Money

By Peter Valdes-Dapena, CNN (CNN) — Rivian announced Wednesday that it will lay off 10% of its salaried workers beginning Thursday morning, amid a quarterly loss and an increasingly competitive EV market. “Our business is facing a challenging macroeconomic environment — including historically high interest rates and geopolitical uncertainty — and we need to make

By Clare Duffy, CNN New York (CNN) — Last year was a breakout year for artificial intelligence, and no company benefited from the trend quite like chipmaker Nvidia. Earnings released on Wednesday show Nvidia’s profits grew to nearly $12.3 billion in the three months ended January 28 — up from $1.4 billion in the year-ago quarter,

By Oliver Darcy, CNN New York (CNN) — BuzzFeed on Wednesday sold Complex to NTWRK, an e-commerce company specializing in collectible items rooted in street culture, in a deal that further shrinks the struggling Jonah Peretti-led digital media empire that was once synonymous with virality and the social media age. The $108.6 million sale of much of

By Bryan Mena, CNN Washington, DC (CNN) — Federal Reserve officials continued to worry that inflation could stay stubbornly high during their policy meeting last month, minutes released Wednesday showed. That could keep interest rates at 23-year high for longer than previously expected, affecting Americans’ borrowing costs on everything from car loans to mortgages. The

By Chris Isidore and Pete Muntean, CNN New York (CNN) — Boeing removed executive Ed Clark, the head of its 737 Max passenger jet program, after a dramatic – and terrifying – midair blowout in January underscored ongoing problems with the jet. The 737 Max is Boeing’s best selling plane, but has been a source

By Chris Isidore, CNN New York (CNN) — The number of major strikes jumped 43% to 33 in 2023, according to the official Labor Department count released Wednesday, the biggest number of large work stoppages in America in more than 20 years. There were 462,000 workers who were on strike at some point in 2023,

By Nathaniel Meyersohn, CNN New York (CNN) — Major League Baseball players will be wearing new jerseys this season. Some fans and players already hate them. Fans are complaining that the jerseys, which were designed by Nike and manufactured by Fanatics, look cheap. The fabric is flimsy, they say. The MLB logo is lower down

By Oliver Darcy, CNN New York (CNN) — Jimmy Kimmel on Tuesday night responded to a lawsuit filed by former Rep. George Santos, mocking the disgraced politician’s legal action as “preposterous.” “Did anyone else get sued by George Santos this weekend? I am currently embroiled in what may be the most preposterous lawsuit of all

By Jordan Valinsky, CNN New York (CNN) — Caitlin Clark, the University of Iowa athlete who last week became the all-time leading scorer in NCAA women’s basketball, is breaking more records. Clark’s jerseys and shirts bearing her name are flying off the (virtual) shelves at Fanatics, with the guard becoming the online retailer’s top-selling college

By Jordan Valinsky, CNN New York (CNN) — Dunkin’ is adding an energy drink to its menu to capture some of the buzz generated by heavily caffeinated beverages, which are surging in popularity. But the menu addition comes with a risk: Panera Bread is facing multiple lawsuits over its its own energy drink. Beginning Wednesday,

By Chris Isidore, CNN New York (CNN) — Harvard University and its interim president have condemned an image circulated on social media by pro-Palestinian campus groups, prompting the groups to remove and apologize for the posting. The cartoon, shared on Instagram accounts belonging to the Harvard Faculty & Staff for Justice in Palestine group, the

By Oliver Darcy, CNN (CNN) — Apple is taking an even bigger swing at sports. The company on Wednesday launched Apple Sports, a free app for the iPhone that delivers real-time scores, key statistics, and live betting odds. At launch, users will have access to live data from the NBA, NHL, and MLS, among other

By John Towfighi, CNN (CNN) — Red Lobster is in trouble. Its solution: all-you-can-eat lobster, just months after an endless shrimp promotion led to deep losses that the company is still trying to dig out of. In celebration of its annual Lobsterfest, Red Lobster is giving 150 winners an “Endless Lobster Experience,” a two-hour complimentary

By Juliana Liu, CNN Hong Kong (CNN) — HSBC posted a big drop in quarterly profit Wednesday after taking a $3 billion hit on its stake in China’s Bank of Communications (BoCom) and another charge related to exposure to the country’s troubled real estate industry. The Asia-focused lender reported an 80% drop in pretax profit

By Catherine Thorbecke, CNN (CNN) — Uber Eats customers in Japan can soon have an autonomous robot deliver their food on the streets of Tokyo. Uber announced a partnership Tuesday between robotics firm Cartken and Japanese industrial titan Mitsubishi Electric to launch autonomous sidewalk robots that will start delivering Eats orders in parts of Tokyo

By Samantha Delouya, CNN New York (CNN) — Amazon on Monday was officially added to Wall Street’s most venerable stock index, the Dow Jones Industrial Average. S&P Dow Jones Indices, which manages the index, said last week that Walgreens Boots Alliance would be getting the boot from the 30-stock index. The change is intended to

By Elisabeth Buchwald, CNN New York (CNN) — What’s in your wallet? Capital One is making a $35 billion bet that the answer will soon be: more of its credit cards. The bank announced Monday evening it is acquiring Discover Financial Services (DFS) in a $35.3 billion all-stock deal. If approved by regulators and shareholders,

By Nathaniel Meyersohn, CNN New York (CNN) — Macy’s rejected an unsolicited $6 billion bid from an activist investor to take the famed department store private last month. Now, the activist group is taking another shot at Macy’s, launching a proxy fight to take control of the board. Arkhouse Management Co., a real estate investment

By Chris Isidore, CNN New York (CNN) — More than 400 Teamsters are on strike at the Molson Coors brewery in Fort Worth, Texas, impacting production for North America’s second largest brewer. The work stoppage, which began Saturday, comes ahead of a March 1 strike deadline that the Teamsters have set for 5,000 members at

By Clare Duffy, CNN New York (CNN) — Elon Musk says Neuralink’s first human trial participant can control a computer mouse with their brain, nearly one month after having the company’s chip implanted. But details remain sparse, and other companies working on brain-computer interfaces appear to have so far cleared more technological hurdles than Neuralink.