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The times of an internet company wanting to e-scooter their option to world that is solving through solar-powered NFT horse racing just to compete with Disney+ are over. Futuristic projects that were once a staple of Big Tech line items are getting squeezed in this “we definitely can’t afford that economy that is anymore”
That was made very yesterday that is clear
1. This week, Amazon began to
who were working on its AI assistant, Alexa as part of its anticipated mass layoffs. That division posseses an loss that is operating of than $5 billion per year.urged2. The hedge fund TCI Fund Management, which has a $6 billion stake in Alphabet,
Google’s parent company to join its Big Tech peers in laying off workers yesterday, saying it’s overstaffed and paying its employees too much. It took specific aim at Google’s famous Other Bets division that incubated “moonshot” projects like Waymo, the vehicle company that is autonomous. That Other Bets unit brought in $3 billion in revenue over the past 5 years, but incurred $20 billion in operating losses, TCI’s letter to CEO Sundar Pichai said.
Source link Big picture: While Snap and Microsoft will also be nixing riskier long-term bets, the Big that is big Tech is Meta. Zuck has cut back on some experimentation, but is staying committed to spending billions on the metaverse, despite investor concerns* that is.—AR(
