Wall Street Breakfast Paramount gains with U.S. workforce cut
Aug 9, 2024
Paramount is making waves with plans to cut 15% of its U.S. workforce to boost profits. Meanwhile, Taiwan Semiconductor is riding high with a nearly 45% sales surge, fueled by skyrocketing AI chip demand. Amazon is shaking up the shopping scene by allowing TikTok users to shop directly in the app, creating a seamless social media experience. Economic indicators are explored alongside some significant stock movements, giving a comprehensive view of the current market landscape.
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Paramount's Major Workforce Cut
- Paramount is cutting 15% of its U.S. workforce to remove redundancies and streamline operations.
- This move is part of $500 million annual cost savings toward a $2 billion efficiency goal related to Skydance Media's purchase progress.
TSMC Sales Surge from AI Demand
- Taiwan Semiconductor's July sales jumped 44.7% due to AI chip demand.
- Its revenue growth underscores the strong market need for AI-related technology production.
Amazon-TikTok Shopping Integration
- Amazon is integrating shopping into TikTok by allowing purchases without leaving the app.
- This enhances user convenience by linking social accounts with Amazon profiles for in-app checkout.