Tech Giants Make Moves in Face of Evolving Markets
Several major technology companies are making strategic adjustments to their operations, ranging from workforce reductions and hardware development to investments in battery recycling and navigating supply chain challenges.
Amazon announced it is laying off 16,000 employees across the company, according to TechCrunch. This follows a previous reduction of 14,000 jobs in October. Beth Galetti, Senior VP of people experience and technology, explained in a letter to employees that the layoffs were intended to reduce layers, increase ownership, and remove bureaucracy. Galetti noted that the second round of layoffs within three months was due to several teams not having finished their restructuring. While she did not deny the possibility of future job cuts, she stated that the company is not trying to create a pattern of large layoffs every few months. "Some of you might ask if this is the beginning of a new rhythm where we announce broad reductions every few months," Galetti wrote.
Snap is also making strategic moves, launching a new subsidiary, Specs Inc., dedicated to the development of its AR glasses, Specs, TechCrunch reported. The move anticipates the launch of the latest consumer version of Specs later this year. Snap announced the new company on Tuesday, explaining that the move would allow for greater operational focus and alignment as it continues to iterate on its product. The company began working on the technology behind Specs over a decade ago, although the last time the company offered a consumer version of the glasses was in 2018.
In other news, Redwood Materials, a battery recycling and cathode production startup founded by former Tesla CTO JB Straubel, attracted Google as an investor for its $425 million Series E round, according to TechCrunch. The funding will support a new energy storage venture to power AI data centers and other industrial sites. The round was initially led by venture firm Eclipse last October with $350 million and included a strategic investment by Nvidia's venture capital arm, NVentures. Existing investors Capricorn and Goldman Sachs also participated. A source familiar with the round told TechCrunch that Redwood Materials' post-money valuation was north of $6 billion.
Meanwhile, Apple is reportedly planning to absorb the cost of rising RAM prices to keep the iPhone 18 price flat, according to a report from supply chain analyst Ming-Chi Kuo, as reported by The Verge. Apple will try to avoid raising iPhone 18 prices as much as possible in the face of a global memory shortage, according to Kuo.
Finally, The Verge published a review of Sam Raimi's new horror-thriller, "Send Help," describing it as an ode to every worker who has had a bad boss. Charles Pulliam-Moore wrote that "Depending on how you look at it, Sam Raimis new horror-thriller can be a nightmare or a dream come true."
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