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Cerebras Systems, a startup trying to challenge Nvidia on the AI chip battlefield, is reportedly headed for an IPO toward the end of 2024. This is one of the primary elements holding back even some AWS customers from using Amazon's AI chips. But, most AI developers must go through gnarly work to change their software if they want to change their hardware. His startup Vimaan is building tech for a future "dark warehouse" that requires no humans to operate. Advertisement"Am I gonna take a chance to switch out a whole infrastructure that we've built on the Nvidia platform?"
Persons: , Lior Susan, Susan, CUDA, Thomvest, they're, He's, Padval, Jensen Huang, Thomas Sohmers, Ganapathi, Vimaan, Pavdal Organizations: Service, Cerebras Systems, Nvidia, Eclipse Ventures, Business, CUDA, NVIDIA CUDA, AMD, Qualcomm, Google, Intel, UXL Foundation, Amazon's Industrial Innovation Fund Locations: CUDA
Warehouse work is physically taxing, with employees moving thousands of pounds per day. As Walmart automates distribution centers, new robots and forklifts are lightening the load. CFO John David Rainey says Walmart's labor-saving automation may add a decade to workers' careers. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementWarehouse work is one of the most physically taxing jobs in the digital age.
Persons: John David Rainey, Organizations: Walmart, Service, Bank of America's London Investor Conference, Business
Sam's Club has grown its Gen Z membership by 68% in the past two years, CEO Chris Nicholas said. While the main attraction is low prices, the real difference for the club is its tech, he said. That could spell trouble for Costco, which lags far behind when it comes to digital innovation. AdvertisementLong a mainstay for boomers and Gen X shoppers, warehouse clubs increasingly have a new set of fans: Gen Z. "That generation believes it's cool to save money and we agree with them," Sam's Club CEO Chris Nicholas told CNBC last week.
Persons: Chris Nicholas, , Gen, Nicholas Organizations: Sam's, Costco, Service, CNBC, Walmart, Business
From gasoline to hot dogs to gold bars, there's no shortage of things you can buy at Costco. But the wholesale chain's CEO says the items you pull off the warehouse's extra-large shelves are of secondary importance to what you carry in your wallet. "The most important item we sell is the membership card," Ron Vachris told Fortune in an interview last month. Costco's has a 130 million-strong membership base, each of whom pays between $60 and $120 per year for access to the chain's stores.
Persons: Ron Vachris, Fortune, Costco's Organizations: Costco
Insider Today: CEOs in Training
  + stars: | 2024-06-23 | by ( Matt Turner | ) www.businessinsider.com   time to read: +5 min
But first: On the ground at Cannes Lions, aka summer camp for the ad industry. The promenade at the Cannes Lions festival in 2023. Tristan FewingsThis week's dispatchThe biggest names in marketing made for the south of France last week for the annual Cannes Lions festival. Meet Business Insider's most innovative CMOs of 2024. The program places MBAs in leadership positions at companies within just a few weeks, and promises to turn them into CEOs in a few years.
Persons: , Goldman Sachs, Tristan Fewings, Lara O'Reilly, Julia Hood, Megan Rapinoe, Sue Bird, I'm, Jason, Travis Kelce, Taylor Swift, Jimmy Simpson, Jenny Chang, Rodriguez, It's, Brian Ach, Tyler Le, Andy Sieg, Merrill Wealth, Sieg, Jeff Bezos, Paul Souders, Devon Price Organizations: Service, Business, Cannes Lions, Yahoo, Spotify, Sport, BI, Amazon Locations: France, Sport Beach, Seattle , Washington
Real estate companies around the world are eyeing one area right now: data centers, according to Citi. Citi noted the push toward data centers is being driven by major themes such as artificial intelligence and nearshoring. More industrial companies are looking to convert warehouses into data centers, Citi noted. Stocks to benefit The bank named three "direct beneficiaries" of rising data center demand: U.S.- listed real estate investment trust Digital Realty Trust , data center firm Equinix and Australia-listed NextDC . Paul Hanna | Bloomberg | Getty ImagesReal estate companies around the world are eyeing one area right now: data centers, according to Citi.
Persons: Stocks, There's, Keppel DC REIT, Paul Hanna Organizations: Citi, Digital Realty Trust, Digital Realty, Equinix, Nvidia, Keppel DC, Industrial Trust, Inc, Talavera de la Reina, Bloomberg, Getty Locations: datacenters, Equinix, Australia, Singapore, India, Talavera de, Spain
Extreme heat takes toll on outdoor workers
  + stars: | 2024-06-21 | by ( Alicia Wallace | ) edition.cnn.com   time to read: +11 min
There’s little to no escape from sweltering temperatures for construction workers like Eva Marroquin, who cleans work sites in Austin, Texas, and has worked in the industry for 17 years. Since 2010, she’s worked closely with the Workers Defense Project, an organization that advocates for protections for low-wage, immigrant workers in the Texas construction industry. Slowing down small businessesIt’s barely just now summer, and heatwaves are already slowing down small businesses, according to Homebase, which provides payroll software to more than 100,000 small businesses, covering 2 million hourly workers. “I think anything that impacts small businesses is affecting the economy as a whole,” he said, noting how small businesses account for half the jobs in the country. For herself, the high heat is more of an inconvenience; the car’s hotter and she just needs to pack some extra water.
Persons: Eva Marroquin, ” Marroquin, Christine Bolaños, she’s, Chris Lafakis, , Joshua, Gina Ferazzi, Gregory P, Casey, Jenny Schuetz, Brian Snyder, aren’t, , John Waldmann, They’re, Katie Parent, Joseph Prezioso, Greer, Denise Greer Jamerson, Norman, Greer Jamerson, you’ve, , “ It’s, it’s, Tamara Lovewell, café, panini, Tamara Lovewell “, Lovewell Organizations: CNN, Capitol, Workers Defense Project, Moody’s, Federal Reserve Bank of San, Williams College, Triple, Los Angeles Times, Environmental Protection Agency, Brookings Metro, Reuters, University of California, Stanford University, Getty, National Weather Service, Ruska Coffee Company Locations: Austin , Texas, Washington ,, Texas, Federal Reserve Bank of San Francisco, Massachusetts, Joshua Tree , California, Boston, Greater Boston, AFP, Princeton , Indiana, , Maine, United States, Caribou .
A manager who has been with the company over 20 years shared his best tip for getting promoted. "Move to some of the areas where they're growing," he told Business Insider. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Business Insider spoke with a manager who joined the company more than 20 years ago slinging hot dogs in the warehouse food court to make money for college. This story is available exclusively to Business Insider subscribers.
Persons: , Ron Vachris Organizations: Costco, Service, Business
Many NEETs are listless, struggling through tough economic times, living off loans, and losing hope of retirement or buying a house. Voluntarily idleSome Gen Zers struggle to find a job or stay in work or education, earning the nickname "disconnected youth." But some Zoomer and millennial NEETs are happy to wait out unemployment for the right career path. Advertisement"It reveals how much shame in guilt is built into our every day lives," Pitcher told BI of being a NEET. This gives him faith that things will be OK, he told BI.
Persons: , Zers, Louis, Morgan Pitcher, Pitcher, Leonie, Lukas, James Watts, Gen Zers, Watts, Laurie Cure, Darrin Murriner, Murriner Organizations: Service, International Labour Organization, Business, Gallup, St, Louis Federal Reserve's Institute for Economic Equity Locations: Vancouver
I took on a seasonal job that allowed me to rapidly pay off my credit-card debt and start saving. In 2022, we ended up draining most of our emergency fund, and I quickly racked up close to $5,000 worth of credit-card debt. I picked up a seasonal jobOne of the best things I did last winter to streamline paying off my credit-card debt was getting a seasonal part-time job. All of this went toward my credit-card debt, along with any money I budgeted for extra debt payments from my main income. Paying down credit-card debt was just one thing I needed to do.
Persons: , I'm, I've, homeownership Organizations: Service, Amazon
California fined Amazon $5.9 million, saying it failed to inform employees about work quotas. A state law requires written quota details to prevent pressure and injuries among workers. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementCalifornia's Department of Industrial Relations announced Tuesday it had fined Amazon more than $5.9 million, saying the e-commerce giant had violated labor laws that require companies to inform warehouse employees of any quotas they must follow. According to the state's Warehouse Quotas law, which went into effect in January 2022, those quotas must be provided to workers in written form.
Persons: Organizations: Amazon, Service, California's, of Industrial Relations, Business
Autonomous trucking startup Waabi announced Tuesday it has raised $200 million in an oversubscribed Series B funding round led by existing investors Uber and Khosla Ventures. Waabi's latest funding round also includes Nvidia, a new investor in the company, as well as Porsche and the venture capital arm of Volvo. Using generative AI, Waabi has built a single AI system that is capable of reasoning, just as humans do, and that can come up with problems human minds couldn't conceptualize. The new investor round brings Waabi's total funding to $280 million since being founded in 2021. "This funding round gives us everything we need, both financially and strategically, to launch fully driverless trucks and accelerate our growth in 2025," Urtasun said.
Persons: Waabi, couldn't, Raquel Urtasun, Jensen Huang, Urtasun Organizations: Uber, Khosla Ventures, Nvidia, Porsche, Volvo, Uber Freight, U.S, Trucking, CNBC Locations: Toronto, Dallas, Houston, Texas, U.S, Waabi
California's labor regulator on Tuesday said it fined Amazon nearly $6 million for violating a state law aimed at curtailing the use of onerous warehouse productivity quotas. The California Labor Commissioner's Office said it investigated two Amazon facilities in Moreno Valley and Redlands, both located east of Los Angeles, and found 59,017 violations of the state's Warehouse Quotas law, officials said. The Warehouse Quotas law went into effect in 2022 and requires employers to disclose productivity quotas to employees and government agencies, as well as any discipline workers may face for not meeting them. The law also prohibits employers from requiring warehouse employees to meet unsafe quotas preventing them from taking state-mandated meal and rest breaks or using the bathroom. The Labor Department's Occupational Safety and Health Administration has also cited Amazon numerous times for safety violations.
Persons: Lilia Garcia, Brower, Sen, Ed Markey, It's, Maureen Lynch Vogel, they're Organizations: Amazon, California Labor Commissioner's Office, Labor, Occupational Safety, Health Administration Locations: California, Moreno Valley, Redlands, Los Angeles, Washington, New York, Minnesota, U.S
A California labor regulator said on Tuesday that it had fined Amazon nearly $6 million for thousands of violations of a safety law that took effect in 2022. The measure, known as the Warehouse Quotas Law, lets employees request written explanations of any productivity quotas that apply to them, as well as explanations of any discipline they may face in failing to meet the quotas. The state labor commissioner’s office said Amazon violated the law more than 59,000 times at two Southern California warehouses between October and March. The system that Amazon used in the two warehouses “is exactly the kind of system that the Warehouse Quotas Law was put in place to prevent,” the labor commissioner, Lilia García-Brower, said in a statement.
Persons: Lilia García, Brower Organizations: Amazon Locations: California, Southern California
Amazon Union Workers Join Forces With the Teamsters
  + stars: | 2024-06-18 | by ( Noam Scheiber | ) www.nytimes.com   time to read: +1 min
After years of organizing Amazon workers and pressuring the company to bargain over wages and working conditions, two prominent unions are teaming up to challenge the online retailer. The partnership was made final in voting that ended on Monday after members of the Amazon Labor Union, the only union formally representing Amazon warehouse workers in the United States, voted overwhelmingly to affiliate with the 1.3-million-member International Brotherhood of Teamsters. The vote was overseen by the Amazon union. Leaders of both unions said the affiliation agreement would put them in a better position to challenge Amazon and would provide the A.L.U. will fight fearlessly to ensure Amazon workers secure the good jobs and safe working conditions they deserve in a union contract,” Sean O’Brien, the Teamsters president, said in a statement early Tuesday.
Persons: , fearlessly, ” Sean O’Brien Organizations: Amazon Labor Union, Brotherhood of Teamsters, Amazon, Teamsters, A.L.U Locations: United States, Staten Island
Senator Bernie Sanders, an Independent from Vermont, left, speaks next to Christian Smalls, founder of the Amazon Labor Union (ALU), during an ALU rally in the Staten Island borough of New York, U.S., on Sunday, April 24, 2022. Members of the Amazon Labor Union, the first group of company workers to organize at a U.S. warehouse, have voted to affiliate with the International Brotherhood of Teamsters, the groups said in a joint statement on Tuesday. Roughly 98% of ALU members voted in favor of joining up with the Teamsters, the groups said. The Teamsters is one of the largest labor unions in the U.S., and it has long sought to organize Amazon delivery and warehouse workers. The union launched an Amazon division in 2021 to support and fund workers at the company in their unionization efforts.
Persons: Bernie Sanders, Christian Smalls, ALU, fearlessly, Sean O'Brien, Chris Smalls Organizations: Amazon Labor Union, International Brotherhood of Teamsters, Teamsters, Amazon, Brotherhood of Teamsters Locations: Vermont, Staten Island, New York, U.S, Staten Island , New York, York's
Dries Van Noten Takes His Exit
  + stars: | 2024-06-15 | by ( Vanessa Friedman | ) www.nytimes.com   time to read: +1 min
On a recent afternoon, the designer Dries Van Noten sat in the sprawling old warehouse that houses his Antwerp headquarters, with its bare concrete walls, vintage oak cupboards and views over the city’s harbor. He was altering a jacket for his coming men’s wear show: a nip here, a seam moved there. Then, Mr. Van Noten said, a member of his team pointed out that it was the last piece of the men’s collection this season. As Mr. Van Noten recounted later, “I said, ‘That’s not the last piece of the men’s collection: It’s the last piece of my career.’”In March, six years after selling the company he founded in 1986 to Puig, the Spanish luxury group, Mr. Van Noten, 66, did something truly rare in fashion: He announced his retirement. This men’s wear show, next Saturday in Paris, will be his last.
Persons: Van Noten, , ‘ That’s, ’ ”, Puig, Patrick Vangheluwe Locations: Antwerp, Spanish, Paris, Amalfi Coast, Italy
Piper Sandler reiterates Pinterest as a top pick Piper said it's sticking with its overweight rating on the stock. JPMorgan reiterates Amazon as overweight JPMorgan said the e-commerce giant remains a top pick at the firm. The firm also says it's sticking with its outperform rating on Apple. "We are reiterating our Buy rating and raising our price target on shares of Costco from $890 to $940." Morgan Stanley reiterates Tesla as overweight Morgan Stanley said it's sticking with its overweight rating on Tesla .
Persons: Bernstein, it's, D.A, Davidson, KBW, Tesla, underperform Bernstein, Musk, Piper Sandler, Pinterest, Piper, Evercore, Morgan Stanley, Sunrun, Guggenheim, Macquarie, Roblox, TD Cowen, Cowen, Michael Colglazier, Morgan Stanley downgrades Twilio, JPMorgan, GenAI, Wolfe, Elon Organizations: Bank of America, Elon, Spotify, UBS, TPC, Galactic, America, JPMorgan, Adobe, " Bank of America, Hasbro, of America, Monopoly, Apple, Baidu, Apple Intelligence, Costco, Nvidia, Tesla Locations: China
Walmart's 4,600 US stores are supported by a network of 42 regional distribution centers. Of those 42, there's "some level of automation" at 15 of them, CFO John David Rainey said. When a DC is automated, Rainey said it sees as much as a 4X leap in efficiency. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Of those 42 DCs, Walmart CFO John David Rainey said the company has 15 that now have "some level of automation," serving about 1,700 stores.
Persons: John David Rainey, Rainey, Organizations: Service, Walmart, Business
Read previewThis as-told-to essay is based on a conversation with a Chicago-area Costco forklift driver who requested anonymity as they are not authorized to speak with the media. I was a supervisor in the warehouse and then ultimately settled down as a forklift driver. Typically, Costco forklift drivers are seen kind of like supervisors, because you designate the flow of the building. I also make more as a forklift driver now than I did ten years ago as a supervisor. You can't keep it on the floor, so you're gonna have to rack it on tall steel shelves, and you're gonna eventually have to bring that stuff down.
Persons: , I'm, it's, they've, There's, there's, — there's, let's Organizations: Service, Costco, Business, OSHA, Gatorade Locations: Chicago, Kirkland
Ali Ghodsi, co-founder and CEO of Databricks, speaks at a press conference at Databricks' Data and AI Summit in San Francisco on June 12, 2024. Databricks, the data analytics software vendor that's among the most richly valued private U.S. tech companies, told investors on Wednesday that annualized revenue will reach $2.4 billion by the midpoint of this year. In April, security software company Rubrik debuted on the New York Stock Exchange. In March, the company told media outlets outlets that it generated $1.6 billion in revenue for the year ending Jan. 31, up more than 50% year over year. Last week Databricks said it was paying over $1 billion to buy Tabular, a startup whose founders created Iceberg.
Persons: Ali Ghodsi, Dave Conte, I've, Conte, Rubrik, Conte didn't, Databricks, Ghodsi, Snowflake Organizations: Databricks, Summit, New York Stock Exchange, NYSE, CNBC Locations: San Francisco
Kirkland Signature, Costco's private label brand, has won the company some die-hard fans. Non-fuel sales reached $56 billion last year, or nearly a quarter of Costco's annual revenue. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . But some customers are even more enthusiastic about a brand they can only get from the warehouse club: Kirkland Signature. For nearly 30 years, Costco's private label brand has been winning the company some die-hard fans with products that are easily as good — or better — than their national brand competitors, and priced as much as 20% less.
Persons: Kirkland, Organizations: Service, Costco, Kirkland, Business
But you can get one of the chain's best deals without ever setting foot in the store. That's because Costco loyalists know there's no better place to buy gasoline than at the wholesale giant's pumps, which regularly undercut the competition. Costco said in its report that it believes its gasoline business "enhances traffic in our warehouses." Even if you're not a Costco shopper, the savings on gasoline alone can make the price of a $60 membership worthwhile. Using a little back of the envelope math, David and Susan conservatively estimate that a member would only need to drive 7,500 miles per year while exclusively buying Costco gas before their membership pays for itself.
Persons: David Schwartz, Susan, David Organizations: Costco, Exxon, CNBC
New York CNN —More than 15,000 Amazon contract drivers filed arbitration claims against the e-commerce giant on Tuesday, alleging Amazon classified them as independent contractors instead of employees with minimum wage and overtime rights. Amazon Flex, launched in 2015, allows independent contractors to sign up to deliver Amazon packages. Flex drivers provide Amazon Fresh grocery deliveries or same-day deliveries from the company’s warehouse hubs. Since the drivers are classified as independent contractors, these claims ask for compensation for unpaid wages and overtime, and reimbursement for expenses such as mileage and cell phone usage. Tindall told CNN that the workers filed independent arbitration claims instead of a class action lawsuit because drivers have to sign an agreement that forbids class action.
Persons: misclassification, Steven Tindall, Tindall, Joseph Sellers, , Sellers, we’re, ” Tindall, CNN’s Samantha Delouya Organizations: New, New York CNN, Amazon, Flex, American Arbitration Association, Drivers, CNN Locations: New York, California , Massachusetts, Illinois
Everybody, including Costco, is chasing Amazon, which accounts for 45% of all U.S. e-commerce sales, according to JPMorgan in a research note Monday. While unlikely to compete at the level of Amazon or Walmart online in the near future, Costco could carve out a lucrative e-commerce lane with its loyal, value-orientated customers. Engaged members want to spend more online at Costco "given the value/quality and cash back," the analysts added. Costco has an "incredible opportunity to better target customers and leverage its rich database of perfect data and is still in its early innings" of e-commerce, JPMorgan said. Adding to the e-commerce story, JPMorgan cited the Costco Logistics network, which has amped up "e-commerce fulfillment of bulky items."
Persons: Jim Cramer, Morgan Stanley, Gary Millerchip, Instacart, Jim Cramer's, Jim, John Keeble Organizations: Costco, JPMorgan, Walmart, Amazon, Target, Kroger, Costco Logistics, Logistics, CNBC, Lakeside, Getty Locations: Grays, United Kingdom
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