Former New York Yankee Mariano Rivera says he supports MLB salary cap as long as small-market teams are also spending.
South Korean chipmaker SK Hynix is planning a US IPO of nearly 17.8 million shares, potentially raising $28 billion. The move comes amid a surge in demand for memory chips driven by the AI boom, with the company seeing significant revenue and stock price increases.
Toyota is investing $3.6 billion to move Tacoma midsize pickup truck production from Mexico to its San Antonio, Texas plant. This move is expected to create 2,000 U.S. jobs and significantly expand the facility's capacity.
Microsoft is eliminating approximately 4,800 roles, representing 2.1% of its global workforce, in a move attributed to AI advancements. This adds to a broader trend of significant tech layoffs in 2026, with companies citing AI as a driver for both growth and workforce reductions.
Microsoft's Xbox division is undergoing a significant "reset" with 3,200 layoffs and the divestment of five acquired studios. New CEO Asha Sharma cited a need to "simplify" the bloated division and refocus on "industry-defining franchises" after years of underperforming investments in smaller studios and Game Pass.
Sheldon Mills, an executive director at the UK's Financial Conduct Authority, warns of an "arms race" in AI use in financial services, urging greater regulatory powers and a review of large language models. His report highlights both benefits like "hyper-personalization" and risks such as fraud and manipulation, advocating for human accountability.
Microsoft cut approximately 4,800 jobs, 2.1% of its global workforce, impacting Xbox and commercial sales the most. This move, with 1,600 roles eliminated at Xbox, is framed as a necessary restructure due to industry changes and AI integration, despite assurances that AI is not directly replacing these roles.
