Meta Stock Surges as It Plans to Cut 16,000 Jobs for AI
Meta is reportedly planning to lay off 20% of its 79,000 workforce to offset $135 billion in AI spending - and the stock went up 3% on the news.
Stock market
Baidu Loses $11 Billion in Market Value as AI Revenue Grows But Advertising Collapses
Baidu's third consecutive quarter of revenue decline wiped $11 billion off its market cap, exposing the gap between its AI ambitions and the advertising business still funding them.
Nvidia Drops 4% Despite Crushing Every Estimate - Welcome to 'Beat the Beat' Market
Nvidia posted record Q4 revenue of $68.1 billion, beat EPS by 6%, guided Q1 to $78 billion above all estimates, and the stock still fell 4.33% the next day. The AI trade has entered a new phase where beating expectations is no longer enough.
IBM Shares Plunge 11% as Anthropic's Claude Code Threatens Its COBOL Empire
IBM suffers its worst single-day drop in years after Anthropic announces Claude Code can automate COBOL modernization. Combined with Trump's 15% global tariff and DOGE contract cancellations, IBM is down 26% in February.
