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| Here are today's top tech stories: - U.S. spot bitcoin ETFs begin trading after SEC approval.
- Google cuts 1,000 jobs across multiple divisions.
- Microsoft briefly overtakes Apple as most valuable company.
- Hertz to sell 20,000 EVs and purchase gas vehicles.
- Apple re-appears on Glassdoor's 100 "best places to work" list.
Beth
p/beth-duckett |
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| 1 | | After a decade of denials, the Securities and Exchange Commission gave the green light Wednesday for spot Bitcoin exchange-traded funds, allowing mainstream investors to buy and sell Bitcoin with the same ease as stocks and mutual funds. By Thursday, multiple ETFs linked to Bitcoin's spot price had started trading in the U.S. Expectations for the funds propelled Bitcoin's price to a near two-year high, trading around $46,000 compared to $17,000 last January. Details: Wednesday's approval by the SEC concludes over 10 years of rejections for spot Bitcoin ETFs, which started in 2013 when the Winklevoss twins applied for the . With the approval, 11 spot Bitcoin ETFs, including BlackRock's iShares Bitcoin Trust, Grayscale Bitcoin Trust, and Valkyrie Bitcoin Fund, began trading on Thursday. Why it matters: The SEC's decision marks a major shift for cryptocurrency investing, giving investors Bitcoin exposure without directly holding it. The approvals are also a sign that mainstream financial institutions are still open to engaging with digital currencies, despite a turbulent two years marked by bankruptcies filed by crypto exchanges, lenders, and brokerages. What the numbers show: As of Wednesday, Bitcoin's market cap exceeded $913B. Standard Chartered analysts predict the new ETFs could attract $50B to $100B in 2024. | | |
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| 2 | | Google has cut hundreds of employees from its central engineering, hardware, and Assistant teams. The company confirmed that it eliminated "a few hundred" roles in each of the divisions on Wednesday, impacting roughly 1,000 employees. More: - In addition to its its core engineering division, Google also made cuts in the teams responsible for Google Assistant, as well as hardware production including Pixel phones, Fitbit watches, and Nest thermostats.
- "We're responsibly investing in our company's biggest priorities and the significant opportunities ahead," a Google spokesman said in a statement.
- Following job cuts in the latter half of 2023, certain teams are still undergoing organizational changes, the person said.
- A year ago, Google reduced its workforce by 12,000 people, or 6% of its full-time employees, and later made additional cuts in its recruitment and news divisions.
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| 3 | | Microsoft briefly surpassed Apple as the most valuable U.S. company on Thursday. Apple's shares have fallen 4% in 2024 amid concerns about weakening smartphone demand, while Microsoft has gained 2% this year. More: - Microsoft has briefly overtaken Apple as the most valuable company several times since 2018, including during iPhone supply chain challenges in 2021.
- Analysts credited Microsoft's rapid growth and leadership in the generative AI revolution for the latest surge.
- Apple, meanwhile, is facing the possibility of weakening demand for iPhones and Macs.
- Apple iPhone sales in China plummeted by 30% in the first week of 2024, primarily due to competition from local rivals such as Huawei, according to Jefferies analysts.
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| 4 | | Hertz will sell 20,000 electric vehicles from its U.S. fleet and use some of the proceeds to purchase gas-powered cars. The rental car company cited weak demand along with high costs related to EV collisions and damage. More: - The EV sales began last month and will extend through 2024.
- The move will "better balance supply against expected demand of EVs," Hertz noted in an SEC filing today.
- In 2021, Hertz ordered 100,000 Teslas for its fleet and later announced plans to buy up to 65,000 Polestar EVs over five years.
- In October, the company said it had decided to scale back plans to electrify its fleet.
- At the time, EVs made up 11% of the total vehicles, with Teslas accounting for 80% of that.
- Hertz's used car website now features over 700 EVs for sale, predominantly Tesla models.
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| 5 | | Tech companies once again dominated Glassdoor's 100 "best places to work" list, though their presence dipped from 41 companies to 31 this year. Apple made a comeback on this year's annual list, securing the 39th spot after being left out last year. More: - The best company to work for was management consultant Bain & Co., followed by chipmaker Nvidia Corp., and software company ServiceNow.
- Other major tech firms on the list included Adobe Inc. (15), Microsoft Corp. (18), and Google (26), while Meta, Salesforce, Intel, Netflix, and Yahoo were not included.
- Bain & Company and Google were the only two companies consistently featured in Glassdoor's Employees' Choice Awards U.S. rankings every year.
Zoom out: - Glassdoor's lead economist, Daniel Zhao, said tech has lost some appeal compared to the past year.
- "It's still a great industry for jobseekers, but the shine has worn off to some extent," Zhao said. "And the companies making a comeback, they're the old guard, so it suggests we're heading back to a more balanced job market."
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| 6 | | Walmart unveiled new AI services during CES, including a generative AI search tool and an AI-powered service that automatically re-orders items for shoppers. The world's biggest retailer showed off the AI-powered shopping tools during this week's CES. More: - The new GenAI search tool for Walmart's iOS app fuses Microsoft's AI models with Walmart shopper data.
- It allows customers to search for products using specific use cases rather than brand names or descriptions.
- For example, shoppers can search for "football watch party" and get a tailored product list of chips, wings, and decorations.
- Meanwhile, the new "InHome Replenishment" tool leverages AI to learn shoppers' preferences and automatically fill online carts for subscribers to their InHome delivery service.
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- Apple released a new Magic Keyboard firmware update to fix a security flaw that allowed attackers with physical access to extract the Bluetooth pairing key and monitor Bluetooth traffic.
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| | Beth Duckett AI and technology writer | | Beth is a contributing editor and writer of Inside's AI and Tech newsletters. She has written for notable publications like USA Today and the Arizona Business Gazette. During her time as a public policy reporter at The Arizona Republic, she received recognition with a Pulitzer Prize nomination and a First Amendment Award for her collaborative reporting on pension cost increases. Beth also authored a book on the solar photovoltaic industry in 2016. You can reach her at [email protected]. | | This newsletter was edited by Eduardo Garcia |
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