Layoffs Growing

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Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. Microsoft plans to lay off approximately 1,900 employees, about 9% of its gaming division, following its acquisition of Activision Blizzard. This decision, as explained by Phil Spencer, CEO of Microsoft Gaming, aims to streamline operations within the company. The acquisition of Activision Blizzard, notable for titles like "Call of Duty" and "Diablo," marks Microsoft's largest deal to date. In the broader tech sector, layoffs have been a trend, with significant job cuts seen across various companies in 2023 and continuing into 2024. Despite these layoffs, Microsoft's stock price has remained stable.

2. The Federal Trade Commission (FTC) has launched a comprehensive inquiry into the artificial intelligence (AI) practices of leading companies like Amazon, Alphabet, Microsoft, Anthropic, and OpenAI. FTC Chair Lina Khan announced this initiative at the agency's AI tech summit. The investigation, conducted under Section 6(b) of the FTC Act, will focus on exploring the investments and partnerships these companies have in the AI sector, particularly with major cloud service providers. This independent study, distinct from the FTC's law enforcement actions, allows the agency to request detailed business information, a method previously employed in other sectors like prescription drugs and past tech company acquisitions.

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4. Headlines

   1. The International Court of Justice ordered Israel to prevent genocide in Gaza but decided not to order a cease-fire.

   2. President Biden has frozen the granting of all new licenses to export liquefied natural gas out of the United States.

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