Rolling coverage of the latest economic and financial news
Online grocery firm Ocado is planning to cut around 1,000 jobs as it cuts costs and uses artificial intelligence systems to become more efficient.
Ocado has announced that it expects to slash £150m of its technology spend and support costs, partly through “AI efficiencies, and associated reductions and cost discipline in Support functions”.
These changes will also reflect the lower structural cost base that we have signalled over recent years. Regrettably, this means a significant number of roles will no longer be required. We are grateful to colleagues who are affected by these changes, and whose talent and hard work have made a lasting contribution to Ocado. We will support those impacted through this process.
“Nvidia’s stock has derated materially over the past six months, with the share price stagnating despite 50% positive earnings revisions.
As a result, the debate has shifted away from near-term results and toward the sustainability of AI capex spending, amid concerns around its quantum, monetisation and potential cashflow degradation. The muted reaction to Nvidia’s blowout guidance mirrored last quarter and reflects this ongoing debate.
Continue reading…Rolling coverage of the latest economic and financial newsOnline grocery firm Ocado is planning to cut around 1,000 jobs as it cuts costs and uses artificial intelligence systems to become more efficient.Ocado has announced that it expects to slash £150m of its technology spend and support costs, partly through “AI efficiencies, and associated reductions and cost discipline in Support functions”.These changes will also reflect the lower structural cost base that we have signalled over recent years. Regrettably, this means a significant number of roles will no longer be required. We are grateful to colleagues who are affected by these changes, and whose talent and hard work have made a lasting contribution to Ocado. We will support those impacted through this process.“Nvidia’s stock has derated materially over the past six months, with the share price stagnating despite 50% positive earnings revisions.As a result, the debate has shifted away from near-term results and toward the sustainability of AI capex spending, amid concerns around its quantum, monetisation and potential cashflow degradation. The muted reaction to Nvidia’s blowout guidance mirrored last quarter and reflects this ongoing debate. Continue reading…
