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Economy

Super Micro’s $50 billion stock collapse underscores risk of AI hype

November 2, 2024

In March, Super Micro Computer was added to the S&P 500 after an epic run that lifted the stock by more than 2,000% in two years, dwarfing even Nvidia’s gains. As it turned out, S&P was calling the top. Less than two weeks after the index changes were announced, Super Micro reached its closing high of $118.81 and had a market […]

Economy

Google employees pressure costumed execs at all-hands meeting for clarity on cost cuts

November 2, 2024

Alphabet executives, donning Halloween costumes, faced questions from concerned employees at an all-hands meeting on Wednesday, following comments on the company’s earnings call suggesting that more cost cuts are coming. “There is a reality to it,” said Brian Ong, vice president of Google recruiting, according to a recording of the meeting reviewed by CNBC. “We are […]

Economy

Starbucks will stop charging extra for nondairy milk

November 1, 2024

Nondairy milk lovers, rejoice. Starting next week, Starbucks will stop charging coffee drinkers who wish to customize their drinks with nondairy milk options an extra fee, the company announced Wednesday. The change will go into effect on Nov. 7, the day the company will launch its holiday menu, Starbucks said in a release. Starbucks said […]

Economy

7 ways that Starbucks CEO Brian Niccol plans to change the coffee chain

November 1, 2024

Starbucks CEO Brian Niccol shared more details about the company’s turnaround strategy during the company’s quarterly conference call on Wednesday. For three straight quarters, Starbucks has reported declining sales. But the coffee chain is hoping that some easy tweaks to its U.S. business will pay off and help reverse the trend as it plots a more ambitious and comprehensive game […]

Economy

Peloton announces Ford exec, founder of Apple Fitness+ Peter Stern as its next CEO

November 1, 2024

Peloton on Thursday said it has appointed Peter Stern, a Ford executive and the co-founder of Apple Fitness+ to be its next CEO and president. Stern, the president of Ford Integrated Services, primarily oversees the automotive company’s subscription services, such as BlueCruise, Pro Intelligence, connectivity and security. He also led the company’s digital product team. Stern is slated to step down from […]

Economy

Dropbox slashes 20% of global workforce, eliminating more than 500 roles

October 31, 2024

Dropbox is laying off 20% of its global workforce, the equivalent of 528 roles, CEO Drew Houston announced Wednesday in a note to staff. The company is in a “transitional period” as its file sync and share business and its Dash artificial-intelligence search feature mature, Houston wrote. “Navigating this transition while maintaining our current structure and investment […]

Economy

Immersive entertainment company Cosm lands rights to broadcast NFL games

October 30, 2024

Cosm, the immersive technology company that broadcasts live sports events using what it calls “shared reality,” is partnering with the National Football League, the company announced Monday. As part of the deal, Cosm will produce and distribute NFL games at its venues throughout the rest of the 2024 season. The deal includes broadcasting every Thursday night football […]

Economy

JPMorgan begins suing customers who allegedly stole thousands of dollars in ‘infinite money glitch’

October 30, 2024

JPMorgan Chase has begun suing customers who allegedly stole thousands of dollars from ATMs by taking advantage of a technical glitch that allowed them to withdraw funds before a check bounced. The bank on Monday filed lawsuits in at least three federal courts, taking aim at some of the people who withdrew the highest amounts in the so-called […]

Economy

Nvidia overtakes Apple as world’s most valuable company

October 29, 2024

Nvidia dethroned Apple as the world’s most valuable company on Friday following a record-setting rally in the stock, powered by insatiable demand for its specialized artificial intelligence chips. Nvidia’s stock market value briefly touched $3.53 trillion, slightly above Apple’s $3.52 trillion, LSEG data showed. Nvidia ended the day up 0.8%, with a market value of $3.47 trillion, […]

Economy

Delta sues CrowdStrike after widespread IT outage that caused thousands of cancellations

October 29, 2024

Delta Air Lines on Friday filed a lawsuit against CrowdStrike in Georgia, accusing the security software vendor of breach of contract and negligence after an outage in July that brought down millions of computers and prompted 7,000 flight cancellations. Other airlines recovered more quickly than Atlanta-based Delta, which said the incident reduced revenue by $380 million and brought $170 million in costs. […]

Economy

Consumers choose their favorite retailers ahead of the holidays: Nike, Kohl’s top the list

October 25, 2024

Nike and Kohl’s may not be winning on Wall Street, but a wide set of consumers still consider them to be the best in their categories, according to a consumer sentiment survey released Thursday. The Consumer Sentiment Index from consulting firm AlixPartners asked 9,000 fashion shoppers from Gen Z to boomers about the factors that drive their purchasing decisions and […]

Economy

Boeing machinists reject new labor contract, extending strike

October 25, 2024

Boeing machinists voted against a new labor deal that included 35% wage increases over four years, their union said Wednesday, extending a more than five-week strike that has halted most of the company’s aircraft production, which is centered in the Seattle area. The contract’s rejection by 64% of the voters is another major setback for the company, which warned earlier […]

Economy

Amazon to shut down speedy brick-and-mortar delivery service

October 24, 2024

Amazon is shutting down a service that offers same-day delivery from mall and brick-and-mortar retailers, CNBC has learned. The company has stopped any new development of the service, called Amazon Today, and will begin to wind it down, according to two people with knowledge of the matter. The people asked not to be named because they were not […]

Economy

New Boeing CEO to give clues about company’s future, while striking workers vote on new contract

October 24, 2024

Boeing has already braced investors for a rough quarterly report. Now, new CEO Kelly Ortberg has the chance to share his vision for the troubled manufacturer, from a potential strike-ending labor agreement to a slimmed-down future. When he takes the mic for his first earnings call as Boeing’s CEO on Wednesday, more than 32,000 striking machinists will start voting on a […]

Economy

Warren Buffett — worried about impersonators — says he doesn’t endorse candidates or investments

October 24, 2024

Warren Buffett is worried about a rise in impersonators looking to capitalize on his name by purporting to be him recommending an investment product or political candidate on social media. So much so that Berkshire Hathaway made the rare move of adding a statement on the matter to the front page of its website. The statement reads: “In light of […]

Browse category by Economy

Super Micro’s $50 billion stock collapse underscores risk of AI hype

Google employees pressure costumed execs at all-hands meeting for clarity on cost cuts

Starbucks will stop charging extra for nondairy milk

7 ways that Starbucks CEO Brian Niccol plans to change the coffee chain

Peloton announces Ford exec, founder of Apple Fitness+ Peter Stern as its next CEO

Dropbox slashes 20% of global workforce, eliminating more than 500 roles

Immersive entertainment company Cosm lands rights to broadcast NFL games

JPMorgan begins suing customers who allegedly stole thousands of dollars in ‘infinite money glitch’

Nvidia overtakes Apple as world’s most valuable company

Delta sues CrowdStrike after widespread IT outage that caused thousands of cancellations

Consumers choose their favorite retailers ahead of the holidays: Nike, Kohl’s top the list

Boeing machinists reject new labor contract, extending strike

Amazon to shut down speedy brick-and-mortar delivery service

New Boeing CEO to give clues about company’s future, while striking workers vote on new contract

Warren Buffett — worried about impersonators — says he doesn’t endorse candidates or investments

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