Boeing layoffs, Facebook firings, meat recalls, and Big Tech goes nuclear: Business news roundup
Plus, Hurricanes Milton and Helene showed the problem of insurance and moral hazard. Here’s how to fix it
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Hundreds of products sold in the nation’s top grocery chains, including Walmart (WMT), Kroger (KR), 7-Eleven (SVNDY), and Trader Joe’s, have been recalled over concerns of listeria contamination.
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Meta (META), the parent company of Facebook, Instagram and WhatsApp, fired over 20 employees last week for abusing the company’s food credit system to buy household items.
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Major retailers, including Amazon (AMZN), Costco (COST), Walmart (WMT), and Trader Joe’s, have issued a nationwide recall for over 300 ready-to-eat meals due to a potential outbreak of Listeria monocytogenes.
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Boeing (BA) is about to start the countdown clock on 10% of its workforce losing their jobs. Reuters reports that the company will begin sending 60-day notices to affected employees next month.
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Amazon (AMZN) is joining its artificial intelligence competitors in the race for nuclear energy.
The tech giant has signed three agreements “to support the development of nuclear energy projects,” it said Wednesday. The agreements include building “several” small modular reactors (SMRs). These “advanced” nuclear reactors have “a smaller physical footprint, allowing them to be built closer to the grid,” Amazon said. And compared with traditional reactors, SMRs can be put online faster because construction takes less time.
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Shares of Nvidia (NVDA) fell over 5% Tuesday, a day after after closing at a record high.
The chipmaker’s stock was down less than 1% in pre-market trading, but had fallen by about 5% by midday. The drop occurred following a report that the U.S. could cap sales of advanced artificial intelligence chips from U.S.-based chipmakers to certain countries. Biden administration officials in recent weeks have discussed putting a ceiling on export licenses for advanced AI chips, including those from Nvidia and rival AMD (AMD), to countries in the Middle East, citing national security concerns, Bloomberg reported.
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Hurricane Milton has blown through and the worst is over for Florida. But it’s not over for everyone. Meteorologists warn we’ll get stronger and more frequent tropical storms in the coming years, as the oceans warm and sea levels rise thanks to climate change.
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Since releasing its Mate 60 Pro series last August, Chinese tech giant Huawei has made a comeback in China’s smartphone market, knocking Apple (AAPL) from its pedestal.
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On Monday, Alphabet announced its commissioned several new small modular reactors from Alameda, California-based nuclear power startup Kairos Power
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How is AI changing investing? In the premiere episode of Quartz AI Factor, Doug Clinton, CEO of AI investment firm Intelligent Alpha, breaks it down