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Micron's stock is close to a bottom, says Wedbush's Matt Bryson

Semiconductor maker Micron announced Wednesday that it would reduce its headcount by about 10% in 2023, in the latest example of a technology industry slowdown affecting employment.

Shares of Micron fell more than 1% in extended trading.

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Idaho-based Micron has about 48,000 employees, according to a recent SEC filing. The company said it would hit its reduction target through voluntary departures as well as layoffs.

Micron also said it is suspending 2023 bonuses.

“On December 21, 2022, we announced a restructure plan in response to challenging industry conditions,” the company said in an SEC filing. “Under the restructure plan, we expect to reduce our headcount by approximately 10% over calendar year 2023, through a combination of voluntary attrition and personnel reductions.”

Micron said it expected a $30 million charge in the current quarter related to the restructuring, which will also include less investment into manufacturing capacity and cost-cutting programs.

The move comes as Micron reported fiscal first-quarter 2023 results where it missed analyst estimates for earnings and revenue, and forecast a larger loss per share than expected in the current quarter.

Here’s how Micron did versus Refinitiv consensus estimates for the quarter ending in December:

  • Loss per share: $0.04, adjusted, versus $0.01 estimated
  • Revenues: $4.09 billion versus $4.11 billion estimated

Micron said it expected a loss of 62 cents per share on revenue of $3.8 billion in the current quarter. Analysts had expected guidance of a loss of 30 cents per share on $3.75 billion in sales.

Micron is best known for supplying memory to computer makers, but it is facing an environment where PC sales have already started to slow or shrink, while server sales are expected to show little growth in 2023.

Micron CEO Sanjay Mehrotra said in prepared remarks that there is too much memory supply and not enough demand, which has resulted in the company keeping more inventory and losing pricing power.

“In the last several months, we have seen a dramatic drop in demand,” Mehrotra said, according to the prepared remarks.

He said he expects the company’s profitability to “remain challenged” through the end of 2023 but that the firm expects revenue and free cash flow to recover later in 2023. Micron said it has suspended share repurchases.

Micron’s restructuring comes after other semiconductor companies have announced hiring freezes or layoffs. In October, Intel announced that it would lay off workers as part of a plan to cut $10 billion in spending. Nvidia announced a hiring slowdown over the summer, and Qualcomm announced its hiring freeze in November.

But it’s not just semiconductor companies adjusting after two pandemic-fueled years of growth and supply issues. Tech companies including Meta, Twitter, Snap, Stripe and Tesla have also cut staff as companies gird for a potential recession and higher interest rates.

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OpenAI is going big in India — here’s everything the ChatGPT developer is up to

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OpenAI is going big in India — here's everything the ChatGPT developer is up to

Open AI CEO Sam Altman speaks at the annual Snowflake Summit in San Francisco, California on June 02, 2025.

Justin Sullivan | Getty Images News | Getty Images

OpenAI is rapidly expanding its presence in India — one of the key markets for its flagship ChatGPT product.

India is an appealing destination for U.S. tech giants, with companies ranging from Google to Meta betting on its huge — and young — population over recent years.

OpenAI CEO Sam Altman visited the country in February this year and met with the country’s IT Minister Ashwini Vaishnaw to discuss collaboration. During the visit, Altman said India was OpenAI’s second-largest market by number of users.

He has subsequently said that AI adoption in India is “amazing to watch.”

“We love to see the explosion of creativity–india is outpacing the world,” he said on X earlier this year.

India is one of ChatGPT’s fastest-growing markets globally, Nick Patience, practice lead for AI at tech research and analysis firm Futurum Group, told CNBC. “OpenAI’s India focus is a strategic move to gain a competitive edge,” he added.

Here’s a rundown of how OpenAI is expanding in India.

ChatGPT explosion

ChatGPT, OpenAI’s core product, has seen strong growth in India. The app was downloaded 10.2 million times in India in August, a huge jump from the 2.5 million downloads seen during the same month last year, according to analytics firm Appfigures.

Since its launch, ChatGPT has 111 million downloads in India, ahead of its 80 million downloads in the U.S, Appfigures data shows.

Downloads do not necessarily equal daily or monthly users, but the figures emphasise OpenAI’s growth trajectory in the country.

The download numbers are also far ahead of rivals, including Google’s Gemini and Anthropic’s Claude. The closest challenger was Perplexity, Appfigures said, which had 6.4 million downloads in August.

India-specific product

ChatGPT Go launches in India: OpenAI must forge local partnerships to increase adoption

“It’s a classic wedge strategy to capture a price-sensitive market and build a user base that will be difficult for local players to dislodge later,” Futurum Group’s Patience said of the strategy.

Infrastructure and hiring

According to Bloomberg, OpenAI is scouting a location in India for a data center with at least 1-gigawatt capacity. The facility will be part of OpenAI’s Stargate-branded infrastructure push, Bloomberg said this week, although CNBC was unable to verify the report.

The ChatGPT developer said last month that it would open a local office in the market and is currently advertising three sales roles in India.

It also announced last month an education program in India that will include funding for research and provide half a million ChatGPT licenses for educators and students across the country.

India challenges

While India doesn’t have a home-grown artificial intelligence company as big as OpenAI, there are some challengers in the form of domestic startups, including Sarvam AI and Krutrim, and other American tech giants like Google and Meta.

Continued geopolitical tensions between the U.S. and India over trade, however, have the potential to cause complications if there’s any backlash from New Delhi against American tech firms.

OpenAI is also locked in a legal battle with Asian News International in India, which has accused the ChatGPT developer of using copyrighted material illegally. It’s a closely-watched case in the country for how copyright laws apply in the AI era.

“OpenAI’s success in India is not guaranteed and depends heavily on its ability to navigate these legal and political hurdles,” Futurum Group’s Patience said.

“While the Indian market is vast, its diversity in languages and user needs presents challenges. OpenAI’s ability to deliver a truly localized product and its long-term impact on India’s AI talent remain uncertain.”

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Waymo to begin testing at San Jose airport this fall

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Waymo to begin testing at San Jose airport this fall

Waymo partners with Uber to bring robotaxi service to Atlanta and Austin.

Uber Technologies Inc.

Alphabet’s Waymo unit will begin test-driving robotaxis at its first California-based airport, the company said Thursday.

The autonomous car unit has been cleared to begin testing driverless rides at the San José Mineta International Airport in San Jose, California, this fall. Waymo said it plans to offer paid rides at the airport later this year.

“With San José at the epicenter of the biggest sporting events of 2026, Waymo is an ideal mode of transportation that will help visitors move around the area smoothly and safely,” San José Mayor Matt Mahan said in a release.

The vehicles will pick up passengers at the Ground Transportation Centers in Terminal A or B and roll out to locations in Waymo’s San Francisco Bay Area service area, according to the release.

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Once fully operational, it will be the second international airport where the company has service.

In 2023, Waymo launched at Phoenix Sky Harbor International Airport, which has become the most popular Waymo destination in its Phoenix metropolitan service area, a Waymo spokesperson said Thursday.

Waymo has continued to expand its driverless, ride-hailing service across the U.S. after already launching commercial operations in Austin, Texas, as well as Atlanta, San Francisco, Phoenix and Los Angeles.

In March, Waymo expanded its service to include an additional 27 square miles of coverage around the San Francisco Bay Area, including Mountain View, Palo Alto and San Jose.

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Ex-Salesforce co-CEO Bret Taylor’s Sierra is the latest $10 billion AI startup

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Ex-Salesforce co-CEO Bret Taylor's Sierra is the latest  billion AI startup

Bret Taylor, chairman of the board of directors of OpenAI, attends the annual Allen and Co. Sun Valley Media and Technology Conference at the Sun Valley Resort in Sun Valley, Idaho, on July 8, 2025.

David A. Grogan | CNBC

Bret Taylor’s artificial intelligence startup Sierra has just joined an exclusive club: The company sports a new $10 billion valuation after raising $350 million in fresh capital.

Sierra is one of just a handful of AI startups, including OpenAI, Anthropic, xAI, Safe Superintelligence and Thinking Machines that are valued at or above $10 billion.

Investors are pouring money into this competitive group of companies in the hopes that they’ll eventually hit the public markets.

Taylor is the chairman of OpenAI’s board, and previously served as co-CEO of Salesforce alongside Marc Benioff. Taylor co-founded Sierra in 2023. The company builds and implements AI agents for customer service. AI agents can carry out tasks autonomously on behalf of their users.

Shares of Salesforce fell 5% Thursday after the company reported weak guidance and concerns lingered about how AI is affecting software companies.

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Sierra said its agents are already being used by “hundreds of millions of people” to help with tasks like refinancing homes, ordering lunch, delivering furniture, understanding insurance deductibles and fixing technology, among other things.

Greenoaks led Sierra’s latest funding round, the company said. Its valuation more than doubled from its most recent raise in October.

“We’re in this for the long term,” Sierra said in a blog post on Thursday.

The company said it will use its fresh funding to invest in its platform and focus on domestic and international expansion.

Sierra’s funding follows a flurry of other major AI raises in Silicon Valley. Earlier this week, Anthropic announced it had closed a $13 billion funding round at a $183 billion post-money valuation.

WATCH: Sierra co-founder Bret Taylor on AI agents’ role in an evolving global landscape

Sierra co-founder Bret Taylor on AI agents' role in an evolving global landscape

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