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Meta freezes AI hiring after blockbuster spending spree
Livemint
·
2d ago
Medial
Meta Platforms has implemented a hiring freeze in its artificial intelligence division after a significant recruitment drive, affecting over 50 AI researchers and engineers. The move comes amid investor concerns over high stock-based compensation costs. The freeze, which started last week, is part of a broader restructuring within the group. Current employees are also prohibited from moving across teams within the division. The timeline for the freeze's duration remains undisclosed.
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Meta's profit rises 35%, even as spending spree continues
Economic Times
·
9m ago
Medial
Meta, formerly known as Facebook, has reported double-digit revenue and profit growth in the third quarter, driven by advancements in its advertising and AI systems. The company's revenue increased by 19% to $40.6 billion, while profit rose by 35% to $15.7 billion. However, Meta also announced that it would continue its significant spending spree, with expenses amounting to $23.2 billion and capital expenditures of $9.2 billion in Q3. The company plans to increase its annual spending forecast to $38 billion to $40 billion. Despite the positive results, Meta's shares fell in after-hours trading.
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Inside Mark Zuckerberg’s AI hiring spree
The Verge
·
2m ago
Medial
Meta CEO Mark Zuckerberg is aggressively hiring top AI talent to form a new "superintelligence" AI lab aimed at revitalizing Llama, Meta's AI initiative. Zuckerberg personally contacts potential recruits, emphasizing the opportunity to make significant impacts with substantial backing from Meta's resources. The initiative involves offering lucrative compensation packages, sometimes reaching eight figures, and involves high-profile hires like Scale AI CEO Alexandr Wang, illustrating the competitive nature of acquiring elite AI researchers.
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Mark Zuckerberg is spending megabucks on an AI hiring spree
Livemint
·
2m ago
Medial
Mark Zuckerberg is heavily investing in generative AI, replicating his earlier approach with the metaverse. Meta acquired 49% of Scale AI for $14.3 billion to bring in its founder, Alexandr Wang. Additionally, Zuckerberg plans to offer over $1 billion to hire top AI talents. Despite no official comment from Meta, it's expected that Nat Friedman and Daniel Gross may join to prioritize developing new AI products within Meta's "superintelligence" unit, following mixed results from previous projects.
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Zoho freezes hiring in engineering roles
Inshorts
·
2y ago
Medial
Zoho has paused hiring for engineering positions due to prevailing global challenges. However, the company is committed to avoiding layoffs during this period. Praval Singh, Zoho's VP of Marketing & Customer Experience, explained that selective job openings will still be available in customer-facing roles such as sales, marketing, and customer support to ensure effective customer service.
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Amazon freezes retail hiring budget for 2025 amid job cuts
Economic Times
·
2m ago
Medial
Amazon is freezing its hiring budget for its retail division in 2025, focusing on fixed operating expenses instead of headcount targets. This change only affects corporate staff within the retail sector, not warehouse workers or Amazon Web Services employees. Despite the hiring budget freeze, Amazon will continue recruiting where necessary. The decision follows recent job cuts intended to enhance efficiency, aligning with CEO Andy Jassy's efforts to boost profitability and reduce bureaucracy.
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What Accenture’s hiring spree means for Indian IT industry
Livemint
·
8m ago
Medial
Accenture has added 49,000 employees globally in the past six months, signaling an optimistic outlook for the technology services industry. This hiring spree suggests that homegrown IT services companies, such as Tata Consultancy Services, Infosys, and Wipro, could also experience better growth in the coming months. As the IT industry rebounds, increasing headcount will be necessary to meet the growing demand for tech services. Accenture's hiring focus has been primarily in India, where a skilled talent pool is available. The demand for skilled graduates in fields like AI and data analytics has risen, reflecting the preference of companies for specific expertise in new technologies.
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AI companies should be wary of Gulf spending spree
Livemint
·
2m ago
Medial
Gulf countries, including Saudi Arabia, the UAE, and Qatar, are heavily investing in AI, collaborating with companies like Microsoft, OpenAI, and Nvidia. While this spending spree benefits tech companies financially, potential business and geopolitical risks remain. These Middle Eastern nations are focusing on data center projects and purchasing advanced chips to boost their AI capabilities. Despite the influx of funds, companies and investors need to proceed cautiously in this rapidly evolving landscape.
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IT sector's rising contractual hiring shows demand uptick
Economic Times
·
1y ago
Medial
India's IT companies are seeing a revival in contractual hiring after a year of subdued demand. This indicates an improvement in the IT services sector, often followed by permanent hiring. The slowdown in tech spending in the US and Europe had previously led to reduced hiring and layoffs in Indian IT companies. However, with new projects coming in, companies are now hiring temporary employees to meet client requirements. Staffing firms including TeamLease Digital, Quess, Adecco, CIEL HR, and Xpheno have all reported a surge in contract hiring, signaling the need to expand the workforce.
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Mark Zuckerberg kicks off Meta event on future of AR/VR investments
Economic Times
·
1y ago
Medial
Meta Platforms CEO Mark Zuckerberg opened the Meta Connect conference, where he is expected to provide updates on the company's plans for the metaverse. This in-person event is Meta's biggest of the year and comes after criticism from investors for extensive spending on the metaverse, leading to layoffs. The conference will focus on AI-powered virtual assistants and Meta's hardware devices. It is seen as a pivotal moment for Meta as it navigates the shift in investor interest from augmented and virtual reality to artificial intelligence.
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Intuit’s AI gamble: Mass layoff of 1,800 paired with hiring spree
Arstechnica
·
1y ago
Medial
Intuit, the tech company behind software like TurboTax and QuickBooks, announced plans to lay off 1,800 employees, or about 10% of its workforce, while simultaneously hiring an equal number of new employees in a major restructuring effort focused on artificial intelligence (AI). The layoffs are not driven by cost-cutting measures but rather by a desire to allocate additional investments towards critical areas and drive growth. The company also intends to accelerate investments in its AI-powered financial assistant, Intuit Assist, and hire new talent with expertise in AI. The restructuring includes performance-based departures and a reduction in executive positions.
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