Intel's Chip Off the Old Block: 15,000 Jobs Axed

Intel's Chip Off the Old Block: 15,000 Jobs Axed

Hold onto your hats, folks, because Intel just dropped a bombshell. The chip giant announced it's slashing 15,000 jobs, a whopping 15% of its workforce. Ouch.

Why the bloodbath? Intel's been bleeding money, posting a $1.6 billion loss in the second quarter. CEO Pat Gelsinger blames it on unsustainable growth and a need for a "massive restructuring."

This is a major setback for the Biden administration's plan to bring chip manufacturing back to the US. Remember those billions in grants Intel was supposed to get? Well, they haven't arrived yet, and this layoff announcement might throw a wrench in the works.

Intel's been playing catch-up for years. They missed the boat on mobile devices, lost ground to AMD in PCs and data centers, and are now trailing behind Nvidia in the AI race.

The big question now is: will Intel still get those sweet, sweet government subsidies? The Commerce Department is staying mum for now.

Bottom line: Intel's facing some serious headwinds. This layoff is a sign that the chip industry is a tough game, and even giants can stumble.

LVMH Goes for Gold (and Maybe Some Sales) at the Paris Olympics

Hold onto your berets, folks, because LVMH is going all out for the Paris Olympics. Think Eiffel Tower medallions, Berluti-clad athletes, and Moët Hennessy flowing in VIP lounges.

This isn't just some casual sponsorship, either. LVMH is shelling out a reported €150 million ($166 million) to be the games' "creative partner," making them one of the biggest financial backers.

Why the sudden love for sports? Luxury brands used to stick to stuffy, old-money sports like horse-riding and tennis. But LVMH is embracing the "democratization of luxury," targeting aspirational shoppers who want to look richer than they are.

The Olympics offer a massive global audience, potentially billions of viewers. LVMH is hoping to convert some of those eyeballs into customers, especially as sales slow down in China.

Will it work? Measuring the ROI of these mega-sponsorships is tough. But hey, for LVMH, this might be a long-term play to build brand awareness and capture a new generation of luxury consumers.

Meta Still Letting Drug Dealers Advertise on Facebook and Instagram 🤯

Remember that whole thing about Meta being investigated for letting people sell drugs on its platforms? Yeah, well, it's still happening.

The Wall Street Journal found hundreds of ads for illegal drugs like cocaine and opioids on Facebook and Instagram, even though Meta has a policy against it.

Think about that: You're scrolling through your feed, and BAM! An ad for "DMT Vapes and Notes" pops up.

These ads often use photos of drugs to get around Meta's AI moderation tools, and they link to private chats on Telegram or even WhatsApp where deals go down.

Meta says it's working on it, but they've been saying that for a while. They claim to have quadrupled their safety team since 2016, but clearly, something's not working.

This isn't just some abstract problem. Parents are blaming Meta for their children's deaths from fentanyl overdoses after they bought drugs on Instagram.

One mom, Mikayla Brown, lost her 15-year-old son Elijah after he bought drugs from an Instagram account. She found messages on his phone showing how he connected with the dealer.

Meta eventually took down the accounts after the Journal contacted them, but the damage was already done.

The big question is: Will Meta finally take real action to stop this, or will they keep letting drug dealers use their platforms to peddle poison?

China Wants to Give You a Digital ID... But Should You Trust It?

China's internet watchdog is proposing a nationwide digital ID system, but critics are crying foul.

The idea? A single, unique ID for online verification, letting you skip handing over your personal info to every website and app. Sounds convenient, right?

Not so fast.

Legal experts are raising red flags, arguing this is just another way for the government to tighten its grip on online expression. Remember those health codes used during the pandemic? Yeah, this feels a lot like that.

Here's the catch:

• Privacy vs. the Government: While the system aims to limit data collection by companies, it doesn't exactly shield your info from the government itself. Think of it as trading one overlord for another.

• Big Tech Crackdown: Beijing's been cracking down on tech giants for overcollecting data, so this could be a way to centralize control and keep a closer eye on things.

The Bottom Line:

China's digital ID system is raising serious concerns about privacy and censorship. While it might offer some protection from Big Tech, it could also give the government unprecedented access to your online life.

What's next?

The proposal is open for public feedback until August 25th. So, if you're in China, make your voice heard!

Ola Electric: India's Scooter Startup Goes Public, But Can It Stay Afloat?

Get ready for a wild ride, investors! Ola Electric, India's biggest electric scooter maker, is hitting the public market with a $730 million IPO, valuing the company at around $4 billion.

Here's the deal:

• Scooters are HUGE in India: Think 20 million sold every year. Ola Electric is leading the charge in the electric scooter revolution, but it's not all smooth sailing.

• Bumpy road ahead: Early scooters had some serious mechanical issues (fires, breakdowns, yikes!), and the company is still losing money.

• Valuation drop: Ola Electric's IPO valuation is lower than its last private funding round, reflecting a broader trend of falling valuations for Indian startups.

• Big plans: Ola Electric is using the IPO cash to invest in R&D and bring battery production in-house. They're also planning new electric motorcycles.

• Competition is fierce: Domestic rivals like TVS and Bajaj are strong contenders, and government subsidies for electric vehicles have been cut.

The bottom line:

Ola Electric is betting big on India's growing electric vehicle market. But with stiff competition and a history of losses, this IPO is a risky ride for investors. Will Ola Electric zoom to success or crash and burn? Only time will tell.