Homechevron_rightArchiveschevron_rightBusiness and Economy

Archives

Explore Stories by Date

Yesterday

AI hiring surges 16% in India as overall IT recruitment drops, signaling major industry shift

India's IT sector is witnessing a dramatic shift as AI hiring rose 16% year-on-year in June while overall IT jobs declined 3%. The divergence, revealed in Naukri's JobSpeak report analyzing 150,000 firms, shows tech companies prioritizing AI capabilities amid economic pressures. TCS plans equal numbers of employees and AI agents, having cut over 23,000 jobs in fiscal 2026.

3 Sources

Starling Bank cuts 130 jobs as AI investment drives automation and cost reduction

London-based Starling Bank announced plans to eliminate 130 positions, representing 3% of its workforce, as part of a restructuring effort focused on AI-driven automation. The digital-only fintech aims to reduce duplicate roles and accelerate product delivery, even as revenue dropped 6% to £887m and pre-tax profit fell 3% to £217m in its latest financial year.

2 Sources

Dow Jones hits record as AI shares show volatile recovery across global stock markets

Global stock markets experienced a mixed session as the Dow Jones Industrial Average reached a new record high of 52,900.07, while AI shares demonstrated sharp volatility. South Korea's Kospi rebounded 5.8% after an 8% plunge, with Samsung Electronics and SK Hynix leading gains. However, concerns persist about whether AI spending on chips and data centers will deliver expected returns.

2 Sources

Zoom acquires Common Room to expand AI sales tools beyond video calls

Zoom is acquiring Seattle startup Common Room to enhance its AI sales capabilities. The deal extends Zoom Revenue Accelerator upstream, combining Common Room's buyer intelligence with Zoom's conversation data to help sales teams identify in-market accounts and personalize outreach before calls happen. The acquisition signals Zoom's push to become an AI system of action for enterprise workflows.

2 Sources

Sumitomo Chemical Stock Surges on Glass Core Substrates Deal for AI Chip Packaging

Sumitomo Chemical shares jumped up to 11% following a major joint venture between its Korean subsidiary Dongwoo Fine-Chem and Samsung Electro-Mechanics. The partnership will produce glass core substrates for next-generation AI chip packaging, with production targeted for 2027. Mizuho Securities upgraded the stock from Neutral to Buy, citing undervaluation and semiconductor materials growth potential.

2 Sources

HCLTech secures $1.14 billion AI deal with Fortune Global 50 firm, shares surge 6%

HCLTech announced a $1.14 billion contract with an unnamed European Fortune Global 50 firm to transform its digital workplace and enterprise networks using AI. The deal, spanning July 2026 to December 2031, is the IT services company's largest win since its $2.1 billion Verizon deal in August 2023. HCLTech shares jumped 6% on the news, lifting the broader Nifty IT index by 2.7%.

2 Sources

Infineon opens Dresden chip plant ahead of schedule, doubling Europe's power semiconductor capacity

Infineon has launched its €5 billion Smart Power Fab in Dresden three months ahead of schedule, doubling manufacturing capacity for intelligent power semiconductors. The facility creates 1,000 jobs and produces chips for AI data centers, electric vehicles, and renewable energy systems, marking Europe's push toward tech autonomy under the EU Chips Act.

2 Sources

Mark Zuckerberg admits Meta AI agents aren't progressing as fast as he'd hoped after major overhaul

Meta CEO Mark Zuckerberg told employees at an internal town hall that AI agent development has stalled over the past four months, falling short of expectations set during the company's massive restructuring. The admission comes after Meta laid off 8,000 workers and reassigned 7,000 more to AI-focused roles, while planning to spend up to $145 billion on AI infrastructure this year.

15 Sources

Tesla caps employee AI spending at $200 per week as costs spiral out of control

Tesla imposed a $200 weekly limit on employee AI spending starting July 6, marking a sharp reversal after months of encouraging aggressive AI adoption. Some engineers were consuming thousands of dollars in AI tokens weekly. The cap excludes xAI products, steering employees toward Elon Musk's own AI company while restricting spending on rivals like Anthropic and OpenAI.

4 Sources

02 Jul 2026

ElevenLabs explores $22 billion valuation through employee stock sale, doubling its worth

AI voice generation firm ElevenLabs is in early discussions for a secondary share sale that would value the company at $22 billion, according to Bloomberg News. The proposed valuation represents a 100% increase from its $11 billion Series D round just five months ago, as AI startups intensify efforts to retain top talent through employee stock sales.

3 Sources

Microsoft mobilizes 6,000 workers to help customers adopt AI through new dedicated division

Microsoft has launched a new 6,000-employee division focused on helping businesses deploy artificial intelligence technology. The unit brings together engineering, corporate training, and industry-specific expertise to address growing customer concerns about AI implementation costs and complexity. This marks a shift from traditional software vendor practices, following a model popularized by Palantir Technologies.

2 Sources

FactSet Research Systems sees AI adoption accelerate subscription value growth to 7.1%

FactSet Research Systems reported strong third-quarter results with organic annual subscription value growing 7.1% year-over-year, driven by accelerating AI adoption. Analysts raised price targets as discrete AI products contributed 10% of ASV growth, with 90% of top clients using multiple AI tools and over 550 Model Context Protocol clients now under contract.

2 Sources

Memory chip stocks see wild swings as AI inference gains challenge semiconductor market rally

Memory chip stocks experienced dramatic volatility this week as efficiency breakthroughs in AI inference and rising hyperscaler ROI pressure threaten to reshape the semiconductor market. While Micron, Intel, and AMD posted triple-digit gains in Q2, new developments suggest the supply-driven rally may face headwinds as companies find workarounds for memory bottlenecks and cloud giants scrutinize their massive AI infrastructure spending.

3 Sources

SAP freezes hiring and travel to fund massive AI investments amid industry transformation

SAP is halting most hiring and non-essential travel to redirect funds toward AI investments. The German enterprise software giant will exclusively focus new hires on core AI roles as CEO Christian Klein reorganizes the company around artificial intelligence. The move comes as SAP's stock has fallen 33% this year amid investor concerns about AI disrupting traditional software models.

5 Sources

Chip stocks plunge up to 11% as Meta's cloud plans trigger AI computing capacity concerns

Major chip stocks including Micron, Intel, and AMD fell sharply after a record-breaking rally, driven by concerns over potential AI computing oversupply. Meta Platforms' plans to monetize excess capacity and OpenAI's efficiency gains sparked a reassessment of lofty valuations across the semiconductor sector, though Asian markets showed early signs of recovery.

4 Sources

Get all updates into your inbox 💌, Stay Up-to-date for Free 🥳

Don’t drown in AI news. We cut through the noise - filtering, ranking and summarizing the most important AI news, breakthroughs and research daily. Follow topics that matter to you and stay ahead.

Explore

News Categories

Technology Business Policy Startups Health Science Entertainment

Terms Privacy Content Contact Us