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AI stocks are soaring — the tech-heavy Nasdaq Composite is up by about 33% this year. Around two thirds of Americans are worried about artificial intelligence taking their jobs, according to a recent Morning Consult poll. The rule essentially seeks to shift the risk of a bank failure to bondholders rather than depositors. But to get bondholders to bear the cost of banks’ potential failure, the banks would likely have to pay high interest rates. The rule unveiled Tuesday comes on the heels of a separate capital-bolstering rule the three agencies introduced in July.
Persons: Goldman Sachs, Goldman, Jenny Ma, ” Goldman, Elisabeth Buchwald, Greg Baer, ” Baer, Andy Jassy, Jassy, Brian Fung Organizations: CNN Business, Bell, New York CNN, Nvidia, Microsoft, Pew, Federal Reserve, Labor, Nike, Netflix, Apple, Federal Deposit Insurance Corporation, Bank Policy Institute, Amazon, CNN Locations: New York, United States
CNN —Amazon CEO Andy Jassy told employees to get on board with the company’s return-to-office plan or to consider employment elsewhere, the company confirmed to CNN, after a report by Insider highlighted Jassy’s remarks from a recent internal event. He also predicted that for those who could not accept the policy, their prospects for remaining at Amazon appeared grim. According to the remarks Amazon shared with CNN, Jassy responded by saying that the return-to-office policy was more the result of a judgment call based on an assessment of various factors including business results. The remarks also showed that Insider accurately reported Jassy’s predictions regarding employees who do not comply with the return-to-office mandate. Amazon’s signal to workers that it is tracking their attendance comes after more than 1,000 of its corporate employees staged a walkout in May to protest the office policy.
Persons: Andy Jassy, Jassy, Reddit, “ It’s, Jassy’s Organizations: CNN, Amazon
James McBride Doesn’t Read Reviews. Here’s Why.
  + stars: | 2023-08-24 | by ( Elisabeth Egan | ) www.nytimes.com   time to read: +1 min
Between these poles are all forms of social media; and, on a different continent but still the same planet, reviews printed in the font you’re reading now. When it comes to all of the above, James McBride takes a page from Herman Melville’s short story “Bartleby, the Scrivener.” Like the titular clerk, McBride prefers not to — in his case, read reviews. I’m grateful that people read the work. If you’re writing about humans, you’ve got to be around humans. The big secret to writing good books is to stay around people, and not stay around what they write on the internet.”
Persons: James McBride, Herman Melville’s, Scrivener, McBride, “ I’m, , Danez Smith, ” McBride, , I’m, I’ve, , you’ve Locations: Columbia
Arm’s changing business model is wildcard for IPO
  + stars: | 2023-08-24 | by ( Karen Kwok | ) www.reuters.com   time to read: +5 min
The other is royalty revenue, which is linked to how many products containing Arm technology that a customer eventually sells. Rather than selling licenses for specific chip designs and hoping the royalty revenue eventually flows, it is offering so-called total access agreements. First, Amazon’s engineers are more likely to experiment with Arm’s intellectual property and therefore use it in the future, eventually boosting royalty revenue. The company’s revenue fell 1% to $2.7 billion in the financial year to March 31. In the most recent quarter, which ended on June 30, Arm’s revenue fell by more than 2% year-on-year to $675 million.
Persons: Dado Ruvic, Rene Haas, Haas, lumpy, Liam Proud, Oliver Taslic Organizations: REUTERS, Reuters, SoftBank, Apple, Samsung Electronics, Nvidia, Microsoft, Infineon Technologies, U.S, Nasdaq, Thomson Locations: British
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Persons: Dow Jones Organizations: nielsen
Stores have been pushing up Christmas merchandise earlier and earlier in recent years. In 2021, Amazon and Walmart, afraid of tepid consumer demand because of the pandemic, initiated holiday sales as early as October. The same pattern was repeated last year, effectively elongating the year-end holiday shopping season. “I expect an ever-growing holiday season is here to stay, at least for the foreseeable future,” said Zak Stambor, senior retail & ecommerce analyst with Insider Intelligence. Among the festive items were Christmas tree ornaments, festive ribbons, plush elves and tabletop ornaments.
Persons: can’t, Don’t, , Zak Stambor, Nikki Baird, Stambor, here’s, we’ve, ” Lowe's, Lowe’s, Organizations: New, New York CNN, Walmart, Labor, Insider Intelligence, ” Industry, Amazon, Depot, Lowe’s, CNN, Costco Locations: New York, Amazon, , Santa
Blue Shield of California will no longer use CVS Health’s Caremark as its pharmacy benefit manager and instead will partner with several companies, including Amazon Pharmacy and Mark Cuban Cost Plus Drug Company. They have come under fire from other players in the health care industry and from Congress because of their opaque practices. Most adults take at least one prescription drug annually, while more than a third take at least three, Blue Shield said, citing Centers for Disease Control and Prevention data. CVS Caremark will continue to work with Blue Shield, providing specialty pharmacy services for members with complex conditions. The company bought online pharmacy PillPack in 2018, launched its own Amazon Pharmacy in 2020 and last year created a virtual health care clinic.
Persons: ” Paul Markovich, Mark Organizations: New, New York CNN, CVS, Amazon Pharmacy, Cuban, Plus Drug Company, Pharmacy, Blue, for Disease Control, , Mark Cuban, Plus, CVS Health, Amazon Locations: New York, California
appears to be closing in on its decision to bring an antitrust case against Amazon. Amazon representatives are expected to meet this week with members of the commission to discuss the possible suit, a sign that legal action may be imminent. Even as books have become a smaller slice of the company, Amazon has become an overwhelming force in the book market. It accounts for at least 40 percent of physical books sold in the U.S., and more than 80 percent of e-books sold, according to an analysis released by WordsRated, a research data and analytics group. With its purchase of Audible in 2008, Amazon has also become one of the largest audiobook producers and retailers.
Persons: Lina Khan, Jonathan Kanter, It’s, Mayer, WordsRated, beholden Organizations: Federal Trade Commission, Department’s Antitrust, Amazon, Metro, Goldwyn, Markets Institute Locations: U.S, United States
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/amazons-leader-on-alexa-echo-and-other-devices-plans-to-leave-cde4f689
Persons: Dow Jones
Soros Fund Management owned 769,061 Amazon shares at the end of the second quarter, representing an increase of more than 8% in its holdings. Amazon’s stock price boomed during the pandemic when homebound shoppers relied on the retailer for toilet paper, groceries and much more. What investors who bought Amazon during the second quarter did not know yet was how well the company fared during those three months. It reported an 11% gain in second quarter revenue and topped analysts’ expectations when it reported earnings earlier this month. Management also pointed to a strong third quarter and the stock price rose on the earnings report.
Persons: Washington, Mike Segar Organizations: Amazon, REUTERS, Fidelity, Amazon.com, Baupost, Soros Fund Management, Investment Group, Mutual, Investor GQG Partners, Securities and Exchange Commission, Management Locations: New York City , New York, U.S
Washington, DC CNN —Amazon has warned some of its US-based office workers that it is keeping a close eye on their in-person attendance at work, sending emails to those it believes are not complying with its return-to-office policies. Still other Amazon employees, however, claimed they received the email despite complying with the policy, and some said they did not receive the corporate email despite never going in to the office. In response to CNN’s request for comment, Amazon said it sent a follow-up email to employees clarifying who was meant to receive the original message: those who have rarely used their workplace ID badges to enter an Amazon office building. Amazon’s signal to workers that it is tracking their attendance comes after more than 1,000 of its corporate employees staged a walkout in May to protest the office policy. Still, even as Amazon chided certain employees this week for not showing up in person, some expressed an indifference to the warning.
Persons: , , Meta, Mark Zuckerberg Organizations: DC CNN, Amazon, CNN, Google Locations: Washington
The problem with that is audience levels aren’t the only metric when weighing the value of streaming series. "The Lord of the Rings: The Rings of Power," starring Morfydd Clark, was a major investment for Amazon's Prime Video. Matt Grace/Prime VideoThis premium-TV strategy of stirring conversation is something HBO understood long before streaming became a competitor. Even if you didn’t watch “The Wire” or “Boardwalk Empire,” getting HBO meant hanging around with the cool kids. Jenna Ortega as Wednesday Addams in the Netflix series "Wednesday."
Persons: Lucas Shaw, Power ”, Morfydd Clark, Matt Grace, , you’re, Kai ”, Jenna Ortega, Wednesday Addams Organizations: CNN, Bloomberg, Netflix, Amazon, Amazon's, HBO, Hollywood
commissioners, said the person, who spoke on the condition of anonymity because the discussions are confidential. The scheduled meetings signal that the F.T.C. is nearing a decision on whether to move forward with a lawsuit arguing that Amazon has violated antimonopoly laws. Such discussions are sometimes known as “last rites” meetings, after the prayers some Christians receive on their deathbed. As a $1.4 trillion behemoth, Amazon has turned into a major force in the economy.
Persons: Lina Khan, Rebecca Kelly Slaughter, Alvaro Bedoya Organizations: Federal Trade Commission, Amazon, Metro, Goldwyn, Mayer
In a call with investors on Thursday, Andy Jassy, Amazon’s chief executive, said work on generative A.I. And during recent calls with analysts, Google, Meta and Microsoft also said they would increase investments to support A.I. Generative A.I. The number of customers using Microsoft’s Azure OpenAI Service, a tool to build on the generative A.I. models developed by its partner OpenAI, has increased this year to more than 11,000, from 250.
Persons: Andy Jassy, Tim Cook, Stacy Rasgon, Bernstein, OpenAI, “ It’s, , Gavin Baker Organizations: Google, Meta, Microsoft, McKinsey, OpenAI, Management Locations: Boston
Titles from a handful of trusted brands appeared near the top of the page: Rick Steves, Fodor’s, Lonely Planet. Also among the top search results was the highly rated “France Travel Guide,” by Mike Steves, who, according to an Amazon author page, is a renowned travel writer. “I was immediately drawn by all the amazing reviews,” said Ms. Kolsky, 53, referring to what she saw at that time: universal raves and more than 100 five-star ratings. Its price tag — $16.99, compared with $25.49 for Rick Steves’s book on France — also caught Ms. Kolsky’s attention. When it arrived, Ms. Kolsky was disappointed by its vague descriptions, repetitive text and lack of itineraries.
Persons: Amy Kolsky, Rick Steves, Mike Steves, , , Kolsky, Rick Steves’s, France —, Amazon’s Locations: France, Bucks County, Pa
Stock futures mostly edged higher, putting the S&P 500 on course to change direction after three days of losses, as investors awaited the monthly jobs report. Amazon’s stock surged almost 9% in premarket trading after the tech giant reported stronger-than-expected earnings late Thursday. Friday’s jobs report is expected to show the labor market cooled further in July. The labor market has shown surprising resilience to the Federal Reserve’s interest-rate rises and investors will eye the jobs report closely to assess how it could influence officials’ decision-making. Futures tied to the S&P 500 and the tech-heavy Nasdaq-100 were narrowly higher, while the Dow industrials edged lower.
Persons: Nonfarm Organizations: Nasdaq, Dow, Brent, Index, Nikkei Locations: Russian
But the tech giants provided a snapshot of the state of the global economy: Consumers and companies are cutting back on some costs, but refusing to stop spending on increasingly essential services. Much of the revenue decline was caused by a drop in iPhone sales, which comprise half of Apple’s overall revenue. But revenue from services — including Apple Music, Apple TV+ and App Store sales — grew 8 percent, reaching a record $21 billion. In India, the company set a record for iPhone sales. The company enjoyed a surge in its core online retail business, showing that customers are still spending despite headwinds like rising interest rates.
Persons: they’re, Apple Organizations: Apple, Apple Music Locations: China, India
The Best Mesh Wi-Fi Systems for Your Home
  + stars: | 2023-08-03 | by ( David Murphy | ) www.wsj.com   time to read: +22 min
Our favorite mesh Wi-Fi system, TP-Link’s Deco XE200, supports Wi-Fi 6E, meaning it will deliver the best possible speeds for any device you can buy in mid-2023. Best overall mesh Wi-Fi systemBuy Side Top Pick TP-Link Deco XE200 $800 at Amazon $800 at b&h The XE200 offers the perfect mix of fast speeds, simple setup and app-based adjustments, offering the fastest mesh Wi-Fi at home for all the latest Wi-Fi 6E devices. Price: Our research found you’ll spend around $300 or less for a lower-price mesh system, or about $800 or less for a high-performance mesh system. We tested the mesh systems by first connecting a Google Pixel 7 Pro to a single Wi-Fi mesh access point (set up as the home’s primary router) from a handful of feet away within the same room. It’s still important that a mesh Wi-Fi system be able to deliver strong performance across as far a range as possible.
Persons: David Murphy, won’t, they’re, it’s, you’re, you’ll, we’d, ET8, Asus’s, Eero, Dong Ngo, I’ve, Jerry Jongerius, You’ll, ” Ngo, backhaul Organizations: Netflix, Amazon, Pro, Dong Knows Tech Locations: California
New York CNN —Amazon has faced challenges getting shoppers to buy groceries in its Amazon Fresh grocery stores and recently laid off workers — but it’s betting a new strategy and redesigned stores will be the answer to its struggles. An Amazon Fresh redesigned grocery store. Amazon has paused its Amazon Fresh store expansion plans. Meanwhile, Amazon Fresh grocery stores are targeted at lower- and middle-income customers and function as full-size grocery stores. Amazon had big plans to grow Amazon Fresh stores, but it has paused store expansion.
Persons: ” Neil Saunders, , Andy Jassy, “ We’ve Organizations: New, New York CNN, Amazon, GlobalData, Amazon Fresh Locations: New York, Chicago, Boston, Denver, Austin, United States
July marked two years since Mr. Jassy took over as chief executive from Jeff Bezos, Amazon’s founder. Amazon flourished during the pandemic, supplying necessities and diversions to millions of suddenly grounded families, and made the reasonable assumption that the boom would last. One of Mr. Bezos’ last major actions before his departure was to add “Strive to be Earth’s best employer” to the company’s leadership principles. Amazon is so large, with over half a trillion dollars in annual revenue, that it is difficult to move the needle much. Then the AWS cloud division provided the torrid growth, and finally advertising pushed the numbers.
Persons: Jassy, Jeff Bezos, Bezos, Organizations: National Labor Relations, Amazon Locations: Staten Island
Amazon Clinic launched last November and offers customers 24/7 access to third-party health-care providers directly on Amazon’s website and mobile app. Amazon Clinic currently does not accept insurance, but medication prescribed by clinicians may be covered by insurance. Amazon’s foray into the health care space comes as other retailers have made similar moves, from CVS to Walgreens to Walmart. From AmazonIn recent years, Amazon has gradually been growing its footprint in the health care sector. Earlier this year, Amazon also closed its acquisition of health care provider One Medical in a $3.9 billion deal.
Persons: , Nworah Ayogu, Ayogu, Berkshire Hathaway Organizations: New, New York CNN, D.C, Amazon Clinic, CVS, Walgreens, Walmart, Amazon, Amazon Pharmacy, JPMorgan Chase Locations: New York, Washington
LONDON, July 26 (Reuters) - Britain's anti-trust regulator said Amazon's (AMZN.O) offer to change the way it treats third-party sellers using its Marketplace platform addresses competition concerns in its preliminary view published on Wednesday. It will now consult on the commitments proposed by Amazon, it added. Last year, the Competition and Markets Authority (CMA) said it was investigating Amazon over suspected breaches of competition law, including how it chooses products which are placed within the "Buy Box" feature. The CMA said it had taken action after concerns that the U.S. tech giant was using its strength in the market to gain an advantage over other businesses which use Amazon's Marketplace to reach customers. "Amazon’s commitments to the CMA will help ensure that third-party sellers on Amazon Marketplace can compete on a level-playing field against Amazon’s own retail business," Ann Pope, senior director for enforcement at the CMA, said in a statement.
Persons: Ann Pope, Farouq Suleiman, Sarah Young Organizations: Amazon, Markets Authority, CMA, Thomson Locations: U.S
What’s happening: Two years ago, Lina Khan, 34, became the youngest and perhaps most progressive leader of the FTC’s 100-plus year history. Khan, meanwhile, was unable to successfully block Microsoft from closing its $69 billion purchase of videogame publisher Activision Blizzard last week. The rise of gig workers is changing the face of the US economyFrom CNN’s Samantha DelouyaLazarus Limo usually starts his day at 10 a.m. But workplace experts say the number of gig workers is growing, and and their impact is being felt throughout the economy. But whether the success of both films will translate into a sustained revival of the movie industry remains to be seen.
Persons: New York CNN —, Biden, Lina Khan, haven’t, Khan, Kevin Kiley, Joe Biden, , Brian Fung, ” Khan, , ” What’s, She’s, Samantha Delouya Lazarus, , that’s, Louis Hyman, ” Read, “ Barbie ”, “ Oppenheimer, Anna Cooban, “ Barbie, Barbie ”, ” Daniel Loria, Disney’s “ Indiana Jones Organizations: CNN Business, Bell, New York CNN, Apple, Microsoft, Nvidia, of America, Big Tech, Federal Trade Commission, FTC, White, Activision Blizzard, Republican, Economic, of New, Yale Law, Amazon, Bloomberg, Tech, Meta, Uber, CNN, DoorDash, of Labor Statistics, Cornell University, “ Society, Insiders, Warner Bros, Universal Studios, Warner Bros ., AMC, Hollywood Locations: New York, California, of New York, Hill , North Carolina, , United States, Instacart, Disney’s
WASHINGTON, July 21 (Reuters) - Amazon (AMZN.O) is building a $120 million processing facility at NASA's Kennedy Space Center in Florida for its thousands of planned Kuiper internet satellites, the company and state officials said Friday. The Kuiper internet network, which will largely compete with Starlink from Elon Musk’s SpaceX, is expected to complement Amazon’s web services powerhouse. The Florida facility will employ 50 staff and be a last stop for Amazon's Kuiper satellites before they go to space, after being manufactured at the Kuiper project's primary plant in Redmond, Washington. The company has bagged 77 heavy-lift rocket launch contracts, potentially worth billions of dollars combined, mostly from the Boeing-Lockheed joint venture United Launch Alliance and Jeff Bezos's space company Blue Origin. Anna Farrar, a spokeswoman for Space Florida, a state-funded entity to attract space businesses to Florida, said Amazon is eligible to receive funds under a state grant for transportation-related projects but "has not received any funding to date."
Persons: Steve Metayer, Jeff Bezos's, Anna Farrar, Joey Roulette, Deepa Babington Organizations: Kennedy Space Center, Amazon, Starlink, Elon Musk’s SpaceX, Kuiper Production, Boeing, Lockheed, United Launch Alliance, Origin, Space, Thomson Locations: Florida, Redmond , Washington, Space Florida
New York CNN —Amazon will let customers at all of its Whole Foods stores pay with a simple wave of their hand. The company announced Thursday that it is bringing its Amazon One palm recognition system to all of its more than 500 Whole Foods stores by the end of the year. Amazon rolled out the technology in 2020, and it’s currently available at more than 200 Whole Foods stores. Whole Foods customers who choose to use Amazon One will no longer need their wallet or a phone to pay — they can simply hover their palm over an Amazon One device. Amazon says customer palm data is safeguarded in its Amazon Web Services cloud and it does not share palm data with third parties.
Organizations: New, New York CNN, Foods, Coors, Amazon, Services Locations: New York, Hudson, Colorado
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