BUSINESS

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Jensen Huang, CEO, Nvidia, Called Marvell "The Next Trillion-Dollar Company,"  and the Stock Immediately Exploded

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Intuit is cutting roughly 3,000 jobs worldwide, representing about 17% of its global workforce, as the financial software company moves to streamline operations and deepen its focus on artificial intelligence, according to an internal memo sent to employees on Wednesday.

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Universal Music Group (UMG) has rejected a $64.3 billion takeover bid from billionaire investor Bill Ackman’s firm, Pershing Square. The music giant stated that the offer "fundamentally and materially undervalues" the company and is not in the best interests of its shareholders, artists, fans, and stakeholders. Pershing Square, which already owns a minority stake in UMG, had targeted the company whose assets include EMI, Island Records, and the historic Abbey Road Studios.

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Meta is preparing to axe thousands of workers, and employees say morale inside the company has never been lower.

The Facebook parent confirmed in an internal memo Monday that it will lay off approximately 10% of its global workforce on Wednesday, May 20, with notifications rolling out in three batches at 4 a.m. local time across different regions. The cuts amount to nearly 8,000 jobs.

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Luxury sports car maker Ferrari has unveiled its first fully electric vehicle, the $640,000 Luce, marking a dramatic departure from everything the Italian brand has ever built.

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PlayStation has announced price increases for its PlayStation Plus subscription service in several regions, citing "market conditions." Monthly rates for the basic tier will rise by £1, $1, or €1, while three-month plans will increase by £3, $3, or €3. These changes generally do not affect current subscribers unless their plans lapse or are modified; however, the company noted that the price hikes will apply to current subscribers in Turkey and India regardless.

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Stellantis has a plan to save itself, and Wall Street is not buying it, at least not yet. The Chrysler parent unveiled a five-year strategic blueprint Thursday called "FaSTLAne 2030," pledging €60 billion, roughly $70 billion, in investment through the end of the decade. The company's stock responded by sinking as much as 7.4% on the Milan exchange, as investors appeared to want something bolder than what was on offer.

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Detroit's biggest automakers are cutting their white-collar workforces at a pace not seen in decades. And experts warn the worst may still be ahead.