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Time of India
an hour ago
- Time of India
Cisco does not aim to use AI to cut jobs, says Chuck Robbins: Report
NEW DELHI: Contrary to Big Tech majors, such as Microsoft and Meta Platforms, American telecom gear maker Cisco is approaching artificial intelligence (AI)-linked layoffs differently. Cisco's chief executive, Chuck Robbins , in a recent interview, told CNBC that the company is not planning to use AI adoption as a reason to shrink its workforce. 'I don't want to get rid of a bunch of people right now,' Robbins said, when asked about the cost savings potential of agentic AI . He added that Cisco has adopted a balanced approach, utilising human expertise and agentic AI wherever applicable. The technology is capable of handling and executing complex tasks precisely with minimal-to-no human intervention, a trend that has sparked fears of mass layoffs in the telecoms and technology sectors. Robbins said engineers remain particularly crucial to Cisco's competitive positioning in the market. 'I just want our engineers that we have today to innovate faster and be more productive. That gives us a competitive advantage,' he said. Robbins, however, said that his position may evolve as AI adoption deepens. 'Most of my peers would suggest that they do expect to be hiring fewer people if we get this right,' he said, while noting that 'it's early.' Cisco, in turn, has been benefitting from a boom in AI spending, particularly by cloud and webscale customers, such as Microsoft, Amazon and Alphabet. The chief executive at the recent post-earnings conference call said that Cisco's AI infrastructure orders exceeded $800 million in the fourth quarter, bringing the total for fiscal year 2025 to over $2 billion, more than double its original target. "We expect the sovereign AI opportunity to build momentum in the second half of fiscal 2026. Cisco will be a core system provider for these significant AI training and inference cluster build-outs and integral to their development and eventual hyperscaling," Robbins told analysts. The company has lately extended its portfolio to include artificial intelligence (AI) infrastructure-as-a-service (AI-IaaS), and is eying to capitalise on massive AI-centric data centre build-outs by hyperscalers, neocloud providers and enterprises. "We want to play an incredibly important role in helping them make that shift and helping them manage their business-as-usual workloads as well as their AI workloads," Cisco President & Chief Product Officer Jeetu Patel told ETTelecom earlier .
Mint
2 hours ago
- Mint
Elon Musk's stern warning to short sellers after Tesla Senior VP dumps 82% of shares: Here's what he said
Tesla's Senior Vice President, Xiaotong Zhu (also known as Tom Zhu), has sold more than 82% of his Tesla holdings. The stock sales occurred between 2023 and 2024 at prices ranging from $174 to $323 per share, according to securities filings. This major sale by a top executive has raised questions about insider confidence in the company. Amidst the news of the stock sale, Tesla CEO Elon Musk has issued a strong warning to short sellers. In a post on X (formerly twitter), he stated that short sellers would be 'obliterated' if they do not exit their short positions before Tesla reaches 'autonomy at scale.' Musk's comment was a direct response to a list of current net short sellers of the Electric Vehicle (EV) manufacturer. Short selling isa trading strategy where an investor profits from a decline in a stock's price. The process involves: Borrowing: An investor borrows shares of a company from a broker Selling: The borrowed shares immediately sold at the current market price. Buying back: Later, if the stock price drops, the investor buys back the same number of shares at a lower price. Profit: The shares are then returned to the broker and the difference between selling price and buy-back price is the investor's profit. Short selling is considered a high-risk strategy because potential losses are unlimited if the stock price rises instead of falls, as the investor must still buy back the shares at a higher price to return them to the broker. Elon Musk has a history of clashing with short sellers, including Microsoft co-founder Bill Gates. Their feud stems from Gates' reported short positions against Tesla stock. According to Walter Isaacson's 2023 biography of Musk, this short position has allegedly resulted in a $1.5 billion loss for Bill Gates. In an earlier post on X, Musk had warned that 'If Tesla does become the world's most valuable company by far, that short position will bankrupt even Bill Gates.'
Indian Express
3 hours ago
- Indian Express
OpenAI staff looking to sell $6 billion in stock to SoftBank, others
Current and former employees of OpenAI are looking to sell nearly $6 billion worth of the ChatGPT maker's shares to investors including SoftBank Group and Thrive Capital, a source familiar with the matter told Reuters on Friday. The potential deal would value the company at $500 billion, up from $300 billion currently, underscoring both OpenAI's rapid gains in users and revenue, as well as the intense competition among artificial intelligence firms for talent. SoftBank, Thrive and Dragoneer Investment Group did not immediately respond to requests for comment. All three investment firms are existing OpenAI investors. Bloomberg News, which had earlier reported the development, said discussions are in early stages and the size of the sale could change. The secondary share sale investment adds to SoftBank's role in leading OpenAI's $40 billion primary funding round. Bolstered by its flagship product ChatGPT, OpenAI doubled its revenue in the first seven months of the year, reaching an annualized run rate of $12 billion, and is on track to reach $20 billion by the end of the year, Reuters reported earlier in August. Microsoft-backed OpenAI has about 700 million weekly active users for its ChatGPT products, a surge from about 400 million in February.
