The technology sector experienced a significant increase in stock prices, fueled by intense speculation and investor interest. Notably, Microsoft’s shares soared, surpassing Apple to become the world’s largest company in terms of market capitalization. Microsoft’s stock has risen by 2.9% year-to-date, thanks to the growing enthusiasm surrounding its artificial-intelligence technology, which includes innovations from its affiliate OpenAI.
Google Implements Cost Reduction Measures
In a move aimed at streamlining operations and reducing expenses, Google made the difficult decision to lay off hundreds of employees across multiple departments on Wednesday. This cost-cutting measure comes as the search giant seeks to reverse the effects of a pandemic-induced hiring spree.
EBay Penalized for Harassment Campaign
EBay has agreed to pay a substantial $3 million criminal penalty following an investigation into an unsettling harassment campaign orchestrated by its employees. The targeted victims were two bloggers who had covered the company, and the campaign included offensive actions such as mailing live cockroaches and a fetal pig. The penalty serves as a stern reminder of the consequences faced by companies engaging in such unethical behaviors.
Amazon’s Acquisition Faces EU Scrutiny
Amazon.com has failed to meet the Wednesday deadline set by the European Union for presenting remedies regarding its $1.7 billion acquisition of iRobot, the maker of Roomba robotic vacuums. The EU expressed concerns over potential anti-competitive practices in the robot vacuum cleaner market resulting from this acquisition. Amazon now faces further scrutiny and potential consequences for its failure to comply.
