🚀 AMD to cut it's workforce by 4%

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Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. AMD announced it will cut 4% of its global workforce, approximately 1,040 jobs, as it repositions resources toward high-growth areas like artificial intelligence. Facing fierce competition from Nvidia, the top player in AI chips, AMD aims to increase its presence in the market with AI accelerators like the MI300X, which is used by clients including Meta and Microsoft. Although AMD’s projected 2024 AI chip sales are $5 billion, a fraction of Nvidia’s dominance, it views AI as a $500 billion opportunity by 2028. AMD’s gaming sector, a historically strong revenue stream, is anticipated to decline significantly, while the company’s CPU market share, especially in server processors, has shown modest growth.

2. The House recently passed the bipartisan Social Security Fairness Act, aiming to repeal rules that reduce benefits for pensioners in public sector jobs. Specifically, it would eliminate the Windfall Elimination Provision (WEP) and Government Pension Offset (GPO), which cut Social Security benefits for retirees receiving state or local pensions. The bill now heads to the Senate with strong support, but critics, like Rep. John Larson and some policy experts, argue it sidesteps needed reforms to secure Social Security’s long-term solvency. While supporters hail the bill as fair treatment for public workers, opponents warn it could add $196 billion to the deficit over ten years and accelerate Social Security’s trust fund depletion by six months, complicating the program's future stability.

3. Republicans have secured control of the House, Senate, and White House, NBC News reports, giving the GOP a "governing trifecta" for the first time since Trump’s earlier presidency. This sets the stage for a unified push on key legislative issues, including extending the $3.3 trillion Tax Cuts and Jobs Act and revisiting Affordable Care Act subsidies set to expire in 2025. Republicans gained several key House seats in Pennsylvania and Michigan, dashing Democratic hopes to reclaim the chamber despite heavy campaign funding. With the debt ceiling and other significant policy battles looming, the GOP-controlled Congress will have substantial influence over upcoming fiscal and healthcare policy.

4. Headlines

   1. Tesla has announced a sixth recall for the Tesla Cybertruck.

   2. Amazon has shut down a project aimed at creating a fertility tracking product.

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