AMD has announced plans to cut 4% of its global workforce as it repositions to compete in the AI chip market dominated by Nvidia. The layoffs will affect approximately 1,040 employees of its 26,000-strong workforce reported at the end of 2023. CNBC adds: AMD produces powerful AI accelerators for data centers, including the MI300X, which companies such as Meta and Microsoft purchase as an alternative to Nvidia-based systems. But Nvidia dominates the market for powerful AI chips, with over 80% market share, partially because it developed the core software that AI engineers use to develop programs such as OpenAI's ChatGPT.

Washington Post: The Consumer Financial Protection Bureau has taken steps to place Google under formal federal supervision, an extraordinary move that could subject the technology giant to the regular inspections and other rigorous monitoring that the government imposes on major banks.

Google has fiercely resisted the idea over months of highly secretive talks, according to two people familiar with the discussions, who spoke on the condition of anonymity to describe them -- setting up what may ultimately be a major legal clash with vast implications for the CFPB's powers in the digital age.

The exact scope of the CFPB's concerns is not clear, and its order does not appear to be final. The political fate of the bureau's work under Director Rohit Chopra is also in doubt, as the watchdog agency braces for potentially significant changes to its leadership and agenda with the return of President-elect Donald Trump to the White House.

Formed in the aftermath of the 2008 financial crisis, the CFPB has broad powers to protect consumers from unfair, deceptive or predatory financial practices. That includes the ability to place certain firms under supervision, a status that can afford regulators direct access to the company's internal records to ensure their activities are sound -- and seek fixes if they are not.

A new study reveals that late work is judged more negatively than on-time submissions, even if delays are minimal or pre-communicated. "The findings suggest that, while you might be tempted to take the maximum allotted time to put the finishing touches to a report, submission or piece of work, the extra effort might not be appreciated by colleagues if it comes at the expense of punctual delivery," reports The Guardian. From the report: The study surveyed thousands of people in the US and UK, including managers, executives, human resources personnel and others whose jobs included an element of evaluating others. Participants were asked to rate pieces of work, such as advertising flyers, art, business proposals, product pitches, photography and news articles. But first, they were told it was either submitted early, on deadline or late. "Late" work was consistently rated as worse in quality than when people were told the same work was completed early or on time. The difference was equivalent to including an objective shortcoming such as not meeting a word count.

A missed deadline led evaluators to believe an employee had less integrity, and they reported they would be less willing to work with or assign tasks to that person in the future. "Everyone saw the exact same art contest entry, school submission or business proposal, but they couldn't help but use their knowledge of when it came in to guide their evaluation of how good it was," said Maglio, who co-authored the study with David Fang of Stanford University.

Those who eagerly submit work early should be advised that this does not appear to earn a boost in opinion, according to the report in the journal Organizational Behavior and Human Decision Processes. It also didn't matter how late the work was submitted, with one day or one week delays viewed just as negatively -- and that remained the case if the employee gave their manager advance warning. The latest study suggests that it is this inability to plan realistically that is frowned on, with factors beyond an employee's control, such as jury duty, not viewed as negatively. "If the reason why you missed the deadline was beyond your control, you as the employee should let your manager know," said Maglio. "That seems to be one of the few instances in which people cut you a break."

The FBI raided Polymarket CEO Shayne Coplan's Manhattan apartment, seizing his phone and electronic devices. A source close to the matter told The New York Post it was politically motivated due to Polymarket's successful prediction of Trump's election win. It's "grand political theater at its worst," the source said. "They could have asked his lawyer for any of these things. Instead, they staged a so-called raid so they can leak it to the media and use it for obvious political reasons."

Although no charges were filed, the raid has sparked controversy, with speculation of political retribution and concerns over potential market manipulation, as Polymarket faces scrutiny both in the U.S. and from French regulators. The New York Post reports: Coplan was not arrested and has not been charged, a Polymarket spokesperson told The Post on Wednesday evening. "Polymarket is a fully transparent prediction market that helps everyday people better understand the events that matter most to them, including elections," the rep said. "We charge no fees, take no trading positions, and allow observers from around the world to analyze all market data as a public good."

Coplan posted on X after his run-in with the feds: "New phone, who dis?" Polymarket does not allow trading in the US, though bettors can bypass the ban by accessing the site through VPN. The FBI's investigation comes a week after Coplan said Polymarket is planning to return to the US. [...] In 2022, the online gambling platform was forced to pause its trading in the US and pay a $1.4 million penalty to settle charges with the Commodity Futures Trading Commission that it had failed to register with the agency. [In France, regulators are investigating Polymarket's compliance with national gambling laws, with concerns about unauthorized gambling activities within the country.] A Fortune report published a week before the election found widespread evidence of wash-trading on Polymarket. "Polymarket's Terms of Use expressly prohibit market manipulation," a Polymarket spokesperson told Fortune in a statement.

Amazon has discontinued its secretive "Encore" project to develop an at-home fertility tracker, resulting in layoffs for around 100 employees. The project, part of Amazon's Grand Challenge division, aimed to launch a device and app that would predict fertility through saliva testing but was ultimately terminated to control costs. CNBC reports: The project was born out of the company's 2020 acquisition of Wisconsin-based startup bluDiagnostics, the sources said. BluDiagnostics was founded in 2015 by Weibel, Katie Brenner and Jodi Schroll, all of whom joined Grand Challenge. The startup had developed a thermometer-like device, called FertilityFinder, to help women track their fertility from home by testing their saliva and measuring two key hormones, estradiol and progesterone. The results of the test were viewable through a corresponding app. Business Insider reported on aspects of the fertility device in 2022, when its codename was Project Tiberius.

The team was working to develop its own saliva collection device and mobile app, which could predict when a user might be in the fertile window. Users could also log their period symptoms, sexual activity and other data to assist with tracking their fertility. There are similar offerings on the market from companies including Inne, Oova, Ava and Mira, along with fertility and ovulation tracking apps such as Flo, Clue and Max Levchin's Glow. Amazon initially aimed to release the product this year, but the timing was pushed out after the team encountered technical issues with the device, one of the people said. It was a costly endeavor and required significant upfront investments for lab research and development, in addition to the high salaries for scientists and engineers, the sources said, adding that the team's weekly overhead was roughly $1.5 million. Amazon didn't comment on the figure. Only one project now remains active within Grand Challenge. Its focus is on health tech, the people said. "We regularly review our businesses to ensure we focus on areas where we can make the biggest difference for customers," said Amazon spokesperson Margaret Callahan. "Following a recent review, we've decided to discontinue this project within Grand Challenge, and we're working directly with employees whose roles are impacted to support them through the transition and help them find other opportunities within Amazon."

The genetic testing company 23andMe announced it will cut 40% of its workforce, or 200 jobs, and halt the work on therapies it was developing. As the BBC notes, the company is fighting for survival after hackers gained access to personal information of millions of its users, causing the stock to crater by more than 70%. All seven of its independent directors also resigned in September, following a protracted negotiation with founder and Chief Executive Anne Wojcicki over her plan to take the company private. The BBC reports: On Tuesday, the company warned investors of "substantial doubt" about its ability to continue operating, as it reported that revenue had fallen to $44 million between July and September compared to $50 million in the same period last year. Losses fell to $59 million from $75 million. The job cuts are expected to lead to one-off costs of $12 million, including severance pay, for the plan that will result in savings of $35 million. "We are taking these difficult but necessary actions as we restructure 23andMe and focus on the long-term success of our core consumer business and research partnerships," Ms Wojcicki said.

The company also said it is considering what to do with the therapies it had in development, including licensing or selling them. 23andMe is a giant of the growing ancestor-tracing industry. It offers genetic testing from DNA, with ancestry breakdown and personalised health insights. Its customers include famous names, from rapper Snoop Dogg to multi-billionaire investor Warren Buffett. The company was valued at roughly $3.5 billion when it listed on the Nasdaq stock exchange in 2021 and its share price peaked at $17.65. But they have since tumbled and are currently trading at less than $5.

Red Hat, the IBM-owned open source software firm, is acquiring Neural Magic, a startup that optimizes AI models to run faster on commodity processors and GPUs. From a report: The terms of the deal weren't disclosed. MIT research scientist Alex Matveev and professor Nir Shavit founded Somerville, Massachusetts-based Neural Magic in 2018, inspired by their work in high-performance execution engines for AI. Neural Magic's software aims to process AI workloads on processors and GPUs at speeds equivalent to specialized AI chips (e.g. TPUs). By running models on off-the-shelf processors, which usually have more available memory, the company's software can realize these performance gains.

Big tech companies like AMD and a host of other startups, including NeuReality, Deci, CoCoPie, OctoML and DeepCube, offer some sort of AI optimization software. But Neural Magic is one of the few with a free platform and a collection of open source tools to complement it. Neural Magic had so far managed to raise $50 million in venture capital from backers like Andreessen Horowitz, New Enterprise Associations, Amdocs, Comcast Ventures, Pillar VC and Ridgeline Ventures.

The percentage of workers in the U.S. who say they are using AI at work has remained largely flat over the last three months, according to a new study commissioned by Slack. From a report: If AI's rapid adoption curve slows or flattens, a lot of very rosy assumptions about the technology -- and very high market valuations tied to them -- could change. Slack said its most recent survey found 33% of U.S. workers say they are using AI at work, an increase of just a single percentage point. That represents a significant flattening of the rapid growth noted in prior surveys.

Global adoption of AI use at work, meanwhile, rose from 32% to 36%. Between the lines: Slack also found that globally, nearly half of workers (48%) said they were uncomfortable telling their managers they use AI at work. Among the top reasons cited were a fear of being seen as lazy, cheating or incompetent.

Major retailers are considering embedding radio-emitting threads into clothing as a novel anti-theft measure amid soaring retail crime rates, according to Bloomberg, citing industry sources. The technology, developed by Spanish firm Myruns, uses conductive ink derived from cellulose to create threads five times thinner than human hair that can trigger security alarms.

Zara owner Inditex has discussed implementing the system, though the company says it has no plans for in-store testing. Retail theft caused an estimated $73 billion in lost sales in the U.S. in 2022, according to the National Retail Federation, while UK losses doubled to $4.2 billion in 2023. The crisis has prompted retailers to increase security personnel and surveillance systems. The threadlike technology could provide an alternative to traditional metal-based security tags, potentially offering biodegradable and recyclable anti-theft protection.

Customers have formed new habits of regularly pausing subscriptions and returning to them within a year. From a report: As subscription prices rise and streaming-centric home entertainment becomes the norm, families are establishing their own hierarchies of always-on services versus those that come and go with seasons of hit shows or sports. New data from subscription analytics provider Antenna offer a deeper look at the subscription pausing habits customers are developing as services like Netflix, Disney+ and Apple TV+ become the go-to way of watching TV in many households, instead of cable.

The monthly median percentage of premium streaming video subscribers who rejoined the same service they had canceled within the prior year was 34.2% in the first nine months of 2024, up from 29.8% in 2022. The habit of pausing and resuming service means that the industrywide rate of customer defections, which has risen over the past year, is less pronounced than it appears. The average rate of U.S. customer cancellations among premium streaming video services reached 5.2% in August, but after factoring in re-subscribers, the rate of defections was lower at 3.5%.

The increasingly ingrained habit underscores the importance of streamers regularly delivering hit shows and films as well as live fare such as sporting events. Streaming services are trying to use a mix of bundles, promotions, well-timed marketing emails and lower-cost ad-supported plans to lure customers back faster or help them feel they are getting enough value to stick around longer.

Cryptocurrency backers continue to bid up Bitcoin prices, pushing the digital token to a new high of about $84,000 on Monday. The New York Times: The cryptocurrency has surged since Election Day, on investor hopes that President-elect Donald J. Trump and his appointees would be friendlier to the industry after the Biden administration's aggressive enforcement of securities law that targeted several crypto companies.

Cryptocurrencies have become a major component of the so-called Trump trade. Bitcoin exchange-traded funds, which got the regulatory green light to trade this year, have been booming over the past week. Crypto-related companies have also jumped in value: Riot Platforms, a Bitcoin miner, is up 68 percent since Election Day and Coinbase, a crypto exchange, is up 69 percent over the same period.

Most companies are starting to figure out how AI will change the way they do business. Chegg is trying to avoid becoming its first major victim. WSJ: The online education company was for many years the go-to source for students who wanted help with their homework, or a potential tool for plagiarism. The shift to virtual learning during the pandemic sent subscriptions and its stock price to record highs.

Then came ChatGPT. Suddenly students had a free alternative to the answers Chegg spent years developing with thousands of contractors in India. Instead of "Chegging" the solution, they began canceling their subscriptions and plugging questions into chatbots. Since ChatGPT's launch, Chegg has lost more than half a million subscribers who pay up to $19.95 a month for prewritten answers to textbook questions and on-demand help from experts. Its stock is down 99% from early 2021, erasing some $14.5 billion of market value. Bond traders have doubts the company will continue bringing in enough cash to pay its debts.

On its 20th anniversary, Firefox "is still going strong, and it is a better browser today than it ever was," according to TechCrunch.

In an interview, Mozilla's interim CEO says one of the first things they did when was to "unlock a bunch of money towards Firefox product development... I've been in enough places where people tend to forget about the core business, and they stop investing in it, because they get distracted by shiny things — and then they regret it." "Firefox is incredibly important, and it is our core. We've actually put more investment into it this year and into connecting with our communities, into bringing out and testing features that are positive and creating good experiences for folks. That's been a huge priority for me and for the company this year, and it's showing up in the results."

She acknowledged that Mozilla doesn't have the device distribution that benefits many of Firefox's competitors, especially on mobile, but she did note that the Digital Marks Act (DMA) in Europe — which means Apple, for example, has to provide a browser choice screen on iOS — is working. "With the DMA, even though the implementation hasn't been outstanding, we're seeing a real shift. When people have the choice to choose Firefox, they're choosing Firefox," she said...

To kick-start some of this growth, Mozilla is looking at reaching new, and younger, users. Chambers noted that Mozilla is running a number of marketing campaigns to make people aware of Firefox, especially those who are only now starting to make their first browser choices. With them, she believes, Mozilla's messaging around privacy lands especially well.
In a future where browsers include AI agents that take actions on behalf of users, there might be more confidence in a browser designed for privacy and transparency, the interim CEO points out — as part of their larger mission. "What I love about Firefox is that it really provides users with an alternative choice of a browser that is just genuinely designed for them.

"We have, from its very inception and throughout, really wanted to create a browser that prioritizes people over profit, prioritizes privacy over anything else, and to have that option, the choice."

Salesforce "plans to hire more than 1,000 workers to sell its new generative AI agent product," reports Bloomberg: The hiring surge is aimed at capitalizing on "amazing momentum" for the new artificial intelligence product, Chief Executive Marc Benioff said in a message. "Agentforce became available just two weeks ago and we're already hearing incredible feedback from our customers."

The top seller of customer relations management software, Salesforce pivoted its AI strategy this year to focus on agents — tools that can complete tasks such as customer support or sales development without human supervision. It launched the product, dubbed Agentforce, last month, with initial pricing of about $2 per agent conversation.

On Tuesday Massachusetts voted to become the first state to allow gig-working drivers to join labor unions, reports WBUR: Since these gig workers are classified as independent contractors, federal law allowing employees the right to unionize does not apply to them. With the passage of this ballot initiative, Massachusetts is the first state to give ride-hailing drivers the ability to collectively bargain over working conditions.
Supporters have said the ballot measure "could provide a model for other states to let Uber and Lyft drivers unionize," reports Reuters, "and inspire efforts to organize them around the United States." Roxana Rivera, assistant to the president of 32BJ SEIU, an affiliate of the Service Employees International Union, that had spearheaded a campaign to pass the proposal, said its approval shows that Massachusetts voters want drivers to have a meaningful check against the growing power of app-based companies... The Massachusetts vote was the latest front in a years-long battle in the United States over whether ride-share drivers should be considered to be independent contractors or employees entitled to benefits and wage protections. Studies have shown that using contractors can cost companies as much as 30% less than employees.

Drivers for Uber and Lyft, including approximately 70,000 in Massachusetts, do not have the right to organize under the National Labor Relations Act... Under the Massachusetts measure, drivers can form a union after collecting signatures from at least 25% of active drivers in Massachusetts, and companies can form associations to allow them to jointly negotiate with the union during state-supervised talks.
But the Boston Globe points out that the measure " divided labor advocates in Massachusetts, some of whom worry it would in fact be a step backward in the lengthy fight to boost the rights of gig workers." Those concerns led the state's largest labor organization, the AFL-CIO, to remain neutral. But two unions backing the effort, the SEIU 32BJ and the International Association of Machinists, say allowing drivers to unionize, even if not as full employees, will help provide urgently needed worker protections and better pay and safety standards.

Scalpers attempting to profit from Sony's new PlayStation 5 Pro are struggling to sell units above retail price, as widespread availability dampens resale prospects. The $699 console, launched this week with enhanced graphics capabilities, remains in stock at major retailers across the United States and Europe. eBay listings show PS5 Pro units selling below the manufacturer's suggested retail price, with some auctions starting at $640.

While isolated listings reach $2,300, most hover near retail value. UK scalpers face similar challenges, offering units at or below the $900 retail price. Even in Sony's home market of Japan, where availability is tighter, resellers on Mercari barely break even after platform fees and shipping costs. The situation marks a sharp contrast to the original PS5's 2020 launch, when widespread shortages led to significant markups. Only the console's external disc drive, priced at $79.99, commands premiums up to $130 on secondary markets.

An anonymous reader shares a report: AMD has gained a substantial 5.7 percentage points of share of the desktop x86 CPU market in the third quarter compared to Q2, the largest quarterly share gain since we began tracking the market share reports in 2016. It also represents an incredible ten percentage point improvement over the prior year. AMD also raked in a strong increase in revenue share, jumping 8.5 percentage points over the prior quarter, indicating that it is selling a strong mix of higher-end CPU models.

During the quarter, AMD launched its new Ryzen 9000-series family of processors amid a scandal related to stability issues with Intel's Raptor Lake chips, which generated a flood of negative press for the company over the course of several months, and inventory adjustments for one of Intel's customers. AMD now commands 28.7% of the desktop processor market. AMD also continued to gain share in the laptop and server markets, though its gains on the desktop side of the business were the most impressive, according to Mercury Research.

Block will abandon development of its Web5 decentralized internet project and reduce investment in music streaming service Tidal to focus on bitcoin mining hardware and self-custody wallets, the payments company announced in its third-quarter letter to shareholders. The Jack Dorsey-led firm cited strong market demand for its bitcoin mining products and Bitkey wallet as key drivers behind the strategic shift.

An anonymous reader quotes a report from Oregon Live: Intel told employees this week that it will bring back free coffee and tea at its work sites, one of many benefits the chipmaker eliminated last summer as it sought to slash $10 billion from its annual budget. "Although Intel still faces cost challenges, we understand that small comforts play a significant role in our daily routines," Intel wrote on its internal messaging forum, called Circuit. "We know this is a small step, but we hope it is a meaningful one in supporting our workplace culture." Intel declined comment. The company did not resume offering free fruit, another perk eliminated last summer. Employees say privately that morale has been devastated by Intel's poor financial performance and by cutbacks aimed at returning the business to profitability.

[...] Christy Pambianchi, Intel's chief people officer, told employees that Intel had been spending $100 million annually on free and discounted food and beverages and couldn't afford to keep doing that. "Until we get into a better financial health position, we need to be suspending those," Pambianchi said, according to an account of the meeting reviewed by The Oregonian/OregonLive. By Wednesday the company had reversed itself, committing to keep its employees caffeinated. In August, Intel announced plans to lay off over 16,000 employees, representing more than 15% of its global workforce. Its stock dropped to a 50-year low following the announcement. Starting November 8, Nvidia will replace the chipmaker on the Dow Jones Industrial Average.

Max will begin a gradual password-sharing crackdown with "soft messaging" over the next few months, with a potential price increase to follow. The Verge reports: During Warner Bros. Discovery's Q3 earnings call on Thursday, chief financial officer Gunnar Wiedenfels said this initial rollout would be followed by more progress in 2025 and 2026. Wiedenfels called password sharing "a form of price rises," as the company is "asking members who have not signed up, or multi-household members to pay a little bit more." This isn't the first time we've heard about Max's interest in password sharing, but now we have more details about when -- and how -- it will all begin. [...]

Wiedenfels didn't rule out the possibility of a Max price increase, either. He said that the "premium nature" of the service leaves "a fair amount of room to continue to push a price we've been judicious about." Max last raised prices across its ad-free plans in June.