Reddit's stock plunged 29.22% on Friday, reports CNBC, its worst drop since becoming a public company in 2024. Thursday Reddit reported a sales growth that was weaker than previous quarters, and also forecast weak sales for the quarter to come (below analysts expectations): The report comes as the company has seen a shift in its search referral traffic with the rise of Google's AI Overview. In an interview with CNBC, Reddit CEO Steve Huffman said search-referral traffic from Google went "down meaningfully in this quarter" due to AI... Multiple analysts downgraded the stock following Reddit's disappointing results, with Citizens noting that "search changes highlight the problem with selling content to Google" and that as referral problems worsen, uncertainty around user growth amid the login requirement switch "puts more pressure on user monetization." Reddit's CEO also said that forcing users to login will help the company's advertising business. "Reddit is the last platform to provide basically unfettered logged-out access, and that's largely because of me. I've been holding that line." "I think users will probably go through the same understanding that I have, which is that it's a sign of the times. It's an evolution of how these platforms work."

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An anonymous reader quotes a report from Fortune: Gen Z can't catch a break. Entry-level jobs are vanishing; some 40% of bosses say they plan to hire fewer grads because AI can do the job cheaper, and young workers are routinely slammed for showing up late and refusing to put in overtime for free. Cisco's president and chief product officer Jeetu Patel isn't buying it -- he's just handed one of the company's biggest jobs to a 27-year-old he found hidden in the org chart "five levels" below him. "I've given him unlimited tokens because he's going to refactor code," Patel told Fortune at a small roundtable dinner. "So I'm like, you can go, you can go nuts." The "him" is Padmanabhan Krishnamurthy, or "Paddy," as Patel affectionately calls him. He joined Cisco in 2025 after the $429 billion tech giant acquired EzDubs, the real-time translation startup Krishnamurthy cofounded in 2023. And despite coming in as a former founder with CEO experience, he was, in Patel's words, "buried away in the organization doing something unstrategic." That changed when Patel dropped into Cisco's San Francisco office, and the pair got talking. Krishnamurthy reckoned he could rewrite Cisco's legacy code with a two-person team. Patel says even the most AI-forward people on his own team weren't thinking that way. So he has given himself four weeks to prove it, with the final goal of rewriting 98% of Cisco's legacy code within 24 months. Now, he's on the hunt for more Paddys: young hires who will "challenge the system and the status quo," or, as he puts it, be "an energizer bunny that just goes out and kind of revs everyone up." "The only way for us to keep accelerating is to make sure we're surrounded by people with a broad range of experience," said Patel. "Roughly one-third of my team is experienced, scaled operators who understand how the Cisco engine works. The second third are systems thinkers from the market who bring the outside-in perspective. And the final third is made of entrepreneurial founders, CEOs, and engineers who are AI-native who operate in founder mode." "Either of these groups by themselves aren't nearly as potent as when all three work together. It's what creates magic."

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Yesterday, Google reported its Q3 results that showed searches made through its AI Mode generate less revenue than traditional search, even as overall search revenue grew 12% year over year to $63.25 billion. The news sent Alphabet shares plunging, with Bespoke Investment Group reporting that the stock is on track for its steepest post-earnings decline since the company went public in 2004. Yahoo Finance reports: At its low, Alphabet had lost $524 billion in stock market value, the second-biggest one-day loss ever for a US-listed company. Only Nvidia has lost more, about $593 billion on Jan. 27, 2025, the day China's DeepSeek rattled AI investors. Alphabet would need to close at about $274.75, down roughly 15%, to take Nvidia's record, by Yahoo Finance calculations. It has already blown past the $400 billion SpaceX lost on June 22, the previous No. 2. In dollars, it's Alphabet's worst day by far. Its previous worst was about $275 billion on July 23. It's also on track for the stock's steepest drop after an earnings report since the company went public, according to Bespoke Investment Group. The previous low was a slide of nearly 10% in July 2008. [...] US-listed stocks have shed $200 billion or more in a single session 18 times this year through Wednesday. That's up from 13 in all of 2025 and none before 2022, according to Yahoo Finance calculations from Bloomberg data. Alphabet alone has lost about $1.4 trillion since its record in May.

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DoorDash has agreed to acquire Instacart for about $17 billion as it expands beyond restaurant delivery and deeper into the U.S. grocery market. The deal, expected to close in late 2027 or the first half of 2028, could face regulatory scrutiny over further consolidation in the delivery industry. Reuters reports: DoorDash has offered Instacart shareholders $65 per share held, representing a premium of about 26% to the stock's closing price on October 22 before reports of deal talks first emerged. The consideration will be at least 75% cash, with Instacart shareholders able to elect cash, DoorDash stock or a combination of the two, the companies said. [...] The transaction is expected to close at the end of 2027 or the first half of 2028. The deal could face scrutiny over its impact on competition, with New York City's Department of Consumer and Worker Protection (DCWP) saying on Wednesday that a potential merger continued a "troubling trend" of corporate consolidation. DoorDash, however, pledged on Thursday that local grocers could continue to work with any delivery platform they choose.

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The FCC has approved (PDF) Amazon Leo's $11.5 billion acquisition of satellite operator Globalstar, giving the Starlink rival additional infrastructure and spectrum to expand into direct-to-device satellite connectivity. Engadget reports: You may not know Globalstar but have possibly used its services, as the company provides Apple's emergency satellite connectivity for compatible iPhones and Watches. Interestingly, Apple also held a 20 percent stake in Globalstar prior to its takeover. As part of the deal, Leo will power satellite services for supported iPhone and Apple Watch models. Leo, a rival to SpaceX's Starlink, has been active of late. The company recently announced that it has 400 satellites in orbit and revealed last month that it had launched high-quality satellite internet service in Uzbekistan. It's teaming up with Delta to eventually bring satellite internet to flights, as well. Amazon recently added six new Arianespace launches and aims to have more than 3,000 low-earth orbit satellites up in the near future, still well short of SpaceX's 11,000 satellites.

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Skydance, as it begins integrating Paramount and Warner Bros. Discovery, is offering voluntary buyouts to some employees and imposing a five-day-a-week office requirement. Layoffs are also expected as the company targets more than $6 billion in annualized cost savings within three years. Variety reports: The new program was outlined by chairman and CEO David Ellison and co-CEO Ynon Kreiz in a memo to staffers Monday. "As we bring our teams together, we recognize that not everyone will see their future here, and we respect that. To give eligible employees the option to move on in a way that works for them, we are introducing a Voluntary Buyout (VBO) Program," the execs wrote. "Those who qualify will receive an individual communication with their personalized details and terms, and a window to decide whether to accept this one-time offer." They added, "Please know we don't take any of this lightly. We are clear about what we're building: a company that tells the stories people around the world love, embraces new ways to connect with audiences, and leads the next era of media and entertainment. We have the talent, the creative firepower and the ambition to do it, and we will get there together." [...] In the Oct. 26 memo, Ellison and Kreiz also said the new Skydance is moving to a mandatory five-days-per-week in-office policy across the company. "We believe in-person collaboration is vital to our culture and to the success of our business. Especially in a creative company like ours, the best ideas come from people in the same room, sharing perspectives, challenging one another and solving problems," the execs said. "We truly believe this is in the best interest of our company and our people. We've seen the benefits firsthand at Paramount, and we want every part of Skydance to share in them."

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Anthropic has filed to go public on the Nasdaq under the ticker ANT, setting the stage for a potentially record-setting IPO that could value the Claude developer at more than $2 trillion. Alongside the extraordinary cost of its AI expansion, Anthropic warned that it "may not generate sufficient revenue to achieve or sustain profitability in the future." "While we have experienced significant revenue growth in recent periods, our business is highly capital intensive," the company said. "Our revenue growth may not be sustainable, and our rate of growth may decrease." NBC News reports: The filing did not include a potential share price, the number of shares to be offered or a valuation for the whole company, all of which will be determined after Anthropic holds a "road show" with investors, prospective investors and its bankers. [...] The company plans to spend at least $110 billion with Amazon for cloud services through April 2036 and another $120 billion with SpaceX through 2029. Anthropic also said it planned to spend $115 billion with Google and $45 billion with Microsoft, both through 2033, for computing infrastructure. The filing said that the company recorded revenue growth of "1,368% year over year for the three months ended June 30, 2026." The cost of renting servers and chips grew by 300% over the same period. Anthropic's net loss for the first six months of 2026 was $80.7 billion. For the entirety of 2025, the company reported a $42 billion net loss. Anthropic added that it expects its current cash and sales to be sufficient for the next 12 months but warned that future revenue growth depends on a number of important factors, including the cost of infrastructure. As a result, it said, "we may be required to seek additional financing sooner than we currently anticipate." The company said it has raised about $141 billion of capital through the end of June and is sitting on $112.4 billion of cash.

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Reuters reports: Last week, Getty announced plans to file for bankruptcy, marking a major reset after its planned merger with rival Shutterstock collapsed under the weight of heavy debt and growing competition from AI-generated imagery. Getty said the affiliates of the Getty family and Koch Equity Development, which committed to provide up to $533 million in new equity, will own 100% of the company after the restructuring It's hard to compete against things like the DALL-E image generator. Long-time Slashdot reader schwit1 quips that maybe "It's hard to compete against things like the DALL-E image generator..."

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An anonymous reader quotes a report from Ars Technica: Comcast reportedly plans significant job cuts in its cable division as the firm continues to lose residential broadband and TV customers. Comcast lost 144,000 residential broadband customers in Q3 2026, up from a 91,000-customer loss in the same quarter a year ago, the company said in its earnings report today. Comcast historically capitalized on a lack of competition for high-speed wired broadband. But now it faces stronger competition from fixed wireless providers and from fiber providers in parts of its cable territory. "Fixed wireless remains aggressive and continues to take share, while fiber construction remains elevated, with pockets of irrational pricing and promotional activity," Comcast co-CEO Mike Cavanagh said today in an earnings call. Comcast CFO Jason Armstrong said "irrational pricing" from fiber operators includes $30 to $40 monthly broadband offers "in specific markets in the third quarter." He said $30 to $40 pricing is irrational because deploying fiber costs $1,500 or more per home, and is "getting more expensive with construction costs up as you get into more suburban and rural areas." "As we look at the return profile of that, to us, that is irrational competition," Armstrong said. While he didn't name any specific competitors, Verizon has been pitching FiOS fiber plans that start at $30 a month. Comcast's network is a mix of fiber and cable, and it offers fiber-to-the-home in only small portions of its cable territory. Armstrong said more Comcast customers are leaving when they face "pricing transitions," apparently referring to the price hikes customers get when promotional offers expire. "We've been refining our offers and retention strategies to better manage these transitions and strengthen customer retention," he said. Cavanagh said that "satellite is not yet a material factor" in the competition Comcast faces, but that Comcast is focused on "anticipating emerging forms of competition and positioning our business to respond as the market evolves."

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Moderna shares plunged as much as 25% after partial clinical trial data leaked for its personalized cancer vaccine developed with Merck, despite the full results showing promising outcomes for melanoma patients. Analysts attribute the selloff largely to inflated investor expectations rather than disappointing clinical results. CNBC reports: The personalized vaccine, known as intismeran autogene, paired with Merck's immunotherapy Keytruda reduced the risk of recurrence or death in certain melanoma patients by 42% compared with Keytruda alone. The data also showed the shot along with Keytruda reduced the risk of cancer spreading to distant parts of the body or death by 38%, compared with just the immunotherapy. The companies say about 82% of patients who received the personalized cancer vaccine alongside Keytruda were alive without their melanoma returning at two years, compared with 70% of those who received Keytruda alone. [...] Investors see the targeted vaccine as a possible breakthrough treatment, with the potential to be used in other forms of cancer in the future. It could also offer Moderna a critical additional commercial product in its pipeline, following vaccines for Covid-19, the flu and respiratory syncytial virus. "We assert this relative reduction in recurrence/death is clinically meaningful," said BMO Capital Markets analyst Evan Seigerman. "Such a reaction likely reflects inflated expectations into the full data release, rather than a true indictment on the efficacy of the combo therapy." UBS analysts said "this is overall a strong data set" and gives more confidence in upcoming studies of the vaccine in kidney and bladder cancers. They added the stock reaction may be due more to massive expectations than disappointing data.

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An anonymous reader quotes a report from Wired: Longtime audio giant Bose announced on Wednesday that it's acquiring Skullcandy, the lifestyle brand known for its bass-heavy headphones. Skullcandy will remain a separate company within Bose's Premium Consumer Audio business and will still be based in Park City, Utah. The acquisition isn't out of left field. Bose has lent its audio expertise to Skullcandy over the past year under its Sound by Bose licensing program. Skullcandy designs the headphones and then works with Bose on the audio front. The relationship began with the Skullcandy Method 360 ANC earbuds in 2025 and more recently, with the Crusher 1080 ANC headphones in July. [...] This is hardly Bose's first audio acquisition (though it may be the most mainstream). Bose acquired McIntosh Group, owners of luxury audio brands McIntosh Laboratory and Sonus Faber, back in 2024. But Bose seems to be after Skullcandy's connection to its community. "What does the brand stand for? Does it have meaning for consumers? Is it relevant to a group of consumers that, frankly, we otherwise aren't reaching?" Bose CEO Lila Snyder tells WIRED. "If you think about McIntosh, Sonus Faber, and Skullcandy, they all fit into that realm. Skullcandy gives us access to a customer base that we think we're largely missing with the Bose brand." That's why Bose has no plans to relocate Skullcandy from Park City, Utah, which Snyder says is the epicenter of board sports culture. "We want to make sure we're right at the heart of it, as they always have been," she says. Skullcandy products are also affordable, especially compared to other Bose products and Bose-owned brands, which lets Bose compete at both ends of the market.

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Airbnb is banning hosts from requiring guests to perform time-consuming checkout chores, including washing dishes, stripping beds, doing laundry, and taking trash off-site. The updated policy applies to reservations booked on or after November 20. The Verge reports: Airbnb is displaying hosts' requests more prominently now in a new "rules and requests" section on listings. You might see an "includes cleaning requests" warning if a host leaves chore requests in their listing after the new policy goes into effect. Hosts aren't allowed to sneak in extra rules in messages to guests or on signs around their property, either. Some hosts pushed back on the house rules restrictions on Airbnb's forums, saying they pose health risks and arguing that guests can simply choose not to stay at listings with overly-strict rules. Airbnb says there can be exceptions to the limits on checkout chores, like asking guests to "dispose of trash in an animal-proof container in bear country."

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eBay plans to cut about 1,000 jobs, or 9% of its workforce, as CEO Jamie Iannone moves to redirect resources toward the company's fastest-growing businesses. Reuters reports: The company had 12,300 employees at the end of last year. It also let go about 6% of its workforce, or 800 employees, in February as part of efforts to streamline operations. EBay has set itself apart from rivals by pushing into authenticated luxury goods, collectibles and refurbished products, which draw enthusiasts willing to pay more for valuable items. That has helped its shares rise nearly 40% this year, outperforming the benchmark S&P 500's around 12% gain. "Our strategy is working," Iannone said in the memo, adding that "continuing to capture the significant opportunity ahead requires us to make thoughtful choices about where we focus and invest." He said affected staff would be informed in the coming days.

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Elon Musk says a merger between Tesla and SpaceX is under active consideration, with special committees at both companies evaluating a deal that could combine businesses valued at roughly $3.5 trillion. "Do I think it would be a good idea? Yes," Musk said during a call with financial analysts over the quarterly business results of SpaceX on Tuesday. The BBC reports: While Musk noted the certainty of such a merger should not be assumed, and it would need shareholders' support, he said special committees within both companies have been formed to examine the move. "The special committees have not reached agreement on terms of any transaction and there's no guarantee that they will," Musk added. "But I do think there is a lot of merit to merging and a lot to be gained." [...] The company, which builds space rockets and Starlink internet satellites, is now expanding into offering cloud compute capacity for other tech companies, like Anthropic and Google. That line of business has become the most profitable part of SpaceX, bringing in $7.5bn according to the latest quarterly results (PDF). Starlink also tallied revenue of $5.2bn. SpaceX as a whole, however, is not profitable and has lost $1.1bn so far this year. [...] Musk said on Tuesday a full merger between the two companies would make sense for the work each is doing around chips, artificial intelligence, software and more. He described himself as a "conflicted party" as the chief executive of Tesla and of SpaceX. Even commenting on the possibility of a merger between the two companies, Musk compared to "tap dancing through a minefield." He added a merger would ultimately be decided by shareholders. At least 50% of Tesla's shareholders would need to approve the merger, which Musk described as "quite a high hurdle to achieve."

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An anonymous reader quotes a report from Reuters: Nscale is in talks to sell AI computing power to Claude maker Anthropic in a new deal that could be worth about $45 billion, a person familiar with the matter told Reuters on Monday. The data center developer is seeking another major deal with the AI lab for a second facility at its Monarch data center campus in West Virginia, the person said. In August, Anthropic struck a deal to spend $45 billion to rent AI cloud computing power from Nscale's West Virginia data center campus. A second Monarch building would deliver 460 megawatts of computing power using Nvidia's advanced Vera Rubin AI chips, according to the source. [...] According to the Nscale prospectus, Microsoft and Anthropic are expected to be the company's major customers in the future. Further reading: Microsoft Abandons UK AI Supercomputer As Grid Struggles to Keep Up

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joshuark writes: Professor Christopher Marquis makes a provocative argument about business schools: "We need to abolish them." A 20-year business educator at Harvard, Cornell and Cambridge, Marquis argues in The New York Times and on LinkedIn that MBA programs sanctify profit-driven dealmaking at the expense of public life. "That's not the institution failing," he writes. "Sadly, it's the institution working." "Business school doesn't just hand out skills and a network," argues Marquis, "it quietly reshapes how people see the world, rewarding dealmaking, simplification, and optimization for financial metrics, while workers and communities become afterthoughts." Marquis points to research suggesting that business-school-trained CEOs often benefit shareholders at the expense of workers, without delivering measurable improvements in company performance... "[W]hen a business-school-trained CEO takes over a firm, wages fall and labor's share of income drops, with no gain in productivity," writes Marquis. "In both the U.S. and Denmark, what passes for the 'managerial skill' of business-school graduates turns out to be a transfer of wealth away from workers and toward shareholders. Students deserve better than a machine that narrows their sense of what's possible."

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An anonymous reader quotes a report from CNN: Elon Musk has said he will give every child in America a stake in SpaceX, his $2 trillion aerospace and artificial intelligence company, as tech firms face intensifying scrutiny over their impact on society. "Next year, I will give one of my SpaceX shares to every kid in America," he wrote on X on Monday. "This will be the first of many." SpaceX only began trading publicly in June (and after the biggest initial public offering in history). The company's shares were trading for about $146 when the market closed on Friday. Musk's proposal was thin on detail. It is not clear how those shares would be distributed to the tens of millions of American children or whether all of them would even be eligible. According to the United States Census Bureau, there are roughly 73 million people under the age of 18, making Musk's potential giveaway worth about $10.7 billion at SpaceX's current share price. The move came in response to Anthropic's announcement on Sunday that it will commit at least 5% of its shares to a "Public Benefit Fund" that will donate money to social causes. "I recommend giving the shares directly to the public," Musk said in a reply to Anthropic's announcement. "This is what I will be doing."

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Bank of America hired 1,000 outside contractors to help patch software vulnerabilities exposed by advanced AI models, including Anthropic's Mythos. The effort added hundreds of millions of dollars in third-quarter expenses. CNBC reports: In an interview after the bank's third-quarter earnings release, [CEO Brian Moynihan] said that earlier this year the company rushed to bolster a wide spectrum of its internal and vendor code using thousands of employees and outside personnel. "That risk is real risk, and that's why when the frontier-type models came out. ... A lot of us sat down and said, 'How do we figure out how to get through this quickly?'" Moynihan told CNBC's Leslie Picker. "We put on 1,000 contractors to help us do the patching work in the second quarter, and those people remain here today, helping us, on top of the 3,000 people we have in that area," he said. The bank spent a "couple hundred million plus" on the software remediation and regulatory issues related to anti-money laundering compliance in the third quarter, Moynihan told analysts earlier Wednesday.

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Netflix is laying off about 1,000 employees, or 6% of its workforce, in its largest round of cuts since 2022. The company says its business remains strong, but it is facing growing pressure from YouTube, TikTok, and other rivals. Reuters reports: The bulk of the job cuts would be in Netflix's product, tech, legal and human-resources teams, the email Co-CEOs Greg Peters and Ted Sarandos sent to employees on Wednesday showed. "Our mission -- to entertain the world -- is ambitious, and delivering on it requires us to be disciplined about where we prioritize our people âand resources," they said in the memo. "Our business is strong and growing, and we remain on track to deliver our full-year forecast."

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Character.AI has filed for Chapter 11 bankruptcy protection and plans to sell substantially all of its assets, with Disney offering $20 million as a "stalking-horse bidder" for select intellectual property and company claims. However, the company said Disney's bid is subject to "higher or better offers." Deadline reports: The company, which allows users to create and interact with AI-generated avatars, said it made the filing in U.S. Bankruptcy Court for the District of Delaware. It said it hopes the process will allow it to "facilitate a value-maximizing sale of all or substantially all" of its assets. The Character.AI platform will continue to operate during the bankruptcy. The Disney agreement, reached prior to the filing, would give the media giant a non-exclusive perpetual license of select intellectual property and company claims from Character.AI. Disney would pay $20 million and provide resources during a transition period as the company explores a sale. [...] Character.AI said it is aiming to conclude the sale process by late November or early December. Character.AI has faced a series of controversies over the past year or so. Most notably, the company settled multiple lawsuits alleging its chatbots encouraged self-harm and suicide among teenagers, including a high-profile case involving 14-year-old Sewell Setzer III. The company also faces lawsuits from Kentucky, which alleges its chatbots encouraged self-harm, and Pennsylvania, which claims the bots illegally impersonated licensed doctors. The latter allegations follow earlier complaints that Character.AI's therapy chatbots engaged in the unlicensed practice of medicine. In September 2025, Disney accused Character.AI of copyright infringement and using its characters in chatbots that were "sexually exploitive and otherwise harmful and dangerous to children," prompting their removal from the platform. These mounting legal challenges and regulatory scrutiny ultimately contributed to this eventual bankruptcy filing.

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