WS #11543
Microsoft cuts 4,800 jobs (2.1% of workforce), with 3,200 from Xbox, citing AI-driven automation and poor gaming margins; shares down ~1.5%. Chip stocks rally on BofA's $1.5T cloud capex forecast and anticipation of SK Hynix US listing on July 10; AMD, Qualcomm, Texas Instruments up 3-7%. Supreme Court declines to block Texas law requiring age verification for app stores, potentially impacting AAPL and GOOGL revenue.
Microsoft layoffs and Xbox restructuring
Microsoft cuts 4,800 jobs (2.1% of workforce), with 3,200 from Xbox, citing AI-driven automation and poor gaming margins; shares down ~1.5%.
Chip stocks rally on BofA's $1.5T cloud capex forecast and anticipation of SK Hynix US listing on July 10; AMD, Qualcomm, Texas Instruments up 3-7%.
Supreme Court declines to block Texas law requiring age verification for app stores, potentially impacting AAPL and GOOGL revenue.