Global Market developments include Microsoft’s investment in France, Open AI’s ChatGPT update, Indeed layoffs, and Walmart job cuts.
French President Macron advocates for EU financial integration, Microsoft invests €4 billion in France, OpenAI releases ChatGPT update, Walmart cuts jobs, recalls remote workers.
President Emmanuel Macron
French President Emmanuel Macron expressed openness to a major French bank being acquired by a European Union rival to promote deeper financial integration, stating that “dealing as Europeans means you need consolidation as Europeans.”
OpenAI ‘s human-like version
OpenAI has released a more human-like version of its ChatGPT, making it free for all users. The new model, GPT-4o, will be rolled out in OpenAI’s products, with paid customers having unlimited access.
Bot Brakes Backfire
The National Highway Traffic Safety Administration is investigating Amazon-owned robotaxi company Zoox after two Toyota Highlanders with self-driving brakes unexpectedly collided with motorcyclists, causing minor injuries.
Indeed layoff
Indeed is set to cut about 1,000 employees, or 8% of its workforce, to streamline its organization. CEO Chris Hyams blamed the company’s recent slowdown on declining sales and said the cuts will be more concentrated in the US.
Microsoft investment
Microsoft commits 4 billion euros ($4.3 billion) to expand its cloud and AI infrastructure in France, funding AI skilling and supporting the country’s technology industry, with plans to bring 25,000 advanced GPUs by 2025.
Walmart Whirlwind
Walmart is axing hundreds of corporate jobs and requesting remote workers to return to offices, including its corporate headquarters in Bentonville, Arkansas.
Japanese bond and Yen
Japanese sovereign bond yields are at their highest level in over a decade, with 20-year sovereign debt yield rising 3.5 basis points to 1.77 percent, and 30-year bonds yielding their highest since 2011.
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