Intel shelves plan to take over GlobalFoundries abandoned chip plant in Chengdu, sources say South China Morning Post

The job cuts will return Stripe to the head count it had in February, and the company is also cutting costs elsewhere. The firm’s recruiting division will be „disproportionately affected” by the layoffs since the company plans to hire fewer people, the Collison brothers wrote. When Salesforce underwent layoffs in August 2020, it provided 60 days’ notice and severance, including placement services and a few months of benefits to affected employees. If the company is taking the stance that workers are being let go for under-performance, it’s unclear if it would extend the same type of package. Salesforce spokesperson Carolyn Guss did not respond to repeated requests for comments. Chief people officer Brent Hyder and chief equality officer Lori Castillo Martinez also did not respond to request for comment.

The Biden administration announced $9 billion in funding Wednesday to improve home efficiency, which could help support the installation of up to 500,000 heat pumps. With winter approaching and utilities warning of gas shortages, there are some major challenges facing the technology that money can be used to tackle. A working group with members from 17 agencies is spearheading the initiative, though it will be chaired by White House climate advisers. In its initial report, the group laid out 37 categories of technology where R&D could make major inroads. The five priority areas that the group will focus its near-term attention, though.

At the heart of Mr. Gelsinger’s Intel 2.0 strategy is the move to create higher-speed processors that are driving the majority of demand to power next-generation desktops, laptops, and servers. The $20 billion investment in new fabs will exclusively focus on creating these types of high-speed processors to help Intel get back to a more powerful leadership role in the semiconductor industry. GlobalFoundries was first spun out into its own company following a deal between AMD and an investment firm linked to the crown prince of Abu Dhabi to buy the former’s manufacturing arm. AMD was struggling at the time, thanks to pressure from Intel no less, and its CEO had decided that a fabless approach would save it heaps of money in the long-run and deliver a sudden influx of much needed cash into the business right away. To get on track for the goal of net zero by 2050, the International Energy Agency has said the global stock of heat pumps needs to reach roughly 600 million by 2030. Last year saw a 25% increase in investment in the technology and record-high growth in sales, and roughly 190 million units were in operation worldwide.

Ford CEO says UAW proposal could force bankruptcy

After a week of owning Twitter, Musk laid off half the company via an unsigned email. The Consumer Financial Protection Bureau said fraud and scam reports comprise the top complaint it receives about virtual currencies — and that customers are finding little help from companies when it happens. Salespeople who were laid off on Monday were given two months’ severance, according to both a current and former employee, a much less lucrative package than the company previously provided. Meta, for example, offered 16 weeks of pay to the 11,000 employees it laid off this week. „While this may seem like a setback for the games market, we note that the sum of revenues generated from 2020 to 2022 is almost $43 billion higher than we originally forecast pre-pandemic,” the company said.

Roku is an interesting test case for both consumer electronics and the general video ad market. The company sells its own hardware, but generates the vast majority of its money with advertising. Both sectors typically see a major cash influx in Q4, but Roku executives warned that things will be different this time around. As a result, Roku now expects its Q4 revenue to decline by around 7.5% year-over-year. Roku’s Q3 revenue was up 15% year-over-year, but continued pressure on hardware margins and declining margins for the company’s advertising and services business led to a net loss of $122 million.

CEO of ex-AMD fab GlobalFoundries shoots down Intel buyout

That deal might pull some orders away from TSMC and UMC, help Intel avoid future R&D blunders and chip shortages, and possibly help it crack NVIDIA and AMD’s near-duopoly in discrete GPUs. That’s all speculation for now, but investors should nonetheless be prepared for a mega-deal that could shake up the entire semiconductor sector. However, GlobalFoundries has denied it was in talks with Intel, leading WSJ to speculate that the Santa Clara-based company may instead be negotiating directly with Mubadala Investment Co., the US-based owners of GlobalFoundries.

In January, a smaller coalition of AGs sued Google over the location-tracking issue. And last month, Arizona attorney general Mark Brnovich won an $85 million settlement from Google over it. As many as 10,000 workers could be impacted, according to a source familiar with the deliberations. The layoffs could largely affect new hires, including those who have not yet started but who have signed an employment contract, they added.

Binance is crypto’s biggest exchange with a daily trading volume of roughly $31 billion, according to CoinMarketCap. Binance CEO Changpeng “CZ” Zhao said Tuesday the crypto powerhouse signed a deal to acquire rival FTX. By next year, Climate TRACE hopes to update the inventory to include best online brokerage every source of emissions and, eventually, get it closer to updating in real time. Right now, the data as a whole is at least annual up until 2021, with some sectors updated monthly. Yet shifting business to these mills could reduce emissions from the steel sector by 50%, McCormick said.

Zuckerberg said the company is also shrinking its real estate footprint in order to contain costs, and extending its current hiring freeze through the first quarter of 2023. Twitter was one of the tech companies leading the charge with „remote work forever” when the pandemic started, and the change is predictably prompting pushback from employees. The deal represents the largest privacy settlement won by states in U.S. history. Even so, the payout amounts to a drop in the bucket for Google’s parent company Alphabet, which reported $13.9 billion in profit from the last quarter alone.

The second most common complaint, „other transaction problems,” marked 15% of complaints. Consumers also reported „SIM-swap” attacks among methods hackers are using to exploit two-factor authentication and gain access to accounts. „Companies often responded to these complaints by stating that consumers are responsible for the security of their accounts,” the report said. “Our analysis of consumer complaints suggests that bad actors are leveraging crypto-assets to perpetrate fraud on the public,” CFPB director Rohit Chopra said in a statement. “Americans are also reporting transaction problems, frozen accounts, and lost savings when it comes to crypto-assets. People should be wary of anyone seeking upfront payment in crypto-assets, since this may be a scam.”

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Back In May, Newzoo was forecasting a year of growth for the game industry, with its outlook predicting more than $200 billion in global games industry spending thanks to a nearly 6% increase in the mobile gaming sector to a $103.5 billion. In particular, mobile gaming declined in the first half of the year for the first time ever. Intel’s new high-performance processors will be based on 10nm, 7nm, 5nm, and 2nm processes over time. GlobalFoundries fastest process technology starts at 24nm and goes up to over 300nm-400nm as they make what many call the processors for the „rest of the products” that need some form of computing power. Intel’s proposed takeover of the abandoned GlobalFoundries plant in Chengdu was intended to accelerate its capacity expansion plans amid the global shortage, according to a Chinese semiconductor industry source. Robinhood reported a drop in third-quarter revenue but also a narrower loss on Wednesday, in a sign that it might be stabilizing its business as it attempts to recover from a staggering drop in the stock and crypto trading activity that fueled its growth.

That move enabled AMD to stay ahead of Intel — which fumbled its transition from 14nm to 10nm chips, then dropped the ball again with its troubled 7nm process — in the race to develop more advanced chips. Over the last 10 years, GF has invested more than $15 billion at Fab 8, its most advanced semiconductor facility located in Malta, NY. This year, the company plans to double its investment to expand its global capacity and intends to invest $500 million in Malta, NY alone. He told me that Intel’s Israeli teams, who did much of the R&D for their mobile processors back then, assured him Intel would be able to develop their own X86 chips with lower power demand within 2-3 years and the need for a non X86 low voltage processor would not be needed.

This may be in Gelsinger’s mind if the goal is to bring Intel back to its glory days as one of the primary suppliers of microprocessors to every industry. But most of Intel’s would-be rivals in the foundry industry take a different approach, keeping older technology around to make cheaper chips for customers who do not require the latest https://1investing.in/ technology. That focus on the cutting-edge meant that Intel discarded older chipmaking technology – called „process nodes” in the industry – relatively quickly. GlobalFoundries Chief Executive Tom Caulfield told Reuters on Monday he plans to take the chipmaker public in 2022 as previously planned and dismissed talk of an Intel deal.

• Important thing is, GlobalFoundries exists, AMD goes fabless from there on, and both companies sign a Wafer Supply Agreement (WSA) to ensure a harmonious supplier/customer relationship for years to come.
• Their combined forces could be able to provide CPUs at all levels to global companies who could be leery of using Chinese CPUs and related chips that might include some level of spying or tracking technology.
• He also said that a portion of finance must go toward „supporting adaptation and resilience in vulnerable countries where it’s difficult to attract capital to these two sectors.”
• While neither of these are fully in place in the U.S., the Defense Production Act and Inflation Reduction Act represent opportunities to build them out.

Coinbase said its monthly transacting users fell to 8.5 million in the third quarter, down from 9 million the previous quarter and significantly lower than 11.2 million in the fourth quarter of 2021. The “Street was expecting a train wreck, and it was slightly better than feared,” Wedbush analyst Dan Ives told Protocol. The White House just laid out its climate tech priorities to reach net zero by 2050. Meta seems to have mostly recycled its 2020 playbook, despite reporting that suggested the company’s three platforms were particularly helpful in supercharging the original Big Lie — focused on Biden’s election — in the leadup to Jan. 6. In short, many of the efforts from companies — including Twitter, Meta, and YouTube — to protect 2022’s elections look a lot like the measures the platforms took in 2020. The DOJ said agents recovered other items from Zhong’s home, including $661,900 in cash, 25 Casascius coins, also known as physical bitcoins with roughly 174 bitcoin in value, and four one-ounce silver-colored bars and one gold-colored coin.

The DOJ seized $3.4 billion in bitcoin stolen from the Silk Road

Intel is doubling down on its internal foundries with a $20 billion investment in its domestic plants, and it will continue expanding with the help of government subsidies in the U.S. and Europe. Intel’s mistakes, which caused periodic chip shortages, resulted in massive market share losses to AMD over the past few years. But if Intel gobbles up GlobalFoundries, it could accelerate its development of new chips, while its increased scale could help it avoid future chip shortages.

But last Thursday, the WSJ reported that Intel is in talks to buy GlobalFoundries, an AMD spin-off that develops mid to low-level processors used in thousands of applications that do not need high-end processors. In his March 23rd message, Gelsinger stated that Intel would dedicate $20 billion to two new chip foundries in Arizona, the first components of an independent division called Intel Foundry Services. The IFS foundries can now fabricate chips for any architecture and company, which 10 years ago would not have even been thought about by Intel’s management back then. That seems to mean that they could potentially create CPUs with ARM cores in the future. Interestingly, Intel CEO Pat Gelsinger will provide an update on the company’s process and packaging technology and roadmap on July 26 at 2pm PT, streamed via the Intel Newsroom. If an acquisition of GlobalFoundries is in the cards, we’re sure to learn more at this event.

And while Meta based a portion of the severance on tenure, Salesforce employees who had been at the company for over a decade received the same package as those who had been there for much less time, the sources said. Salesforce’s HR team was scrambling last week to update the company’s policies ahead of Monday’s layoffs, according to sources and internal documents reviewed by Protocol. Now, managers will be able to put employees on performance improvement plans, or PIPs, and ultimately terminate them with little HR oversight, according to sources with knowledge of the deliberations. Managers were recently asked to sign a document indicating that, under this new system, they would treat employees fairly, one source added.

A Salesforce spokesperson and Chief People Officer Brent Hyder did not respond to request for comment. Salesforce recently updated its internal policies to make it easier for managers to terminate employees for performance issues without HR involvement, Protocol has learned, a move that comes as the software giant looks to shed as many as 2,500 jobs. ADPPA includes provisions protecting user geolocation data, including its transfer to third parties.

Previously, Salesforce’s employee relations team was heavily involved behind the scenes in the process of putting employees on performance improvement plans or terminating them for failing to hit certain metrics, including prior to any formal discussions with workers. FTX, Bankman-Fried’s trading firm Alameda Research, and roughly 130 affiliated companies have begun bankruptcy proceedings “to begin an orderly process to review and monetize assets for the benefit of all global stakeholders,” the company announced on Twitter Friday. A confluence of factors has created a particularly difficult time for game developers, and not just mobile ones. For one, consumers are spending less on gaming due to inflation increasing the price of everyday goods. A number of high-profile console and PC games have also suffered from delays this year, setting up a return to growth in 2023.

• Many Chinese semiconductor companies have moved on to more sophisticated chip-making technology, leaving behind thousands of machines that can still crank out low-end CPUs, controllers, and sensors.
• However, according to the WSJ, GlobalFoundries could move ahead with its planned IPO if talks with Intel fall through.
• But most of Intel’s would-be rivals in the foundry industry take a different approach, keeping older technology around to make cheaper chips for customers who do not require the latest technology.
• The new facility will create about 1,000 „high-value” jobs in Singapore, of which 95% will include equipment technicians, process technicians and engineers, the company said.
• Interestingly, Intel CEO Pat Gelsinger will provide an update on the company’s process and packaging technology and roadmap on July 26 at 2pm PT, streamed via the Intel Newsroom.

Block beat earnings expectations, with strong growth largely fueled by its Cash App business. The DOE said Wednesday it is putting together a discussion between “labor, businesses, and other key stakeholders” to determine how best to spend another $260 million, also not part of the $9 billion, on workforce development for energy efficiency. Coinbase has been reining in costs to cope with the economic crisis, including a major round of layoffs. But Coinbase saw “strong growth” in subscription and services revenue, aided in part by rising interest rates. The product will have „competitive interest rates” on 15 digital assets including bitcoin and ether and no minimum investment.

Out of a list of the 10 most commonly held jobs prior to becoming sustainability managers, four (business operation roles, program manager, quality assurance manager, and customer service representative) were unrelated to sustainability. Yet “talented insiders” without formal training are not a sustainable talent pool, the report argues. Affected employees will be given a minimum of 14 weeks’ severance pay, according to the memo, as well as other assistance such as immigration support for workers in the U.S. as visa holders. The company’s revenue and payment volume tripled from the start of the pandemic as the „world rotated overnight towards e-commerce,” the Collison brothers’ memo said.

Way back in March, your friendly Protocol Climate team offered you some tips for writing a climate plan that doesn’t suck. „The beauty of voluntary carbon markets, if it is done right … has the virtue of bringing in money that doesn’t need to be repaid,” Andrew Steer, president and CEO of the Bezos Earth Fund, said at the press conference. The company cited recent reports that FTX allegedly “mishandled customer funds” and that the company is under investigation by U.S. regulators. The counsel also noted that Twitter’s CISO, chief privacy officer, and chief compliance officer also all resigned from the company late Wednesday. Former CISO Lea Kissner confirmed their departure from the company in a Thursday tweet.