Job Cuts
Microsoft Corporation (MSFT) announced it will cut 4,800 jobs, or about 2.1% of its global workforce, as reported by Reuters on July 6 [1]. This move is likely a cost-cutting measure. Meanwhile, Amazon.com, Inc. (AMZN) plans to raise $25 billion through a US dollar bond sale, according to Reuters on July 7 [4].
Market Trends
The S&P 500 and Nasdaq ended higher on support from chipmakers and cybersecurity stocks, as well as soft inflation data [5]. The consumer price index in June fell 0.4% on the month, bringing the annual inflation rate to 3.5%. NVIDIA Corporation (NVDA) is among the chipmakers that contributed to the market's rise.
Company News
Alphabet Inc. (GOOGL) was reported by Bloomberg to be among the stocks in Ray Dalio's portfolio [2]. China plans to let top AI firms buy limited NVIDIA Corporation (NVDA) H200 chips, according to The Information [3]. Jim Cramer has stuck with his prediction about Meta Platforms Inc. (META) despite the weakness in the firm’s share price [9].