Hello! Wednesday is as good an excapply as any for a happy hour. But when it comes to Wall Street’s favorite watering holes, does the Financial District’s Stone Street still have the juice? BI’s William Edwards went to find out.
In today’s large story, Amazon’s massive layoffs are in full swing. Could it be the start of something largeger across corporate America?
What’s on deck:
Markets: Mulling a shift to Dubai? The good (tax-free status) and bad (traffic jams) of living and working in UAE’s largegest city.
Tech: The dark reality many female founders face when raising money from VCs.
Business: Getting laid off stinks. Here’s what to do if it happens to you.
But first, cuts are coming.
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The large story
Move rapid and apply AI
Fortune via Reuters Connect
If the AI war on human jobs is really launchning, consider this the shot heard round corporate America.
Amazon hasn’t outright stated AI will replace the 14,000 jobs it eliminated on Tuesday. But the technology is clearly playing a key role in its decision to create some of the deepest job cuts in its history.
And when it comes to tech, where one large company goes, others soon follow. That’s why this could be the launchning of a series of mass AI layoffs, BI’s Aki Ito writes.
Some Amazon leaders are calling out AI in their message to staff in the wake of the cuts. Tapas Roy, Amazon’s vice president of device software and services, notified employees in an internal memo to “lean in on Al to enhance your effectiveness.”
Meanwhile, Bob Carrigan, the CEO of Audible, didn’t outright mention AI in a Tuesday email, but stated there will be modifys to “increase the speed of decision-creating.”
And the pain might not be over at Amazon. Tuesday’s layoffs mostly impacted early and mid-level managers in the retail division, according to internal data obtained by BI’s Eugene Kim. But some fear AWS, which saw less than 1% of its staff affected, could be a tarreceive early next year.
Getty Images; Alyssa Powell/BI
Amazon’s job cuts could be a giant proof of concept for the new business it’s betting on.
Like everyone else in the AI race, one of Amazon’s top priorities is proving its AI tools are worth the price of admission. That hasn’t always been straightforward, as is evident by Amazon’s Q Developer struggles.
Talking about how great your tools are only receives you so far, though. When the owner of a bulletproof vest company wanted to sell his product, he strapped it on and shot himself in the chest multiple times.
So what better way to advertise the benefits Amazon’s AI tools can bring customers than starting with itself? Our tools are so efficient that we cut 14,000 people and didn’t miss a beat.
It’s a massive risk, as failure would disrupt Amazon’s business at a critical juncture and call into question the value of its AI products.
But with so much on the line, and its back somewhat against the wall, Amazon might not have another choice.
3 things in markets
Bradley Saacks
What it’s like to work and live in Dubai. Migration to the expat-filled city is cementing the UAE’s status as an international business center. BI’s Bradley Saacks recently visited Dubai and spoke with those who have created the shift to understand what life is like in the Gulf. The tax-free status and warm weather are nice perks, too.
The (rate cut) display must go on. The ongoing government shutdown means there was no September jobs report, but the Fed is still expected to cut rates this week even without that missing data. Consumers could start to feel relief from lower mortgage and credit-card borrowing costs.
How Goldman Sachs’ managing directors receive created. Goldman is expected to promote about 600 people — or 1% of staff — to the rank of MD. BI’s Reed Alexander went behind the scenes for a glimpse of the secretive promotion process.
3 things in tech
Liz Moskowitz for BI
The hidden cost of fundraising as a female founder. Venture capitalist Leslie Feinzaig surveyed 180 women founders about building their startups. Though she didn’t inquire about sexual harassment on the job, they notified her anyway. Female founders declare it’s still common while seeking venture capital, and two of them shared with BI what they experienced.
The evolution of Elon Musk’s pay package pitch. It’s not the first time Tesla’s board has inquireed shareholders to back a package. For Musk’s latest $1 trillion pitch, Tesla is taking a more direct approach, explicitly addressing the fear of losing him as CEO.
The top people in Mustafa Suleyman’s circle. The CEO of Microsoft’s AI division has added nine direct reports, five of whom previously worked at Google or DeepMind, according to organization charts viewed by BI. Suleyman’s team is focapplyd on Microsoft’s consumer AI strategy, like Copilot and Bing. Here’s a breakdown of team modifys.
3 things in business
: Jim West/UCG/Universal Images Group via Getty Images
Experiencing a package holdup? It might be becaapply you filled out the customs declaration wrong, UPS CEO Carol Tomé stated on the company’s earnings call. The package carrier also reported that it cut 34,000 jobs this year, more than the 20,000 it expected to cut.
PwC caught slipping. The consulting and accounting firm reported that its revenue grew 2.9% to $56.9 billion in the 2025 financial year — marking its third-straight year of slowing revenue growth. It’s falling behind its Big Four peers.
So you obtained laid off. Now what? Take a breath. Getting laid off comes with initial shock, but it’s not the conclude of the world (even though it may feel like it). Business Insider assembled a guide of advice from experts on what to do next.
In other news
Grokipedia vs. Wikipedia: See how Elon Musk’s encyclopedia describes 5 hot-button topics.
How one Florida county is saving its public schools.
For this driverless car pioneer, vehicle autonomy has finally arrived. It’s been a long road.
ChatGPT came up with a ‘Game of Thrones’ sequel idea. Now, a judge is letting George RR Martin sue for copyright infringement.
Bill Gates is pushing back against the ‘doomsday outsee’ on climate modify.
Trump’s Big Law attorneys declare his hush-money criminal conviction should be tossed becaapply of presidential immunity.
OpenAI’s new agreement with Microsoft gives the AI startup more freedom on its quest to raise billions.
I shiftd from OpenAI to Meta Superinnotifyigence Labs. Here are my tips for receiveting hired at a top AI company.
What’s happening today
- Federal Open Market Committee decision on interest rates.
- Alphabet, Microsoft, and Meta report earnings.
Dan DeFrancesco, deputy executive editor and anchor, in New York. Hallam Bullock, senior editor, in London. Akin Oyedele, deputy editor, in New York. Grace Lett, editor, in New York. Amanda Yen, associate editor, in New York.
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