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AI will not trigger employment collapse despite job cut fears, says Adecco Group study

The world's largest staffing company Adecco Group challenges fears of AI-driven mass unemployment. CEO Denis Machuel argues that while employers cite AI as a reason for job cuts, employment data shows record highs across OECD countries. He suggests some companies use AI as cover for restructuring, emphasizing that AI is transforming roles and tasks rather than eliminating jobs entirely.

4 Sources

Intel and AMD lock Chinese clients into multi-year server CPU deals as prices surge over 40%

U.S. chipmakers Intel and AMD are signing unprecedented long-term purchase agreements with Chinese server customers as data center processor prices climb more than 40% since the start of 2025. The deals lock in volumes but not prices, reflecting how AI infrastructure build-outs have pushed demand beyond GPUs to every layer of the semiconductor stack.

3 Sources

Elon Musk hints at Tesla-SpaceX merger as AI spending drives company overlap

Elon Musk declined to dismiss a potential Tesla-SpaceX merger during Wednesday's earnings call, citing growing collaboration between the companies. Analysts now estimate a 90% probability of the merger happening within years. The companies already collaborate on AI integration, autonomous vehicles, and the Terafab chip factory, though regulatory approvals and governance complexities could pose significant hurdles.

2 Sources

ServiceNow invests $40 million in BusinessNext to accelerate autonomous banking with AI

ServiceNow has invested $40 million in Indian banking software specialist BusinessNext at a $700 million valuation, acquiring roughly 5% stake. The strategic partnership combines ServiceNow's workflow automation platform with BusinessNext's autonomous banking capabilities to deliver private AI solutions across global financial services. The deal positions both companies to capitalize on banks transitioning from digital experimentation to full-scale AI-led operations.

4 Sources

Texas Instruments says AI data center demand will stay strong as Q2 revenue jumps 23%

Texas Instruments reported second-quarter revenue of $5.46 billion, surpassing analyst estimates by $210 million, driven by surging demand from AI data centers and industrial markets. The chipmaker's data center revenue doubled year-over-year while industrial revenue climbed 30%, signaling broad-based momentum in analog and embedded chip demand tied to AI infrastructure expansion.

3 Sources

ServiceNow AI contract value crosses $1 billion as strong Q2 earnings beat revives investor confidence

ServiceNow reported second-quarter subscription revenue of $3.88 billion, beating estimates and raising its full-year forecast for the second time. The company's AI annual contract value surpassed $1 billion for the first time, with agentic AI deployments growing ninefold in nine months. Shares jumped over 7% in after-hours trading, potentially signaling an escape from the SaaSpocalypse that has plagued software-as-a-service companies.

7 Sources

IBM mainframe revenue crashes 42% as customers prioritize AI infrastructure over legacy systems

IBM reported its worst quarterly performance in recent history, with mainframe revenue plummeting 42% as enterprise customers redirected budgets toward AI data center hardware. CEO Arvind Krishna insists the weaker-than-expected earnings reflect temporary deferrals rather than permanent shifts, claiming a third of delayed deals have already closed. The company cut its annual revenue growth forecast amid concerns about the AI buying shift.

7 Sources

President Lee Jae Myung heads to AI summit with Nvidia, OpenAI chiefs to boost South Korea's role

South Korean President Lee Jae Myung embarks on a five-nation diplomatic tour starting July 24, with a key stop at the San Francisco AI Summit where he'll meet with Nvidia CEO Jensen Huang, OpenAI CEO Sam Altman, and Anthropic CEO Dario Amodei. The visit aims to strengthen Korea's position in the global AI industry through strategic partnerships with Big Tech leaders and major Korean business executives.

2 Sources

CoreWeave Stock Surges as Alphabet Signals AI Demand Still Outpaces Capacity

CoreWeave shares jumped 5.5% following dual analyst upgrades and Alphabet's announcement that it will raise capital expenditures to $205 billion to meet surging AI demand. The Google parent confirmed demand still exceeds capacity and plans to expand third-party provider usage. CoreWeave secured new partnerships with Anam for AI inference workloads and received Nvidia's latest Vera Rubin systems.

3 Sources

Monday.com cuts 620 jobs in strategic pivot to AI Work Platform amid SaaS industry upheaval

Israeli workplace software company Monday.com is laying off 20% of its workforce—roughly 620 employees—as it restructures around its AI Work Platform. Co-founder Eran Zinman called it the most painful decision since founding, framing the move as offensive rather than defensive. The company expects $45-$55 million in restructuring charges while its stock has lost over 50% in 2026.

2 Sources

SpaceX plans Texas data center expansion to boost AI computing capacity beyond Memphis hub

SpaceX is preparing to build at least one large-scale data center in Texas, significantly expanding its AI computing capacity beyond its existing Memphis-area operations. The move comes as the company, now called SpaceXAI after absorbing xAI, pursues ambitious plans for both terrestrial and space-based AI infrastructure including orbital data centers.

3 Sources

Amazon cuts jobs in AGI department while pouring $200 billion into AI infrastructure

Amazon confirmed job cuts across its Artificial General Intelligence organization, even as it projects $200 billion in capital expenditure for 2026. The layoffs affect teams working on model customization and post-training, with cuts reaching approximately 10 percent in some groups. This marks the latest reduction in a restructuring that has eliminated over 30,000 positions since October.

11 Sources

US Army reinstates AI limits after troops burn through year's token supply in weeks

The US Army exhausted its entire annual allocation of 100 million AI tokens just weeks after announcing unlimited access in May 2026. Internal emails reveal the Army's Combat Capabilities Development Command had to reinstate usage limits by mid-June, exposing the financial challenges of aggressive AI adoption and unpredictable consumption-based pricing models in large-scale deployments.

2 Sources

Tech giants hide $1.65 trillion in AI debt as infrastructure spending outpaces earnings

Five major tech companies have accumulated $1.65 trillion in AI hidden debt—122% more than officially reported—through off-balance-sheet arrangements tied to data center contracts. The accounting practice, reminiscent of Enron's collapse and the 2008 mortgage crisis, raises concerns about systemic risks as AI investments outpace earnings and companies rely on corporate bonds to fund expansion.

3 Sources

OpenAI raises AI infrastructure spending to $750B, launches $20B Georgia data center project

OpenAI announced a 25% increase in AI infrastructure spending to $750 billion through 2030, unveiling Project Camellia—a $20 billion data center campus in Georgia spanning 1,400 acres. The facility will draw 3.2 gigawatts of power from Georgia Power between 2028 and 2032, marking OpenAI's first self-designed and built data center as computing demands continue to escalate.

7 Sources

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