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☆ Intel has hired Morgan Stanley, other advisers for activist defense
▼ + stars: | 2024-08-23 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +2 min

Intel is working with advisors including Morgan Stanley to help defend itself against activist investors, according to people familiar with the matter, as CEO Pat Gelsinger attempts to turn around the struggling chipmaker. While Intel has faced activist pressure in the past, no new campaign has been formally launched and it isn't clear if an activist investor has been in contact with the company's board. Morgan Stanley has previously worked with Intel, including in the company's 2022 spinoff of Mobileye . The sources with knowledge of Morgan Stanley's latest involvement asked not to be named due to confidentiality. Representatives for Intel and Morgan Stanley declined to comment.

Persons: Morgan Stanley, Pat Gelsinger, Morgan Stanley's, it's, Dan Loeb's, Frank Yeary, Camberview, Tan, — CNBC's Alex Sherman, Kif Leswing Organizations: Intel, Nvidia, Devices, Broadcom, Qualcomm, Texas, Wall

☆ ‘Wheatfield’: Agnes Denes has reimagined her landmark artwork
▼ + stars: | 2024-06-17 | by ( Jacqui Palumbo | ) edition.cnn.com time to read: +10 min

Out west, Denes hopes to plant seeds of community with the help of the project’s host, Tinworks, an arts organization in the rapidly developing city of Bozeman. “Wheat is wonderful — it sustains humanity and is probably the most planted food next to rice. Jenny Moore/TinworksSome 200 packets of wheat were also distributed among Bozeman residents to grow concurrently with Denes' field. “Can you imagine if I could have realized 20 or 30?”Sowing seeds for changeAs with “Wheatfield,” seeds have often served as potent symbols for Denes. Courtesy Agnes Denes/Leslie Tonkonow Artworks + ProjectsWith “Wheatfield – An Inspiration,” like with all her work, Denes strives for nuance and to engender change through visitors and participants who take something meaningful from the work.

Persons: Agnes Denes, —, CNN —, Denes, Bozeman . Wheat, ” Denes, ”, Blair, Jenny Moore, Tinworks, Kenny Van Dyke, “, ” Moore, Agnes, Moore, I’d, it’s, Leslie Tonkonow, … Organizations: CNN, Art Basel, Bozeman ., Bozeman, Tinworks, Montana, “ Locations: Lower Manhattan, Montana, Wheatfield, Budapest, New York, Battery Park City, Milan, Switzerland, Bozeman, Montana State, Ylojarvi, Finland, ”, Sullivan County , New York, Lewiston, Niagara, Long Island , New York, Kassel, Germany, Istanbul, Egypt, Queens , New York, “ Wheatfield

☆ The AI boom is unraveling the most dominant tech trade of the last decade
▼ + stars: | 2024-06-15 | by ( Matthew Fox | ) www.businessinsider.com time to read: +5 min

Software stocks have been slammed this year after a long period of strong performance. Meanwhile, hardware stocks are reaping the benefits of the AI boom as their profits soar. AdvertisementYear-to-date, hardware tech stocks are outperforming software tech stocks by a whopping 30 percentage points. AdvertisementThis dynamic means that hardware stocks will continue to outperform software stocks through 2025, according to Mortonson. "The moats that some of the software companies, not all but some, have around their businesses are not going to be quite as high.

Persons: Ted Mortonson, —, Baird, Mortonson, It's, Larry Tentarelli, Chip, Steve Eisman, Eisman Organizations: Service, Software, NYSE Arca, Dow Jones US Software, Nvidia, AMD, Micro Computer, Broadcom, Dell, Chip Daily, CNBC Locations: Salesforce, Snowflake

☆ Software stocks got pummeled this week after a cluster of troubling earnings reports
▼ + stars: | 2024-06-01 | by ( Jordan Novet | ) www.cnbc.com time to read: +4 min

And Veeva's CEO said on his company's earnings call that generative artificial intelligence has been "a competing priority" for customers. Add it all up and it was a brutal week for software and enterprise tech. "Every enterprise software company kind of has adjusted" since after the pandemic, Benioff said on his company's earnings call. "Macroeconomic headwinds are still out there," Okta finance chief Brett Tighe said on the company's earnings call. Veeva CEO Peter Gassner cited "disruption in large enterprises as they work through their plans for AI."

Persons: Marc Benioff, Dell, Salesforce, Benioff, Brett Tighe, Daniel Dines, Dines, Rob Enslin, Tomer Weingarten, Peter Gassner, Gassner, Zscaler, Jay Chaudhry, — CNBC's Ari Levy, FBB, Mike Bailey Organizations: Salesforce, Economic, Computing Fund, Dell, Barclays, CNBC Locations: Davos, Switzerland, Paycom, U.S, UiPath, reprioritize

☆ We're millennial brothers and business partners who left San Francisco's tech bubble for the Midwest manufacturing scene. We never would have been able to afford to launch our startup in California.
▼ + stars: | 2024-05-25 | by ( Erin Snodgrass | ) www.businessinsider.com time to read: +7 min

We lived in San Diego for a few years after college, and then we moved to San Francisco in 2018. Matine: San Francisco is amazing. But San Francisco was apocalyptic. We had a three-story, four-bedroom place for half the price of our condo in San Francisco. The facility we're currently in is only a little more expensive than my rent in San Francisco, and this is 20,000 square feet.

Persons: —, John Yuksel, Matine Yuksel, I've, He's, Matine, Francisco, COVID, Beltways, John, Matine Yuksel John, There's, It's Organizations: Service, Business, Walmart, Apple Locations: San Francisco, Dubuque , Iowa, Cincinnati, Northern Kentucky, Arizona, San Diego, Francisco, Istanbul, Midwest, Iowa, Dubuque, Mississippi, Mount Adams, It's, California, Tucson

The other five funding bills were effectively settled by the end of last week, with only the Homeland Security bill presenting deep divisions Republicans and Democrats were unable to settle. The deal is being negotiated by Johnson, Senate Majority Leader Chuck Schumer, D-N.Y., the White House and top appropriators in both chambers. Republicans rejected additional funding for ICE in a bipartisan border deal agreed to by senators and the White House, demanding additional policy changes. But they, too, have demands in the funding bill. The White House has also sought increased flexibility to aid border operations, sources with knowledge of the discussion said.

Persons: Mike Johnson, he'll, Johnson, Chuck Schumer, Bob Good, Chip Roy, Joe Biden's, they're Organizations: WASHINGTON, Congressional, Department of Homeland Security, State , Defense, Homeland Security, Labor, Health, Human Services, Republicans, Democrats, DHS, White, Congress, Immigration, Customs, ICE Locations: Texas

☆ Top executives say they’re training workers on AI. Managers and employees disagree
▼ + stars: | 2024-03-01 | by ( Rachel Curry | ) www.cnbc.com time to read: +6 min

There's a disconnect between the level of AI training that leadership teams believe they're giving their employees and the level of training that managers and employees think they're getting, research shows. Nearly three-quarters (73%) of C-suite executives believe their company fully embraces generative AI, including training for the technology, according to a 2023 Upwork survey. "Executives sometimes have a broad-brush approach to AI training," said Apratim Purakayastha, chief technology officer at Skillsoft. Plus, they were 1.9 times more likely to have a formal generative AI skills program in place for their workforce, as well as 3.8 times more likely to have a well-defined generative AI strategy. Generative AI, Monahan notes, can usher in a new era of productivity — if we let it.

Persons: Kelly Monahan, it's, Apratim Purakayastha, Monahan, Purakayastha, Job redesigns, Robert Solow, redesigns, that's, they're, — Organizations: Upwork's Research, IBM, Pew Research Locations: upskilling, American, Davos, Switzerland

☆ US soldiers are fighting to get back lost skills for war in the 'most challenging environment on the planet,' Army general says
▼ + stars: | 2024-03-01 | by ( Chris Panella | ) www.businessinsider.com time to read: +7 min

The US Army's new JPMRC training rotation in Alaska prepares soldiers to fight in frigid conditions. Many skills related to Arctic combat had atrophied, generals said. On the flip side, JPMRC also does an annual rotation in Hawaii, training soldiers to fight in the wet, humid jungle. US Army Alaska officially became the 11th Airborne Division, a newly reactivated unit, with the focus on Pacific and Arctic combat. The general told reporters US Army Alaska had "sort of lost the Arctic ethos" because of its focus on counterinsurgency in the Middle East.

Persons: —, USARPAC, Elijah Magaña, Brian S, Eifler, JPMRC, Charles Flynn, Flynn, Brandon Vasquez, Eilfer Organizations: US, Army, Service, US Army, Pacific Multinational Readiness Center, 11th Airborne Division, U.S, 1st Battalion, 5th Infantry Regiment, 1st Infantry Brigade Combat Team, Airborne Division, Pacific Multinational Readiness, Donnelly Training, Troops, U.S . Army, US Army Alaska, The Army Locations: Alaska, Fairbanks , Alaska, Iraq, Afghanistan, Hawaii, Pacific, China, U.S, Utqiagvik, Russia

☆ Mitch McConnell to step down from GOP leadership position in the Senate
▼ + stars: | 2024-02-28 | by ( Clare Foran | Ted | ) edition.cnn.com time to read: +3 min

Senate Minority Leader Mitch McConnell will step down as GOP leader in November, the Kentucky Republican announced on the Senate floor Wednesday, marking the end of an era on Capitol Hill and setting up a high-stakes race for his successor. He will continue to serve in the US Senate but will allow “the next generation of leadership” to take the helm of the Senate Republican Conference. In 2023, McConnell became the longest-serving Senate party leader in history. McConnell on Wednesday said his decision to step down came following the death of his wife Elaine Chao’s youngest sister, Angela, in a traffic accident earlier this month. Mitch McConnell speaks on the Senate floor on Wednesday.

Persons: Mitch McConnell, ”, McConnell, ” McConnell, “, Chuck Schumer, Republican Sen, Lisa Murkowski, Elaine Chao’s, Angela, they’ve, CNN’s Dana Bash, Kristin Wilson Organizations: Kentucky Republican, Capitol, Senate Republican Conference, Senate, Republican, Kentucky Locations: Washington ,, New York, Alaska

Congressional leaders announced a $1.59 trillion deal on top-line spending Sunday as the government races to avoid a potential shutdown. The deal establishes an overall spending budget of $1.59 trillion for the 2024 fiscal year, allocating $886 billion to military spending and $704 billion for non-defense spending, said Republican House Speaker Mike Johnson of Louisiana said in a Sunday note. The deal comes as the House and Senate inch closer to a key Jan.19 deadline, when funding runs out for many federal agencies. "It will also allow us to keep the investments for hardworking American families secured by the legislative achievements of President Biden and Congressional Democrats." Some of the concessions made include a $10-billion cut to IRS mandatory funding under the Inflation Reduction Act and $6.1 billion of the "COVID-era slush funds."

Persons: Chuck Schumer, Mike Johnson, Johnson, Schumer, Hakeem Jeffries, Biden, year's Schumer, Pelosi Organizations: U.S, Capitol, Congressional, Republican, Committee, America Locations: Washington , DC, Louisiana

☆ Is the party over? New data suggests revenge travel may be ending soon
▼ + stars: | 2023-10-02 | by ( Monica Pitrelli | Morgan Awyong | ) www.cnbc.com time to read: +5 min

New reports show that, after years of inflation and rising travel costs, travelers may finally be curtailing their travel plans. Interest to travel also fell in Canada and Russia (-4 percentage points each), the survey showed. Source: Morning ConsultAs to whether this suggests pent-up demand is ending: "Yes, our data suggests that is so," said Lindsey Roeschke, travel and hospitality analyst at Morning Consult. "We are sticking with our call that the U.S. will enter recession around the turn of the year," the report states. Intentions to visit North America fell 23 percentage points from 2022 — far eclipsing a drop in interest from South Korea (12 percentage points) and Japan (9 percentage points).

Persons: Lindsey Roeschke Organizations: Travel, Morning, Oxford Economics, Oxford, U.S Locations: Europe, France, Germany, Canada, Russia, North American, Asia, Pacific, Malaysia, United States, U.S, China, Hong Kong, Macao, North America, South Korea, Japan

☆ Birmingham City Council: How an equal pay claim took down Britain's second-biggest city
▼ + stars: | 2023-09-06 | by ( Hanna Ziady | ) edition.cnn.com time to read: +5 min

London CNN —Birmingham — the biggest British city after London — is in dire financial straits. “Local government is facing a perfect storm,” Sharon Thompson, Birmingham City Council’s deputy leader, said in remarks broadcast Tuesday. How Birmingham went bustThompson blamed Birmingham’s financial troubles partly on an outstanding £760 million ($950 million) legal bill pertaining to the equal pay claims, which resulted from a Supreme Court ruling in 2012. The original case was brought by 174 former council employees, all except four of whom were women. They argued that this breached the equality clauses of their employment contracts under the Equal Pay Act of 1970 — and the court agreed.

Persons: London —, ” Sharon Thompson, Thompson, —, Shaun Davies, Rishi Sunak, England —, ” Organizations: London CNN — Birmingham, Birmingham City Council’s, Birmingham City, National Audit Office, Local Government Association, UK, Special, Municipal Authorities Locations: London, United Kingdom, “, Birmingham, England, —, West Midlands, Yorkshire, Croydon, Woking

☆ CVS to slash 5,000 jobs as company deepens costly health-care push
▼ + stars: | 2023-08-01 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +2 min

CVS Health is cutting 5,000 jobs to reduce costs as the retail pharmacy giant furthers its push into health-care offerings, a person familiar with the matter told CNBC on Tuesday. The pharmacy chain had about 300,000 employees in the U.S. at the end of last year, according to a securities filing. A CVS spokesperson confirmed the layoffs and said they are not expected to affect "customer-facing colleagues in our stores, pharmacies, clinics, or customer services centers." But CVS has sharpened its focus on health care over the past few years, following similar moves by rivals such as Walgreens and tech giant Amazon . The company moved deeper into patient care with its nearly $8 billion acquisition of health-care provider Signify Health and $10.6 billion deal to buy Oak Street Health, which operates primary care clinics for seniors.

Organizations: CVS, CNBC, Street Journal, Rhode, Walgreens, Oak Street Health Locations: U.S

☆ The strange, improbable rise of Mark Zuckerberg 3.0
▼ + stars: | 2023-07-30 | by ( Kali Hays | ) www.businessinsider.com time to read: +27 min

In early July, Mark Zuckerberg unveiled the latest and perhaps most consequential product in Meta's history: a new model of Mark Zuckerberg. Silicon Valley Zuck was a husband and father with a legacy to build and protect at all costs. Silicon Valley Zuck was suddenly faced with something he'd never dealt with before, shrinking revenue. Still clinging to his persona as Silicon Valley Zuck, Zuckerberg engaged in an all-out media blitz to hawk his vision for the metaverse. They were the sort of people Harvard Zuck would have scoffed at and Silicon Valley Zuck would have gently ignored.

Persons: Mark Zuckerberg, Elon Musk, Joe Rogan, Zuckerberg, Clark Kent, TikTok, Sheryl Sandberg, Mike Schroepfer, Wall, McKinsey Zuck, Rogan, Meta, Harvard Zuck, —, Priscilla Chan, Ray's, pullover, Harvard Zuck —, Dianna, Mick, McDougall, Paul Sakuma, Zuckerberg's, Apple, Facebook, he'd, That's, Frances Haugen, Chris Cox, Zuck, Zach Gibson, Meta's, Sandberg, Marne Levine, who'd, Javier Olivan, he's, bode, Bain, Maher Saba, Lori Goler, He's, He'd, Katie Harbath, it's, Andrew Bosworth, Bosworth, Mark Zuckerberg McKinsey Zuck, Mark Shmulik, Bernstein, Augustus, Julius Caesar, Kali Hays Organizations: Meta, Menlo, Harvard, Apple, McKinsey, Business, Facebook, Cambridge, Capitol, Labs, Menlo Park, Q, Bain & Company, Reality Labs, Wall, Mark Zuckerberg McKinsey, Phillips Exeter Academy, Tech, Twitter Locations: California, Hawaii, United States, Davos, Silicon, contrition, Meta, verbiage, Harvard, Rome

☆ 2023 layoff tracker: The latest on which companies have announced job cuts
▼ + stars: | 2023-04-25 | by ( Jennifer Korn | ) edition.cnn.com time to read: +20 min

New York CNN —BuzzFeed, Lyft, Whole Foods and Deloitte all recently announced layoffs affecting thousands of US workers. With 11,000 job cuts announced in November and the 10,000 announced in March, Meta’s headcount will fall to around 66,000 — a total reduction of about 25%. The company announced in January that it was eliminating some 18,000 positions as part of a major cost-cutting bid at the e-commerce giant. IndeedJob listing website Indeed.com announced cuts of approximately 2,200 employees, representing almost 15% of its total workforce, the company said in March. The cuts come after the company announced several rounds of job cuts throughout the pandemic due to falling demand, followed by rapid hiring last year.

☆ Amazon CEO Andy Jassy needs to take a page out of Mark Zuckerberg's cost-cutting playbook at Meta
▼ + stars: | 2023-04-13 | by ( Paulina Likos | ) www.cnbc.com time to read: +9 min

Andy Jassy, CEO of Club holding Amazon (AMZN), said Thursday he's committed to investing in overall growth while creating cost efficiencies throughout the enterprise. Jim has said that Amazon needs to cut another 200,000 jobs or more to even approach pre-pandemic staffing of around 798,000 in Q4 of 2019. For example, Amazon has stopped physical store expansion, shuttered Amazon Care and Amazon Fabric, and it's letting go of devices that won't provide solid returns. Jassy also addressed Amazon's stock price during CNBC's interview. AMZN .SPX mountain 2020-04-09 Amazon vs. S & P 500 since April 2020 Bottom line Amazon needs to make additional moves to further reduce its headcount.

☆ Leaked recording shows Amazon CEO Andy Jassy delivering a brutally honest rallying cry for employees to 'redefine' the company
▼ + stars: | 2023-02-14 | by ( Eugene Kim | ) www.businessinsider.com time to read: +5 min

Amazon CEO Andy Jassy told employees on Tuesday that it'll take many months to redefine the company. But he said if everyone works together as a team, Amazon will get through it stronger. Amazon CEO Andy Jassy delivered a brutally honest motivational pep talk at an internal staff meeting on Tuesday, urging employees to band together as the company tries to get through an unusually challenging time. But he promised employees that the progress they make will "redefine" Amazon and better-position the company going forward, according to a recording of the all-hands meeting obtained by Insider. I don't really know any other company that's pursuing a set of innovations like that," Jassy said.

☆ Russia's invasion of Ukraine has accelerated a nuclear renaissance. Europe's nuclear startups have raised a record $403 million in 2022.
▼ + stars: | 2022-11-01 | by ( Tasmin Lockwood | ) www.businessinsider.com time to read: +5 min

Nuclear power has long been shunned by policymakers due to disasters like Chernobyl and Fukushima. Rising energy costs caused by Russia's invasion of Ukraine have sparked a nuclear resurgence. For most, nuclear energy sparks memories of the large-scale disasters at Fukushima and Chernobyl. To generate energy via nuclear fusion, two atoms have to be combined – the same process that fuels the sun. Both are needed to fight climate change, according to Aneeqa Khan, a nuclear fusion research fellow at the Dalton Nuclear Institute.

☆ Shopify's C-suite revamp could signal more acquisitions and a focus on services over software, analysts say
▼ + stars: | 2022-09-22 | by ( Madeline Stone | ) www.businessinsider.com time to read: +7 min

Most of Shopify's C-suite has been replaced in the past two years. "There was some hope that they would reprioritize software, whether it's marketing-automation software or customer-engagement software," he added. The former chief technology officer Jean-Michel Lemieux, chief legal officer Joe Frasca, and chief talent officer Brittany Forsyth all departed in 2021. The chief product officer Craig Miller left the company a few months before that, in fall 2020. Shopify has yet to formally fill the chief product officer role, whose responsibilities Lütke said he would take on in the wake of Miller's departure.

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