LUCID CUTS 1,500 JOBS IN SECOND LAYOFF THIS YEAR
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Lucid Motors laid off 1,500 workers, marking the company's second major workforce reduction in 2024. The cuts are part of a broader restructuring plan aimed at streamlining operations.
■ MORE FROM THE BUSINESS DESK
South Korean stocks fell 10% from record highs as investors sold off chip stocks amid concerns the rally had become overextended. The Kospi index declined sharply, with trading suspended for 20 minutes by the Korea Exchange.
US technology stocks are joining a global selloff as market participants recalibrate their positions on artificial intelligence investments. PNC Asset Management Group's Chief Investment Officer Amanda Agati characterized the pullback as a healthy correction following an exceptional rally.
Walmart has acquired Paris-based Vibe.co for $1.4 billion in cash, gaining technology that enables businesses to create and run targeted ads on streaming services and connected TVs. The deal includes retention bonuses of $180 million for top executives over four years.
Ludovic Subran, chief investment officer and chief economist at Allianz, says markets are beginning to price in the competitive pressures that artificial intelligence will create across industries.