Oracle Workforce Cuts and Wendy's Rally

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Both indexes logged five straight days of declines Doubts over whether the AI boom can sustain its red hot momentum weighed on investors. It also undermined the broader market, because a handful of tech giants have buoyed much of this year's gains. Global indexes closely tied to AI also got clobbered this week. Overall, the NSdaQ ended four point six percent lower, its biggest weekly loss in over a year whileile the SMP five hundred lost two percent. The DAO, which is less exposed to tech stocks, eked out a zero point six percent gain to close out the week Elsewhere, oil prices dropped eight point seven percent this week to end under seventy dollars a barrel for the first time since the Iran warar started. That decline helped boost consumers spirits a bit in June. Is prices at the pump moderated Here's a tale of two AI earnings reports. On Tuesday after the market closeed, Cereabras Systems shrunk its quarterly loss and almost doubled revenue in its first earnings release as a public company since raising five point six billion dollars in its May IPO And this is key. The chip company projected narrower profit margins, prompting a scare. It shares fell almost twenty percent on Wednesday That same day after the close, Mmory chip maker Micron reported a more than fourfold increase in its revenue for the latest quarter. and toppp analyst expectations in every metric that investors scrutinize Micron's operating income in the current quarter is now estimated to surpass the highest full year revenue it has ever reported And that's thanks to the ongoing memory shortage, plaguing the AI industry Micron shares jumped nearly sixteen percent on Thursday while other memory makers saw similar gains in their shares By week's end, Micron stock finished a little changed, while CarBr shares closed twenty three percent lower One of the biggest AI losers this week was Oracle. In its latest annual report released this week, the tech firm reported its headcount shrink by twenty one thousand jobs or about thirteen percent from its prior fiscal year The cuts come as it continues to build out its artificial intelligence infrastructure The Wall Street Journal previously reported that the clloud computing and database company began reducing its workforce in March. Oracle also logged one point eight four billion dollars in severance and other costs under a restructuring plan still in process that could mean further workforce cuts down the road In the filing, the tech company also hinted at risks inherent in an AI heavy strategy, including the failure to recoup its investments While last year, Oracle sprung up as an AI darling, following deals worth hundreds of billions of dollars, it isn't immune to the overall jitters that investors are feeling lately about their AI bets This week is exhibit one Oracle ended the week down nineteen percent. making it one of the worst performers in the S and P five hundreds. . Wendy Shares had a wild ride on the Mmestock roller coaster this week. stock jumped on Wednesday after droves of retail traders poured into the struggling fast food chain using the same playbook they used for Gamestop and AMC Wendy's Bulls defended the restaurant operator on Reddit to spur on a rally Our world will not be shaken. Wendy will prosper, one user wrote We need to save Wndy's before it's too late anotherother user posted on Reddit's Wall Street betets forum to other individual investors But on Thursday, the rally sputtered, with the stock falling six point seven percent while more than one hundred million shares changed hands For reference, the stock's daily volume even exceeded that of Micron after its blockbuster earnings By Friday, Wendy Stock was still a winner gaining fifteen percent for the week. And now you know what's newews in Markets this week You can read about more stocks that moved on the week's News and our live markets coverage on wsj. com. Today's show was produced by Anthony Banscy, with supervising producer Janna Harron. I'm Jack Pitcher. Have a great weekend If your organization isn't managing its data with everypure, then it's likely scattered all over the place