BUSINESS

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Meta has announced it will cut approximately 8,000 jobs—10% of its workforce—next month as it reallocates resources toward artificial intelligence. In a memo released Thursday, the company also confirmed it will leave thousands of currently open positions unfilled. The layoffs follow a massive increase in AI spending, with Meta projected to spend $135 billion on AI projects this year, a figure equal to its total AI investment over the previous three years combined.

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The Pura X Max debuts in China today, arriving before similar designs rumored from competing smartphone makers. The launch confirms Huawei as the first company to actually release a wide format foldable device for consumers, following last week's design reveal with full pricing and specifications now official.

Two configurations of the Pura X Max are open for preorder immediately. The base model begins at 10,999 yuan, roughly 1,600 dollars, offering 12GB of RAM paired with 256GB of storage, while a 512GB option costs slightly more. A higher tier Collector's Edition raises memory to 16GB and storage up to 1TB, with pricing climbing accordingly across its variants.

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SpaceX has announced it holds the rights to acquire the AI coding tool Cursor for $60 billion later this year. The company, led by Elon Musk, is also considering an alternative $10 billion agreement to "work together" with the platform. These moves are part of a broader strategy to compete with AI rivals such as OpenAI and Anthropic as SpaceX prepares for its upcoming debut on Wall Street.

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A federal jury in New York City has concluded that Live Nation the entertainment giant that owns Ticketmaster illegally operated as a monopoly and overcharged fans for tickets. The decision came after a lengthy seven week trial followed by four days of jury deliberations and could have far reaching consequences for the live music industry.

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Netflix is moving closer to a major real estate decision in Los Angeles as it prepares for the end of its current studio lease. With its ten year agreement at Sunset Bronson Studios set to expire

later this year, the streaming company is now in negotiations to purchase the historic Radford Studio Center in Studio City. The property is owned by Hackman Capital Partners, and discussions are reportedly ongoing as both sides explore what one source described as a strong opportunity at the right price.

The timing of these talks is significant. Netflix has relied heavily on its Sunset Bronson base for production operations, but with the lease nearing its conclusion, the company appears focused on securing a long term solution that supports its growing content needs. Acquiring a major studio lot would give Netflix more control over production space, scheduling, and infrastructure, which have become increasingly important in a competitive entertainment landscape.

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Google has been hit with a new antitrust lawsuit alleging it unlawfully restricts competition by limiting access to rival Android app stores and maintaining tight control over app distribution and billing systems, according to a complaint filed Tuesday in U.S. federal court.

The case was brought by Aptoide, a Portugal-based mobile app marketplace focused heavily on gaming, which claims Google's practices prevent smaller competitors from gaining meaningful traction. Aptoide argues that without these barriers, it could exert stronger competitive pressure on pricing, developer terms, and user costs across the Android ecosystem.

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USA Rare Earth has unveiled plans to acquire Brazilian miner Serra Verde in a deal valued at $2.8 billion, marking a significant push to loosen Asia's grip on critical minerals and expand Western supply options.

The Oklahoma-based company said the transaction will include $300 million in cash alongside newly issued shares, with completion targeted for the third quarter of 2026 pending regulatory approvals and closing conditions.

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Amazon said Tuesday it will acquire satellite firm Globalstar in a roughly $11.5 billion transaction, strengthening its emerging low-Earth-orbit internet ambitions as it seeks to narrow the gap with SpaceX's Starlink network.

Shares of Globalstar jumped more than 9% in premarket trading, extending recent gains amid speculation about a tie-up, while Amazon stock edged higher.

The agreement gives Amazon control of Globalstar's satellites, spectrum rights and ground infrastructure, allowing the companies to integrate existing assets with Amazon's expanding constellation.

Shareholders can opt to receive $90 in cash or 0.3210 Amazon shares for each Globalstar share, the companies said.