is adamant that he didn't do it. He found out about the burglary like anyone else, he says, when someone sent him Louis' "Bye" video. "I was like, 'What the fuck?'" he recalls. "'Does that even exist? People robbing Lego. Wow.'" He says he was even more surprised to discover that his friend suspected him of being the Lego bandit. "I thought that in this community, there was some sense of — how do you say it? — not loyalty, but brotherhood. And I was like: How could you accuse me?"Victor knows that some in the AFOL community remain suspicious of him, but he seems bemused by the notoriety, laughing it off in a way that's both self-effacing and a bit mischievous. If anyone was capable of the crime, he tells me with a wry grin, perhaps it was the man himself: Louis, whom he suspects may have staged the break-in for internet fame. "At one point, it was my theory," Victor says. "Because it's true that apart from me, nobody knew about his address. He lives in the countryside. It's hidden. You can't find the house if you want to."These days, Victor says, he's too busy working as a filmmaker to spend much time on his Lego. He's more hurt than angry at losing what he had with Louis. "I wish maybe things would've gone differently, and we would still be building together," he says. When I ask him what he and Louis had in common that created such a bond, he shrugs. "Only Lego," he says. "Nothing more."Today, Louis is back to posting videos on his Republicattak YouTube channel. "It's just tremendous how many supportive messages that I did receive," he says. "Those were so heartwarming. Those were very sweet and full of compassion. When you read those, you can only come to one outcome, which is continuing." He's now rebuilding his magnum opus, the Imperial Gate, that was destroyed during the burglary. If the Lego bandit attacked him out of jealousy, the plan backfired. All the attention made Louis more famous than ever. With over a million subscribers, he's now the No. 1 Lego YouTuber in France.Throughout our many interviews, Louis took pains to say he had neither proof nor desire to implicate Victor. He hasn't concluded that his old friend was, in fact, the perpetrator. But he still finds himself thinking back to something Victor now insists he said in jest. It was February 2019, a few months after the burglary. Victor was attending a Lego convention in Germany when he ran into one of Louis' friends who was trying to crack the case. The friend brandished his phone and began filming Victor."The question remains," he demanded, "did you steal Louis's stuff?"Victor smiled cheekily, looked directly into the camera, and gave a one-word reply."Maybe."David Kushner is a long-time contributor to Rolling Stone, Vanity Fair, and other publications. His new book is "Easy to Learn, Difficult to Master: Pong, Atari, and the Dawn of the Video Game." .is-enhanced .content-lock-content p.drop-cap:first-letter { box-shadow: 0 4px 0 #f5563d; } Read the original article on Business Insider.....»»

The Club Of Rome: How Climate Hysteria Is Being Used To Create Global Governance Authored by Brandon Smith via Alt-Market.us, In the early 1970s the US and much of the western world was shifting into a stagflationary economic crisis. Nixon removed the dollar completely from the gold standard in 1971 with the aid of the Federal Reserve (or perhaps under the direction of the Fed) which ultimately escalated inflation pressures. Europe’s post war boom came to an abrupt end, while prices on goods (and oil/gasoline) in the US skyrocketed up until 1981-1982, when the Federal Reserve jacked interest rates up to around 20% and created a deliberate recessionary crash. Interestingly, the IMF had created the SDR system in 1969 just before the gold standard was cut (the same SDR which the IMF is poised to use as the foundation of a global digital currency mechanism).  And, the World Economic Forum was founded in 1971. The time period is often depicted in films as a happy-go-lucky era of disco, drugs, hippes and rock n’ roll, but the reality is that the early 1970s was the beginning of the end for the west – it was the moment that our economic foundations were sabotaged and the affluence of the middle class was slowly but surely stolen by inflation. In the midst of this economic “malaise,” which Jimmy Carter later referred to as a “crisis of confidence,” the United Nations and associated globalist round table groups were hard at work developing a scheme to convince the population to embrace global centralization of power. Their goals were rather direct. They wanted: A rationale for governmental control of human population numbers. The power to limit industry. The power to control energy production and dictate energy sources. The power to control or limit food production and agriculture. The ability to micromanage individuals lives in the name of some later defined “greater good.” A socialized society in which the individual right to property is abandoned. A one-world economic system which they would manage. A one-world currency system. A one-world government managing a handful of separate regions. One of the most revealing quotes on the agenda comes from Clinton Administration Deputy Secretary of State Strobe Talbot, who stated in Time magazine that: “In the next century, nations as we know it will be obsolete; all states will recognize a single, global authority… National sovereignty wasn’t such a great idea after all.” To understand how the agenda functions, I offer a quote from globalist Council on Foreign Relations member Richard Gardner in an article in Foreign Affairs Magazine in 1974 titled ‘The Hard Road To World Order’: “In short, the “house of world order” will have to be built from the bottom up rather than from the top down. It will look like a great “booming, buzzing confusion,” to use William James’ famous description of reality, but an end run around national sovereignty, eroding it piece by piece, will accomplish much more than the old-fashioned frontal assault.” In other words, the globalists knew that incrementalism would be the only way to achieve a one-world power structure that OPENLY governs, rather than hiding the rule of elitists behind clandestine organizations and puppet politicians. They want a global empire in which they become the anointed “Philosopher Kings” described in Plato’s Republic. Their narcissistic egos cannot help but crave the adoration of the masses they secretly hate. But even with incrementalism, they know eventually the public will figure out the plan and seek to resist as our freedoms are eroded. Establishing an empire is one thing; keeping it is another. How could the globalists come out of their authoritarian closet, eliminate individual freedoms and rule the world without a rebellion that ultimately destroys them? The only way such a plan would work is if the people, the peasants in this empire, EMBRACE their own slavery. The public would have to be made to view slavery as a matter of solemn duty and survival, not just for themselves but for the entire species. That way, if anyone rebels they would be seen as a monster by the hive. They would be placing the whole collective in danger by defying the power structure. Thus, the globalists win. Not just for today, they win forever because there would no longer be anyone left to oppose them. We got a big taste of this brand of psychological warfare during the pandemic scare, in which all of us were told that a virus with a tiny Infection Fatality Rate of 0.23% was enough to erase a majority of our human rights. Luckily, a large enough group of people stood up and fought back against the mandates and passports. That said, there is a much larger “greater good” agenda at play that the globalists plan to exploit, namely the so-called “climate crisis.” To be clear, there is ZERO evidence of a climate crisis caused by man-made carbon emissions or “greenhouse” gas emissions. There are no weather events that are out of the ordinary in terms of Earth’s historic climate timeline. There is no evidence to support “tipping point” theories on temperatures. And, the Earth’s temps have risen less than 1°C in 100 years. The official temperature record only goes back to the 1880s, and this narrow timeline is what UN and government funded climate scientists use as a reference point for their claims. I explain why this is fraudulent science in my article ‘The Gas Stove Scare Is A Fraud Created By Climate Change Authoritarians.’ The point is, the UN has been promoting hysteria over a fake doomsday climate scenario, just like the WEF and WHO promoted hysteria and fear over a non-threat like covid. And, it all began back in the early 1970s with a group tied to the UN called The Club of Rome. The globalists have been scheming to use environmentalism as an excuse for centralization since at least 1972 when the Club Of Rome published a treatise titled ‘The Limits Of Growth’. Funding a limited study of industry and resources in a joint project with MIT, the findings appeared to be scripted well ahead of time – The end of the planet was nigh unless nations and individuals sacrificed their sovereignty. How convenient for the globalists bankrolling the study… Twenty years later they would publish a book titled ‘The First Global Revolution.’ In that document they specifically discuss using global warming as a vehicle to form supranational governance: “In searching for a common enemy against whom we can unite, we came up with the idea that pollution, the threat of global warming, water shortages, famine and the like, would fit the bill. In their totality and their interactions these phenomena do constitute a common threat which must be confronted by everyone together. But in designating these dangers as the enemy, we fall into the trap, which we have already warned readers about, namely mistaking symptoms for causes. All these dangers are caused by human intervention in natural processes, and it is only through changed attitudes and behaviour that they can be overcome. The real enemy then is humanity itself.” By making humanity’s very existence the great threat, the globalists intended to unify the public around the idea of keeping themselves in check. That is to say, the public would have to sacrifice their freedoms and submit to control in the belief that the human species is too dangerous to be allowed liberty. The following news special from the Australian Public Broadcasting Service was aired in 1973, not long after the Club Of Rome was founded. It is surprisingly blunt about the purposes of the organization: What can we derive from this broadcast and its message? The globalists want two specific outcomes most of all – They want the end of national sovereignty and the end of private property through socially incentivised of minimalism. The exact same objectives the Club Of Rome outlined in the 1970s are the driving policies of the UN and the World Economic Forum today. The “sharing economy” concept that Klaus Schwab and the WEF often proudly promotes was not thought up by them, it was thought up by the Club Of Rome 50 years ago. It’s a self fulfilling prophecy: They spend half a century inventing a crisis, drum up public terror, and then offer the very solutions they wanted to enforce decades ago. In the end, the climate agenda has nothing to do with environmentalism and everything to do with economics. The plan began in the midst of a very real stagflationary crisis, a moment when the middle class populace was most afraid for the future and prices were rising rapidly. This crisis was not caused by the scarcity of resources, it was caused by the mismanagement of the financial system. It’s not a coincidence that the culmination of the global warming scheme is taking place today just as another stagflation disaster is upon us. The Club of Rome is now a shell of its former glory filled with silly hippies, most likely because the UN and other globalist think-tanks have taken on the role the group used to play. However, the shadow of the original Club is ever present and its strategy of climate fear-mongering is being wielded right now to justify increasing government suppression of energy and agriculture. If they are not stopped by the public, totalitarian carbon mandates will become the norm. The next generation, living in engineered poverty, will be taught from early childhood that the globalists “saved the world” from a calamity that never really existed. They will be told that the enslavement of humanity is something to be proud of, a gift that keeps the species alive, and anyone who questions that slavery is a selfish villain that wants the destruction of the planet. *  *  * If you would like to support the work that Alt-Market does while also receiving content on advanced tactics for defeating the globalist agenda, subscribe to our exclusive newsletter The Wild Bunch Dispatch.  Learn more about it HERE. Tyler Durden Sat, 05/20/2023 - 09:20.....»»

Counter-Disinformation: The New Snake Oil Authored by Tom Wyatt via Racket News, The San Diego Convention Center was packed with the defense industry elite. Boeing, Northrup Grumman, Booz Allen Hamilton, and a myriad of other arms industry salesmen, hungry to peddle their wares. WEST Conference 2023 is billed as the “premier naval conference and exposition on the West Coast.” A collective of military leaders and titans of the defense industry, intermingled in incestuous harmony. The WEST 2023 conference in San Diego. It was a world with which I was well acquainted. After all, I had spent the past fifteen years in the Navy as a Special Warfare Boat Operator, using tools and weapons built by these very defense companies. My call to service came unexpectedly at the tail end of my high school senior year. I left for bootcamp on Valentine’s Day, 2007, and immediately entered the world of Naval Special Warfare upon completion. While the rest of my graduating class received tutelage at universities around the country, mine came by way of the military elite. Over a decade and a half, I received an education in Special Reconnaissance, Unconventional Warfare and tradecraft. Many of the friends and former colleagues I met along the way now worked for these defense contractors, and perhaps, in another life, I’d be a participant in this conference. As it turned out, I was there as a spectator only. I watched as a sea of suits and lanyards moved in waves throughout the lobby outside the convention floor. Thousands of exhibitors and participants waited in line to get their credentials, exchanging cards and networking as they sized up the competition. As I surveyed the crowd, I noticed something familiar in the attendees’ faces. There was a look of out-of-place discomfort. Tattoos peeking out of cuffs and collars of the business attire their bodies seemed to be rejecting. It was the look of the defense industry’s freshman class, those who had just made the leap from serving in the armed forces to being arms proliferators. The conference embodied the idea of the military industrial complex’s self-licking ice cream cone structure. There was no discernible line between merchandiser and consumer, just a single organism supporting itself. In 2021, the Revolving Door Project released a report titled “The Military-Industrial-Think Tank Complex: Conflict of Interest at the Center for a New American Security,” that trained a troubling spotlight on one of the most prominent defense-minded think tanks.  According to its website, the Center for a New American Society (CNAS) “is an independent, bipartisan, nonprofit organization that develops strong, pragmatic, and principled national security and defense policies.” The defense industry-funded group claims to “elevate the national security debate” by providing innovative research to policymakers and experts in the field. But given the whiff of defense industry influence around the organization, its high-level engagement with Washington’s most powerful figures raises numerous red flags.  A major point of concern presented by the Revolving Door Project, was, ironically CNAS’ own revolving door. According to the report, there are “16 CNAS alumni who have been selected for foreign policy and national security policy-making positions in the Biden administration.” Among them: Avril Haines, a former CNAS Board of Directors member who became Biden’s Director of National Intelligence in 2021, and Colin Kahl, the current Undersecretary of Defense Policy, a former CNAS Senior Fellow.  The report also includes instances of the think tank pushing agendas that directly benefit its membership, such as the collusion between CNAS and the United Arab Emirates to promote relaxed restrictions for exporting US drones. Not surprisingly, CNAS board member Neal Blue’s company, General Atomic, had an existing contract worth nearly $200 million with the UAE for drone production. The report reads: CNAS receives large contributions directly from defense contractors, foreign governments, and the US government; publishes research and press material that frequently supports the interests of its sponsors without proper disclosure; and even gives its financial sponsors an official oversight role in helping to shape the organization’s research. WEST 2023 offered yet another venue for private companies to seek out such connections, pushing an agenda that “supports the interests” of the defense industry–a kind of speed dating for the military industrial complex. And while the familiar mechanisms of war, like drones and submarines, were on display, the spotlight was on weapons of the information space. Panel after panel featured cybersecurity and electronic warfare experts giving discussions on information operations, artificial intelligence and machine learning capabilities. The conference seemed to embody the new horizon for the defense industry: Information Warfare.  Counter-Terrorism to Great Power Competition “In hindsight, we should’ve never taken our eye off the Great Power Competition,” the counter-disinformation expert said, referring to the historical focus on traditional preparation for conflict against countries like China and Russia. Her mastery of the subject was honed over a decade through the study of forensic psychology and counter-extremism strategies. She had worked across the public and private sectors, countering the dangerous narratives of violent extremists. At the end of World War II, the power that had previously been distributed across multiple nations was now consolidated by the US and Soviet Union. American foreign policy entered the era of Great Power Competition (GPC), a contest for global dominance and influence pitting the two former allies in a Highlander-style deathmatch to see who prevailed as the one true superpower. After the fall of the Soviet Union in 1991, the US focused on maintaining this strategic edge, until a decade later when the towers fell.  After 9/11, the US reoriented its foreign policy around a new acronym: GWOT (Global War on Terror). The Spy vs. Spy tactics of the Cold War were obsolete now that the deadly effects of adversarial narratives had been demonstrated. While propaganda used by the Soviet Union (and the US, for that matter) was aimed at deceiving, disrupting and undermining the adversary, terrorist organizations focused their messaging campaigns on radicalization, targeting at-risk Muslim communities into armies of holy warriors.  The seemingly archaic, global network of radical Islamists tapped into the far-reaching technology of the world wide web to spread their message and indoctrinate would-be jihadists. To combat this ideological plague, the US began crafting counter-messaging tools and methodologies, giving birth to what would become an updated version of a counter-disinformation industry that had existed as far back as 1942, when Voice of America began broadcasting counter-narratives into Nazi Germany. These efforts ranged from a “whac-a-mole” style process of detecting and eliminating terrorist propaganda to enlisting moderate Muslim leaders to push a counter-message. A 1947 Voice of America broadcast It’s no revelation that you can’t carpet bomb an ideology, so while the concept of fighting extremist narratives online to tamp down on global terrorism seems logical on its face, according to the industry expert I interviewed, “In practice, it’s not very effective.”  This sentiment was affirmed by another expert in countering extremist narratives, Caroline Moreno, who formerly ran the counter-terrorism training program at the FBI Academy in Quantico, VA. “Counter messaging, when it comes from the US government, loses its credibility,” said Moreno.  It is understandable, in an unfamiliar world of ideology-based violence and radicalization, that some trial and error would occur along the path to understanding such a complex adversary. Tactics, of course, are developed over time and situationally based. Before 9/11, the military was focused on the most logical adversary, a conventional state actor, but had to adapt to the irregular warfare landscape of counter-terrorism operations. The operators and ground-pounders on the frontlines get a real-world education in the necessary fluidity of such tactics, but the military monolith is often slow to adopt lessons gleaned from battle. To further complicate the matter, there are always plenty of defense industry opportunists promoting their tactics as dogma, such as the failed “hearts and minds” approach to counterinsurgency, further setting back any notion of catching up with the current threat, and the shift from the war on terror to the GPC has only exacerbated this strategic buffering.  The shift from counter-terrorism to GPC occurred long before the official end of the GWOT. Although some within the defense and intelligence communities saw the writing on the wall for some time, the declared pivot came in 2018 with the new National Defense Strategy, issued by then Secretary of Defense James Mattis. Former Defense Secretary James Mattis “Long-term strategic competitions with China and Russia,” the guidance reads,” are the principal priorities for the Department [of Defense].” The Pentagon, in other words, was announcing plans to take us back to a Cold War mindset. In a space-race type fashion, we would need to outfox the competition in arms, technology and influence in order to maintain our world power monopoly. Unfortunately, our drawdown in the Middle East and the swan song of the war on terror would mean a natural decrease in the defense budget, hampering any lofty dreams of competition. Unless, of course, the new threat required a level of spending generally associated with kinetic warfare. A little thing like the absence of active armed conflict shouldn’t stop the growth of the defense industry. And in that spirit, the Pentagon’s budget reached its highest level last year, a whopping $816 billion.  A Brief PRIMER on Information Operations During my final six years of service, in a move that seemed to parallel the national defense strategy, I shifted from Counter-Terrorism focused special boat operations to conducting sensitive intelligence activities aimed at the Great Power Competition. Our task was to clandestinely prepare the battlespace, establishing an operational environment that would give us an advantage in the event of a hot war, but more importantly, shaping the environment so that our adversary couldn’t do the same. Our best tool in this endeavor was Information Operations. A Joint Chiefs of Staff publication on Information Operations, Joint Publication 3-13, reads: Information Operations (IO) are described as the integrated employment of electronic warfare (EW), computer network operations (CNO), psychological operations (PSYOP), military deception (MILDEC), and operations security (OPSEC), in concert with specific supporting and related capabilities, to influence, disrupt, corrupt, or usurp adversarial human and automated decision making while protecting our own. I’d left this world behind when I found myself at WEST 2023. Now a mere observer of the military industrial complex, I picked up a copy of Signal to orient myself to the occasion. Signal is the official magazine of the Armed Forces Communications and Electronics Association, or AFCEA, one of WEST 2023’s many sponsors. In fact, the conference had so many sponsors that it developed a funder caste system, segregating the donors into categories such as Premier, Platinum, Gold and Silver.  Amongst defense heavyweights Lockheed Martin and General Dynamics, was a lesser-known company down in the silver category named Primer. Primer is one of the many artificial intelligence and machine learning-focused companies orbiting the defense industry. Aside from AT&T, the silver sponsors blended together in an indistinguishable list of obscure defense contractors, and perhaps Primer would’ve remained obscure, too, had the company not acquired Yonder, an Austin, Texas-based “information integrity” company. Primer had already entered the disinformation space, in 2020, when it won a Small Business Innovation Research, or SBIR, contract with the Air Force and Special Operation Command, SOCOM, to develop the first machine learning platform to automatically identify and assess suspected disinformation. This evolution into the disinformation world was fully realized with its 2022 acquisition of Yonder, an “information integrity” company focused on detecting and disrupting disinformation campaigns online. Yonder, originally New Knowledge, rose to prominence when they co-authored a report to the Senate Intelligence Committee on Russian influence campaigns leading up to the 2016 Presidential election. Ironically, New Knowledge’s own foray into election meddling would make them a household name. During the 2017 Alabama Senate race, New Knowledge’s CEO, Jonathon Morgan, created a fake Facebook page and Twitter “botnet” with the intent of persuading votes for the Democratic candidate.  “We orchestrated an elaborate ‘false flag’ operation that planted the idea that the Moore campaign was amplified on social media by a Russian botnet,” said an internal document from Morgan’s project.  In another bit of controversy, New Knowledge, in the wake of the alleged Russian election meddling of 2016, helped develop a disinformation dashboard with the German Marshall Fund’s Alliance for Securing Democracy, or ASD. The dashboard, named Hamilton 68, acted as a repository for supposed Twitter accounts linked to Russian influence operatives, with access limited to a select few. This was ASD’s golden tablet, and only journalists and academics could wield the seer stone.  Unfortunately for all involved, including the media who treated the information as gospel, the dashboard proved most successful at identifying overzealous conservatives from middle America. This legacy, and all its implications, came part and parcel with Yonder’s acquisition. In Primer’s catalog of machine learning products, Yonder is billed as a tool capable of identifying bad actors and narrative manipulation — Primer’s very own weapon against Information Operations.  Disinformation, propaganda, active measures — whatever you call it, the name of the game is Information Operations, or IO. In a war where battles are left of boom–where the strategy is to manipulate the information landscape to gain a competitive advantage over your adversary–a cat-and-mouse-like game develops.  But with the advent of the internet, and its compounding stores of information, the task of determining what is real and what is fake is too much to ask of us mere mortals. Thus the need for a Yonder-style solution. “I’m not a fan of the term disinformation,” the counter-disinformation expert said.  The statement came as a bit of throat clearing for the industry expert, as she digressed into a brief indictment of the trade she very much believes in. “It’s been politicized. Even though disinformation has a distinct definition, it’s now being used as a label for any unwelcome information that someone doesn’t like, even when that information is true.”  A new industry has developed out of the great disinformation scare. A mishmash of government, academic and private industry experts, come together to identify what is true, and what isn’t. Or at least their idea of what they would like to be true and not true.  Most, if not all, countries dabble in information manipulation, not to mention non-state tricksters and deception artists, so it makes sense that you would need a cross-functional team of experts for such an undertaking. And given the implications of an information governing body, a kind of truth authority, you would damn well expect that all parties involved would be aboveboard.   But… “Any industry has hucksters,” the expert said. The term huckster, perhaps because of its old world feel, brought to mind a scene from the Clint Eastwood film The Outlaw Josey Wales: The camera pans across a dusty frontier town as a carpetbagging salesman in a white suit holds the attention of a crowd, proselytizing about his magic elixir. “What’s in it?” a man from the crowd asks. “Ehh…I don’t know, various things. I’m only the salesman,” the man in the white suit replies. He looks the salesman up and down. “You drink it,” the man says as he walks off. The man in white looks shaken by the question. He recomposes himself before returning to the crowd. “Well, what can you expect from a non-believer?” Enter the New Snake Oil Salesman “You can charge more if you call it information operations,” said one veteran, working in commercial Information Operations. He asked that I not reveal the company he works for but needless to say, it is one of the many government contracted companies peddling AI driven counter-disinformation products. His voice was flat with a dry, matter of fact delivery. There was no surprise in this revelation, not for him at least. “And the higher the clearance level [of the project], the more money.” The second part was less surprising. Anyone familiar with government contracts will share my lack of shock. It has been my experience that government contracts are reliably unreliable. The only thing you can count on is a cronyistic leveraging of relationships within the Department of Defense (DOD).  One former Primer employee referred to this as the “kabuki theater”: A vague request from the government, limited by over-classification and reluctance to “give too much away,” followed by a lavish set of promises from the contract winner, despite not having the specificity to deliver a quality product. These hollow requests make it impossible for the company to even know if they can deliver their empty promises.  “We need a machine learning tool, capable of dissecting media posts to identify and catalog state sponsored disinformation,” a DOD contracting officer might say to a Primer account executive.  “What systems will this work on?” the account executive asks. “Classified ones.” “Can we have access to them? It will help us.” “Nope, classified.” “Can we at least...” “Nope. Here’s $10 million, good luck!” The end result is just what you’d expect: an overly expensive useless doodad. Any oversight from the requesting agency is unlikely to catch this before it’s too late, given they rarely have the technical expertise to know what they are asking for in the first place.  “I don’t even use my company’s products,” the IO expert said, “I don’t find any of it useful.” Even though his work is in information operations, he says it is more akin to public relations than traditional IO, just layered in secrecy for effect. This was not the first time I’d heard the comparison to the PR/ marketing world. As a matter of fact, the counter-disinformation expert suggested that many of the tools marketed to counter disinformation are simply recycled marketing products. Companies use social listening software, designed to analyze consumer wants by monitoring their online behavior, and marketing tools to construct the perfect narrative to sell their product. So to detect “bad” narratives, one only has to reverse engineer the process. “Marketers use these types of social listening tools to understand who their target audience is, how to best reach them, and how best to craft a viral message. Analysts can use them to understand how state-sponsored messages traverse across the internet, hopping from platform to platform, and if they’re resonating with target audiences,” the counter-disinformation expert said. So what? Many popular products were originally meant for some other use. Viagra was supposed to lower blood pressure, now it just redirects it. What’s the problem in finding a secondary use for a product that already exists? Nothing, provided you don’t make outlandish claims about the “new” product. “With Yonder, you can slice through streams of social media to gain contextual intelligence on narratives – including their authenticity and likely trajectory of amplification…Understanding the intent, affiliations, and influence of adversarial networks provides you with critical insight into emerging topics and events before they go viral.” Other companies in the counter-disinformation industry, like Graphika, Two Six Technologies and PeakMetrics, make similar claims using comparable marketing terminology for their AI driven products. It turns out, however, that regardless of the efficacy of these tools, the Defense Department is not equipped to handle them. “The tech solutions aren’t all that great,” the IO expert said. “The DOD isn’t advanced enough, doesn’t have the infrastructure to keep up with the contracted solutions”. The bureaucracy of DOD acquisitions leaves the military in a perpetual state of obsolescence, always behind the powercurve of technology and innovation of their defense industry counterparts.   “The US is doing a shit job at [countering] disinformation,” the IO expert said, in another bit of optimistic revelation. One problem is the lack of organization in the effort. While government agencies like the Department of State’s Global Engagement Center (GEC) claim to “direct, lead, synchronize, integrate, and coordinate U.S. Federal Government efforts to recognize, understand, expose, and counter foreign state and non-state propaganda and disinformation,” the reality is a scattered series of efforts across the government and private entities. This resulting chaos is exacerbated by the fact that the GEC is largely staffed by Foreign Service Officers and contractors, who typically don’t have a background or deep understanding of IO or disinformation. There are, of course, actual IO professionals in the space, both on the government and private side of things. These subject matter experts are a hot commodity in the task saturated world of the counter-disinformation industry, but that doesn’t mean that any IO hack can make the grade. To ensure they get the very elite, the industry has stringent requirements: X number of years as an IO expert, an active Top Secret security clearance, SCIF (sensitive compartmentalized information facility) access, and, of course, the ever-important connections to the right people. What you end up with is a small pool of the same industry experts, playing a game of musical chairs from place to place, ensuring the same entrenched mindset manifests across all aspects of the industry. A Collective Paranoia The military is a paranoid organization. If you need proof, look no further than the posters plastered all over military installations. “Loose lips…might sink ships,” reads one poster. “He’s Watching You,” reads another.  The paranoia, however, is justifiable in many instances. Being the most powerful military inspires competition, and competition can be ugly. Espionage, sabotage and propaganda are always on the menu of adversary tactics to deceive and compromise. The modern disinformation scare has, no doubt, exacerbated this paranoia. Healthy suspicion, the kind that keeps the evildoers at bay, sometimes turns toxic, resulting in operational paralysis and rampant mistrust, setting off a chain of reactionary measures run amuck. Since the military is reactive by nature, only really employed when there is a tangible threat, our tactics to disrupt the flow of disinformation are inherently reactive as well.  It is due to this failed strategy that the counter-disinformation expert recommends a more proactive approach to countering, or more appropriately, preventing the fallout from potential disinformation campaigns. Her recommendations: media literacy and civic engagement.  A more critical media consumer, although hard to imagine at the moment, isn’t a bridge too far, yet the civic engagement angle seems to be. As skeptical as people are of the media, it pales in comparison to the distrust many Americans have for the government. But rather than entertain ideas of how to rebuild that trust, and possibly embolden local leaders and everyday citizens to take ownership of their relationship with the information they ingest and propagate, Washington seems content with deflecting the blame onto a third party.  But for any of it to work, the two recommendations would need to be approached in tandem. “The majority of actions in the ‘proactive’ realm revolve around making people aware of the potential for misleading/manipulated information and encouraging them to engage critically with the content they consume,” the expert explains. To support her claim, she directs attention to Taiwan, who reportedly receives more fake news than any other country. Rather than succumb to the overwhelming disinformation campaign, or use artificial intelligence to detect and dismantle it, Taiwan employs the counter-disinformation experts’ proactive strategy. To achieve this, Taiwan partners with Non-Government Organizations, or NGOs, to promote early age media literacy, which the Ministry of Education has incorporated into its teaching guidelines, along with creating fact checking tools for messaging apps and social media. It is hard to know whether these tools are any more successful than the myriad of ones offered by the burgeoning counter-disinformation industry, but Taiwan’s proactive measures signal a move in a better direction.  Former Cybersecurity and Infrastructure Security Agency Director Chris Krebs, an architect of modern DHS anti-disinformation policies. Perhaps initiatives like this, employed in the US and globally, can put an end to the counter-disinformation industry. It is, after all, beginning to show cracks. The recent dismantling of the Misinformation, Disinformation and Malinformation subcommittee, the murky remnants of the Department of Homeland Security’s failed Disinformation Governance Board, indicates a possible sea change. No doubt a more malevolent entity will take its place, but maybe, just maybe, this represents a retreat from the manic steps towards an Orwellian nightmare. Tyler Durden Sat, 05/20/2023 - 15:30.....»»

The tech sector is still attractive overall, "But you have to look at it through different segments rather than invest across Big Tech." PhonlamaiPhoto/Getty Images A Franklin Templeton fund is outperforming 96% of peers with big bets on artificial intelligence. Nvidia, ASML Holding, and Microsoft are among the fund's top holdings, according to Bloomberg. But the fund is avoiding other tech giants like Apple, Alphabet, Meta and Netflix. A fund manager found that betting big on artificial intelligence stocks while avoiding other Big Tech names has been the key to beating the market. According to Bloomberg, Franklin Templeton's $158 million FTGF Martin Currie Global Long-Term Unconstrained Fund has outperformed 96% of peers this year.Its 15% gain also tops the 8% gain in the MSCI All-Country World Index, a benchmark used for tracking equity funds. The fund's biggest equity holdings include Nvidia, a top maker of AI chips; Microsoft, an investor in ChatGPT parent OpenAI; and ASML Holding, a Dutch semiconductor manufacturer."Tech is still attractive as we think the Federal Reserve is done hiking rates, although we don't expect rate cuts," fund manager Zehrid Osmani told Bloomberg. "But you have to look at it through different segments rather than invest across Big Tech."In fact, the fund is avoiding traditional tech heavyweights such as Apple, Alphabet, Meta, and Netflix. While Alphabet is racing to advance its own AI technology, including a rival chatbot, Osmani said these stocks are more exposed to consumers.The fund's enthusiasm for AI reflects a broader eagerness among market players, with some of the biggest investing names jumping on the trend. These include billionaire investors such as Stanley Druckenmiller, Bill Ackman, and David Tepper.Research from Morgan Stanley estimated a $6 trillion investing boom from AI, while Bank of America has predicted a $15.7 trillion boost in the next seven years, as the technology would lead to an "iPhone moment."Meanwhile, Osmani is staying away from the banking sector, even as investors like Michael Burry snap up shares of regional lenders that sold off heavily in the wake of SVB's collapse."Banking is an industry that has high competitive pressures, diminishing barriers to entry, low pricing power and is facing a higher risk of disruption," Osmani told Bloomberg. "All of which leads us to believe that the industry dynamics aren't attractive."Read the original article on Business Insider.....»»

Nvidia CEO Jensen Huang has seen his wealth surge at a faster pace than for any other US billionaire this year, according to Bloomberg. Nvidia Founder, President and CEO Jen-Hsun Huang displays Nvidia's Xavier AI car supercomputer as he delivers a keynote address at CES 2017 at The Venetian Las Vegas on January 4, 2017 in Las Vegas, Nevada.Ethan Miller / Getty Images Nvidia's CEO has seen his fortune soar 98% this year to $27.3 billion thanks to an AI boom.  Jensen Huang's wealth has surged this year at a faster pace than for any other US billionaire.  Nvidia shares have enjoyed a sizzling rally so far in 2023, making it the best performing stock on the S&P 500.  Nvidia CEO Jensen Huang has seen his wealth balloon this year as investor excitement around artificial intelligence gave the chipmaker's stock a huge boost. According to Bloomberg, Huang's fortune jumped 98% this year to $27.3 billion. That's a faster increase that what any other US billionaire saw during the period, including Meta CEO Mark Zuckerberg whose wealth surged 94%. Most of Huang's riches is in Nvidia shares and options, per Bloomberg. The Santa Clara-based semiconductor manufacturer's stock has surged 109% year-to-date to $301.78 at close on Wednesday, making it the best-performing stock of 2023 on the S&P 500 index.Fund manager Philip Ripman told CNBC the stock has even more upside ahead, predicting shares could increase in value by five times within the next 10 years. The chipmaker's impressive rally comes thanks to hype around artificial intelligence stocks following the debut of OpenAI's human-like large language tool, ChatGPT. Investors perceive Nvidia as well-positioned to take advantage of the AI boom, given its the No.1 producer of graphic chips needed for high-intensity computing.Bank of America called the company the "leading silicon AI enabler" and the "picks and shovels leader in the AI gold rush," while Nvidia's boss himself, said the firm has reached "the iPhone moment of AI." With Nvidia soaring in popularity, it's tempted billionaire investors like Stanley Druckenmiller to load up on the stock during the first quarter of 2023. The Duquesne Family Office CEO snapped up shares in Nvidia worth about $220 million, boosting its holding in the chipmaker. Read the original article on Business Insider.....»»