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Apple cuts over 700 jobs following its car and display project closures
Apr 05, 2024
Over 700 people at Apple have recently lost their jobs, according to the latest WARN report posted by the Employment Development Department of California (EDD). Most of the people who were laid off worked at Apple's offices in Santa Clara, with 371 of them coming from the company location that primarily dealt with the company's now-defunct electric vehicle project. Under California law, companies are required to file a report with the EDD for each location affected by layoffs under the Worker Adjustment and Retraining Notification (WARN) program. Eight Apple locations in Santa Clara were hit by layoffs, including the main car office, though one of them worked on its in-house MicroLED display project that was reportedly scrapped in March due to costs and technical difficulties. The company was hoping to produce its own screens for iPhones, Macs and its smartwatches, but that clearly isn't happening anytime soon. Apple's original car ambitions were to build a fully autonomous vehicle without pedals and a steering wheel, until it decided to develop an electric vehicle instead. A previous Bloomberg report said Apple canceled the initiative internally called "Project Titan" after investing billions of dollars and a decade into it. The employees who were developing the vehicle were given the chance to transfer to Apple's other divisions, including its teams that are reportedly working on artificial intelligence and home robotics. But based on Apple's WARN report, it wasn't able to re-integrate everyone into the company. Apple is believed to be in the very early stages of developing personal robotics for people's homes. One of the machines that's currently a work-in-progress is a robot that follows people around, while the other is a table-top device that uses a robot to move a display around, according to another Bloomberg report. The company's work on personal robotics is part of its efforts, which also include the Vision Pro, to find new sources of revenue. This article originally appeared on Engadget at https://www.engadget.com/apple-cuts-over-700-jobs-following-its-car-and-display-project-closures-061524777.html?src=rss
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Business
Aggressive Buying In Silver As Fed Chair Jerome Powell Itching To Cut Rates
Apr 04, 2024
To gain an edge, this is what you need to know today. Fueling Positive Sentiment Please click here for an enlarged version of the chart of iShares Silver Trust (ARCA:SLV). Note the following: The chart shows aggressive buying in silver. As full disclosure, silver ETF SLV is in The Arora Report ZYX Buy Model Portfolio. The chart shows silver is breaking out of short term resistance. Significant overhead resistance is ahead that was created when the meme crowd went crazy in 2020 and 2021 and bought all the physical silver they could. In part, what happens to silver will depend on if the meme crowd goes crazy again. For the last few years, the traditional relationship between how silver moves relative to gold has been broken. The move on the chart shows that the traditional relationship between silver and gold moves is returning. The big move in silver is being triggered by Powell itching to cut rates. Powell has become ultra dovish. Fed Chair Powell is itching to cut interest rates. Powell said that the recent hotter inflation data does not “materially change” the outlook and he anticipates cutting interest rates later in the year. ISM Non-Manufacturing PMI came at 51.4% vs. 52.6% consensus. The weaker than expected services data caused the stock market to go up on its release. Sentiment was already extremely positive. Powell itching to cut rates and weaker ISM Services data is adding to the extremely positive sentiment. Also adding to the extremely positive sentiment are two pieces of news: Apple Inc (NASDAQ: AAPL) is working on a home robot as the next big thing. Alphabet Inc Class C (NASDAQ: GOOG) may charge for search based on AI. Jobless claims came at 221K vs. 214K ...Full story available on Benzinga.com
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