- Cash Nut
- Posts
- Intel is laying off over 15,000 employees
Intel is laying off over 15,000 employees
Plus: Meta will need 10x more computing power
Cash Nut
August 02, 2024
In partnership with
In Today’s Edition
So Your Company Is Pivoting – Here's How to Respond
Intel is laying off over 15,000 employees and will stop ‘non-essential work'
Zuckerberg says Meta will need 10x more computing power to train Llama 4 than Llama 3
Fully-automatic robot dentist performs world's first human procedure
Take a demo, get a Blackstone Griddle
Financial operations heating up? BILL Spend & Expense can help you take control. Automate expense reports, set budgets across teams, and get real-time insights into company spend. Take a demo to learn how and we'll give you a 28" Blackstone Omnivore Griddle—so you can take control of your next barbecue, too.
🚀Startups Nuts
A pivot may be necessary to achieve growth when a startup's current business model isn't working, but it can be a challenging and chaotic process for employees. To navigate a pivot successfully, it's essential to evaluate the change, commit to the new direction, and focus on the projects that matter. By doing so, employees can help the company succeed, accelerate their careers, and gain valuable experience in working through a crisis.
Other News
AIRNA, a Cambridge, Mass., RNA editing therapeutics company, raised $60m in additional Series A funding
Rhombus, a Sacramento, Calif., physical security startup, raised $45m in Series C funding
Graphyte, a Dover, Del., carbon removal startup, raised $30m in Series A funding
Perchwell, an N.Y. residential real estate data startup, raised $25m in Series B funding
Haus, an SF marketing attribution startup, raised $20m in funding
🏭Business Nuts
Intel is downsizing its workforce by over 15 percent as part of a new cost savings plan for 2025. The $10 billion cost saving plan will mean a headcount reduction of greater than 15,000 roles. Intel plans to reduce its R&D and marketing spending by billions each year through 2026, reduce capital expenditures by more than 20 percent this year, restructure to stop non-essential work, and review all active projects and equipment to make sure it's not spending too much. The company recently reported a loss of $1.6 billion for Q2, which is substantially more than the $437 million it lost the previous quarter.
Other News
Microsoft added OpenAI to its list of competitors in its latest annual report. OpenAI is listed as a competitor in AI offerings, search, and news advertising. The companies have a long-term partnership, with Microsoft being OpenAI's biggest investor.
Lineage, the world’s largest operator of cold-storage warehouses, raised $4.44 billion in its IPO. The industrial REIT instantly became the year’s the biggest public market debut. in the week since, the stock price rose nearly 7%, and underwriters exercised their options, adding another $600M to the company’s balance sheet. The company is now valued at more than $18 billion.
Ares Management Corp. announced a $34 billion direct lending fund, the largest ever, and will continue its strategy of originating senior debt to middle market companies in North America.
📱Tech Nuts
Meta believes it will need significantly more computing power to train models in the future. CEO Mark Zuckerberg said on the company's second-quarter earnings call that he would rather risk building capacity before it is needed rather than too late given the long lead time for spinning up new inference projects. The company is considering different data center projects, which may increase capital expenditures in 2025. India is currently the largest market for Meta's AI chatbot.
Other News
Elon Musk plans to launch an experimental private school called Ad Astra in September ahead of the 2024 to 2025 school year. Ad Astra will be based in Bastrop, Texas, a rural community that has been transformed into somewhat of a hub for several of Musk's companies.
Google Gemini has claimed the number one spot on Chatbot Arena for the first time, surpassing GPT-4o and Claude-3.5.
SearchGPT, OpenAI announced that a prototype search engine is being tested on a small group of users, signaling the startup eyeing a direct shot at Google, and indicating one path the AI revolution could take.
Epic Systems, the most widely used electronic health records system in the US — announced that users will now be able to export their health data to apps of their choosing.
🎁Miscellaneous
An AI-controlled autonomous robot has performed an entire dental procedure on a human patient for the first time. The system uses a hand-held 3D volumetric scanner that builds a detailed 3D model of the mouth using optical coherence tomography, cutting X-ray radiation out of the process. The robot surgeon plans out the operation after the human dentist and patient agree on what needs to be done. It can prepare a tooth for a dental crown in 15 minutes, a procedure that usually takes two hours split into two visits. Video of the robot is available in the article.
💡What else are we reading and seeing?
Why CSV is still king
Just disconnect the internet
The death (again) of the internet as we know it
OpenAI vows to provide the US government early access to its next AI model
Intel faces possible class action lawsuit over crashing CPUs
The consequences of generative AI for online knowledge communities
The best AI search engines to try in 2024
Gen AI and beyond: Where else to focus now
How to create Excel dashboards with Claude 3 AI in minutes
🔥 Few tools many people are finding useful
Toby - Live speech translation on any video call
Shapes - AI bots and always online friends
Billy - AI copilot to build, write and code on WordPress
LinkStorm - AI-powered internal link-building SEO tool
Martin - Your AI butler with calendar, email, search and more
Eduwiz - Write magical paperwork in a few seconds for free
🐦Joke of the Day
Enjoy The Cash Nut? Consider forwarding it to a co-worker, colleague, classmate, or whoever you think might be interested.