Amazon expects to reduce corporate jobs due to AI
In Brief
Amazon CEO Andy Jassy is betting that generative AI will change how the company thinks about its workforce in the future.
Jassy said that as the company continues to roll out more AI agents, and thus change how the company's work is done, he expects Amazon will reduce the number of corporate jobs needed in the future, according to a memo that was first covered by CNBC.
'We will need fewer people doing some of the jobs that are being done today, and more people doing other types of jobs,' Jassy wrote in the memo.
He added that the size of this future reduction of workforce is hard to estimate.
A recent survey from the World Economic Forum found that potential reductions in workforce due to AI may already be happening. The survey found that 40% of employers plan to cut staff that are doing roles that can be automated by AI.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
CBS News
7 minutes ago
- CBS News
Sacramento's Cosumnes River Preserve could be impacted by U.S. sale of federal land for housing
U.S. considers selling more than 16 million acres of federal land in California for housing U.S. considers selling more than 16 million acres of federal land in California for housing U.S. considers selling more than 16 million acres of federal land in California for housing SACRAMENTO — The U.S. Senate is considering selling over 16 million acres of federal land in California to turn into housing, including in Sacramento. The plan is part of President Trump's "Big Beautiful Bill," or budget reconciliation bill, which proposed putting over 250 million acres of public land in western states for sale, including land governed by the Bureau of Land Management U.S. Forest Service. The spot in Sacramento that could be impacted is the Consumnes River Preserve. "We were out there for about three hours this morning and it's a prize. It's really something worth saving," said Josh Schermerhorn, who was enjoying the Consumnes River Preserve with his wife Kathy on Tuesday. Senators who support this bill said selling federal land will generate upward of $10 billion for the government. "The thought of the sale of public lands is pretty un-American," said Katie Hawkins, California program director of the Outdoor Alliance. Hawkins said they are suspicious of the proposal because there are no safeguards in the plan that would prevent pretty much anyone from buying it. "Whether it's extraction, timber sales or if it's development for wealthy developers or even foreign interest," said Hawkins. Her other concern is whether the land is really meant to be built on. Historically, the area has seen flooding with waters spreading across nearby wetlands and rice fields. "I think flooding is natural," said kayaker Kather Schermerhorn. "This is an area that's not hurting anybody and to let it be natural." Mike Lee, a Republican Senator from Utah, has been pushing for the federal land to be sold, but not everyone in his party is on board. "It is so important that the acquisition or disposition of any of these lands be made only after significant and meaningful local input," said Republican California Rep. Kevin Kiley. Kiley openly opposed the idea on the House floor several weeks ago. The House voted against it, but the proposal is still alive on the Senate side. "We have other places where housing could be built and it doesn't have to be on a pristine, precious preserve," said Kathy. A staff member from one of the 10 organizations within the Consumnes River Preserve Partnership told CBS13 that the land is not meant to be built on and thinks solving the housing crisis should not cost Americans losing natural gems. Other California land that could be impacted includes parts of Lake Tahoe, Yosemite and Joshua Tree. Democratic U.S. Senator Alex Padilla sent CBS13 this statement about the proposal: "Make no mistake, this latest Republican proposal is riddled with anti-environment provisions meant to create the largest public land sell off in recent memory to subsidize their tax cuts for billionaires. If Republicans have their way, we will never get our public lands back once they are privatized. Our public lands and natural spaces are some of our nation's greatest gifts and I will do everything I can do to protect them." The Senate has until July 4 to decide on this bill.
Yahoo
11 minutes ago
- Yahoo
Should You Buy Nvidia While It's Below $150?
Nvidia, after falling below $100 earlier this year, now is a few dollars away from $150. The top AI company has benefited from surging AI demand, and this momentum could continue. 10 stocks we like better than Nvidia › The earlier part of the year wasn't easy for market superstar Nvidia (NASDAQ: NVDA). The stock slumped for a few reasons -- from worries about U.S. export controls on artificial intelligence (AI) chips for the Chinese market and a U.S. plan to set tariffs on imports, to concerns about technology spending. Each of these areas represents a risk for the leading AI chip designer, and that kept the stock trading well below $150. In fact, at its lowest, Nvidia slipped to less than $100 earlier in the year. But, in recent weeks, the stock has rebounded, erasing losses for the year and showing signs of renewed momentum -- and it's now just a few dollars away from $150. Though the export control issue remains, the other headwinds have eased. Technology companies in recent earnings reports say they continue to pour investment into AI, a good sign for Nvidia. As for the tariffs, President Donald Trump has signed initial agreements with the U.K. and China that offer investors optimism the duties may not dramatically impact corporate earnings. Considering all of this, should you get in on Nvidia while it's below $150? Nvidia soared into the spotlight in recent years thanks to one wise move: the decision to focus on the AI market before everyone was talking about AI. Nvidia's graphics processing units (GPUs) originally served the gaming market, but more than a decade ago, the company saw the potential of AI and shifted focus. From that point on, "every chip that we made was focused on artificial intelligence," CEO Jensen Huang told CNBC in a 2023 interview. This has been a winning bet for Nvidia because in recent years, data center revenue -- which encompasses AI products and services -- has skyrocketed. In the latest fiscal year, revenue surged in the triple digits to a record $130 billion. But Nvidia isn't only growing revenue. The company also has significantly increased net income thanks to its high profitability on sales -- gross margin has surpassed 70% in recent quarters, and Nvidia aims for that to continue. (In the most recent quarter, Nvidia booked a charge for lost sales in China linked to export restrictions, pushing gross margin to about 60% -- but excluding this, the margin figure once again surpassed 70%.) Speaking of China, this is one area that investors have worried about, since the region did account for 13% of sales as recently as last year. But it's important to keep in mind that Nvidia generates the lion's share of its revenue from U.S. customers, so even though the China situation may weigh on growth, it's unlikely to considerably slow down this AI giant. Last year, Nvidia brought in more than $61 billion in revenue from the U.S., and demand continues to grow as more and more customers seek computing power for AI inference -- an area of expertise for Nvidia's new Blackwell architecture and chip. Rivals, of course, also represent a headwind. For example, Advanced Micro Devices recently launched MI350, a family of chips that aims to challenge Nvidia's Blackwell. But even with a high-performing GPU, it will be difficult to unseat Nvidia, especially since this market leader innovates on an annual basis -- this makes it particularly tough for a competitor to make a significant mark on Nvidia's market share. And, considering demand ahead, there's likely plenty of room for Nvidia and a competitor like AMD to each generate major growth in this market. Today, the AI infrastructure buildout continues in a big way, and at the same time, new phases of AI growth -- such as the use of AI agents to apply AI to real-world problems -- are just beginning. Nvidia has wisely built an entire portfolio of AI products and services so that it can benefit from every stage of AI development and use. All of this means that, even though Nvidia has delivered double-digit growth in recent times, this growth story is likely to continue well into the future. Should you buy Nvidia while it's below $150? Even if you buy Nvidia once it passes that level, if you hold on for the long term, you could be setting yourself up for significant gains. So, you don't have to rush to get in on the stock right this second. But Nvidia makes a compelling buy now considering its current valuation -- trading at 33 times forward earnings estimates, down from more than 50 earlier in the year. While Nvidia is trading around these levels -- and under $150 -- it makes an excellent addition to your AI portfolio. Before you buy stock in Nvidia, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the for investors to buy now… and Nvidia wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $660,821!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $886,880!* Now, it's worth noting Stock Advisor's total average return is 791% — a market-crushing outperformance compared to 174% for the S&P 500. Don't miss out on the latest top 10 list, available when you join . See the 10 stocks » *Stock Advisor returns as of June 9, 2025 Adria Cimino has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Advanced Micro Devices and Nvidia. The Motley Fool has a disclosure policy. Should You Buy Nvidia While It's Below $150? was originally published by The Motley Fool
Washington Post
21 minutes ago
- Washington Post
Texas stops providing new funding for border wall construction
AUSTIN, Texas — Texas has stopped putting new money toward building a U.S.-Mexico border wall, shifting course after installing only a fraction of the hundreds of miles of potential barrier that Republican Gov. Greg Abbott set out to construct four years ago . State lawmakers this month approved a new Texas budget that does not include continued funding for the wall, which had been a multibillion-dollar priority for Abbott as part of a sprawling immigration crackdown. He even took the unusual step of soliciting private donations for construction, saying in 2021 that many Americans wanted to help.
