Intuit to lay off 17% of staff to refocus on AI
Intuit is laying off 17% of its staff, or over 3,000 employees, as the software giant pivots resources toward AI development amid broader industry restructuring.
Sections
Markets & Business
390 storiesGM cuts IT staff to prioritize AI-focused roles
General Motors has laid off more than 10% of its IT department to recruit AI-focused talent, part of a broader trend of job cuts across the automotive sector.
Eclipse Ventures nets $2.5B return on Cerebras IPO
Eclipse Ventures generated a $2.5 billion return from its Cerebras Systems investment, validating the firm’s long-standing thesis that physical-world technology is increasingly lucrative compared to pure software.
Menlo Ventures partner warns of widening AI wealth gap
Menlo Ventures partner Deedy Das warns of a widening divide in tech, estimating around 10,000 people have hit retirement wealth of well above $20M while others face layoffs.
How Cerebras survived near-failure to reach a $60 billion IPO
Cerebras Systems went public with a valuation of about $60 billion, marking a turnaround from its near-collapse in 2019 when it burned nearly $200 million on technical hurdles.
GoPro explores potential sale amid defense pivot
GoPro has hired an investment bank to evaluate a potential sale while simultaneously pivoting to the defense sector and laying off a quarter of its workforce.
Cerebras IPO delivers multi-billion dollar win for Benchmark
The Cerebras Initial Public Offering (IPO) generated billions for investors, including Benchmark, marking a significant milestone for the AI chipmaker after years of development and regulatory scrutiny.
Cerebras stock jumps 108% in market debut
Cerebras Systems raised $5.5 billion in its IPO, with shares rising 108% on their first day of trading to reach a $66 billion valuation.
Cisco to cut nearly 4,000 jobs to fund AI and security pivot
Cisco is cutting nearly 4,000 jobs, or around 5% of its workforce, to shift its cost structure toward AI and cybersecurity investments despite reporting record quarterly revenue.
Uber expands India footprint with new campuses and data center
Uber plans to open two new campuses in India by 2027, accommodating around 9,600 people, while partnering with Adani Group for its first local data center.
Clio hits $500M ARR as legal tech AI competition heats up
Canada-based legal tech firm Clio reached $500 million in annual recurring revenue (ARR), highlighting sector growth as AI model providers like Anthropic begin competing with customers.
Fervo Energy valuation tops $10 billion in geothermal IPO
Fervo Energy’s valuation surpassed $10 billion in its public debut, as the geothermal startup raised $1.89 billion amid demand for AI data center power.
Anthropic overtakes OpenAI in business customer adoption
According to Ramp expense data, Anthropic has surpassed OpenAI in verified business customer adoption, though the index is not a perfect proxy for the broader market.
Robinhood prepares to launch second retail venture fund
Robinhood has filed for a second retail venture fund, RVII, aiming to provide retail investors access to growth-stage and early-stage startups.
General Motors cuts more than 10% of IT staff to pivot toward AI
General Motors has laid off more than 10% of its IT department, or about 600 employees, as it pivots to hire staff with AI-native development skills.
Redwood Materials hires former Tesla CFO Deepak Ahuja
Redwood Materials has hired former Tesla finance chief Deepak Ahuja as CFO, though the company says it is too early to discuss a potential IPO.
Lime files for IPO amid significant financial pressure
Lime has filed for an IPO, but the company faces significant financial pressure with about $846 million in liabilities due within 12 months.
Fintech startup Parker files for Chapter 7 bankruptcy
Parker, a fintech startup that raised more than $200 million, has filed for Chapter 7 bankruptcy and is widely reported to have shut down following failed acquisition talks.
Oracle rejects severance negotiations after mass layoffs
Oracle reportedly laid off an estimated 20,000 to 30,000 employees, refusing to negotiate severance terms or accelerate stock vesting for those impacted.
Tech liquidity fuels record-breaking San Francisco home prices
San Francisco luxury home sales jumped 22% year-over-year as liquidity from private tech company employees fuels aggressive bidding and record-breaking property prices.