Israeli soldiers on a tank are seen near the Israel-Gaza border.
Ilia Yefimovich | Picture Alliance | Getty Images
On Saturday, Dvir Ben-Aroya woke up expecting to go on his regular morning run. Instead, he was met with blaring alarms and missiles flying over Tel Aviv.
Ben-Aroya, co-founder of Spike, a workplace collaboration platform with clients including Fiverr, Snowflake, Spotify and Wix, was confused for over an hour — “No one really knew what was going on,” he recalled — but as time passed, social media and texts from friends began to fill him in.
That morning, Hamas, the Palestinian militant organization, had carried out terrorist attacks near the Israel-Gaza border, killing civilians and taking hostages. On Sunday, Israel declared war and began implementing a siege of Gaza, cutting off access to power, food, water and fuel. So far, more than 1,000 Israelis have been killed, according to the Israeli Embassy in Washington; in Gaza and the West Bank the death toll is nearing 850, according to two health ministries in the region.
At 3 p.m. local time Saturday, Ben-Aroya held an all-hands meeting, and he says every one of his 35 full-time, Israel-based employees joined the call. People shared their experiences, and Ben-Aroya decided everyone should work from home for the foreseeable future, adding that if anyone wanted to move away from Israel with their family, the company would support them. At least 10% decided to take him up on that offer, he told CNBC, and he believes more will do so in the coming weeks.
Israel’s tech community accounts for nearly one-fifth of the country’s annual gross domestic product, making it the sector with the largest economic output in the country, according to the Israel Innovation Authority. The tech sector also makes up about 10% of the total labor force. Even during war, much of Israel’s tech community is still finding a way to push forward, according to Ben-Aroya and a handful of other members of the tech community CNBC spoke with.
Israeli soldiers stand guard at the site of the Supernova desert music Festival, after Israeli forces managed to secure areas around Re’im.
Ilia Yefimovich | Picture Alliance | Getty Images
Ben-Aroya had been planning to launch Spike’s integrated artificial intelligence tool this past Monday, and he almost immediately decided to put the project on hold — but only for a week’s time.
For Amitai Ratzon, CEO of cybersecurity firm Pentera, Saturday began with “uncertainty and lots of confusion,” but when his company had its all-hands meeting on Monday, with 350 attendees, he recalled some Israel-based workers viewing work as a good distraction. For those who feel the opposite, the company is allowing them to take the time off they need.
Pentera operates from 20 countries, with Israel having the largest employee base, and it specializes in mimicking cyberattacks for clients such as BNP Paribas, Chanel and Sephora to identify system weaknesses. Ratzon said he has had to restructure some international commitments amid the conflict — canceling the training session some employees were flying into Israel for, asking someone to cover for his planned keynote address in Monaco, and having German and U.K. team members fly to a Dubai conference that Israel-based employees had been planning on attending.
“Everyone is covering for each other,” Ratzon told CNBC.
A considerable number of tech workers have already been called on for military reserve duty — a mobilization that so far totals about 360,000 Israelis.
Ratzon said Pentera has more than 20 of its best employees currently serving, “some of them on the front lines.”
Isaac Heller, CEO of Trullion, an accounting automation startup with offices in Tel Aviv, told CNBC that the company’s finance lead just finished its 2024 financial forecast and then immediately delivered new bulletproof vests for his Israeli Defense Forces unit after raising more than $50,000 to secure them.
Of digital bank One Zero’s almost 450 employees — all based in Israel — about 10% were drafted for reserve duty, CEO Gal Bar Dea told CNBC. He was surprised to see people constantly volunteering to cover for each other in an employee WhatsApp group.
“This guy says he was drafted, all of a sudden three people jump in and cover his tasks,” Bar Dea said. “There’s a sense of business as usual, everything is moving forward. … We had some meetings today on new launches coming. Everyone is keeping moving and covering for each other.”
One Zero is working on a ChatGPT-like chatbot for customer service, and this week employees opted to join optional planning meetings and decided not to move the deadlines, Bar Dea said. The person leading the ChatGPT efforts, an Air Force pilot who has been drafted, chose to join conference calls in his military uniform in between his duties, Bar Dea said.
“Many, many members of the tech community have been called up to reserve duty,” Yaniv Sadka, an investment associate at aMoon, a health tech and life sciences-focused venture capital firm, told CNBC, adding that a large swath of the community has been called to serve in Israel’s intelligence units as their reserve duty.
“I will have, by tonight, already been to two military funerals,” Sadka said.
Some members of Israel’s tech community are working overtime on tech tools specific to the conflict, such as a bulletin board-type website for missing persons, cyberattack defense tools, a GoFundMe-like tool and even a resource for finding online psychologists, according to Bar Dea.
“It’s pretty amazing — it’s the secret sauce of Israel … startup nation,” Bar Dea told CNBC, adding, “In two days, people are raising money, volunteering, taking kids in, building new houses, walking deserted dogs. … All the high-tech companies. People are building cyber stuff, communication stuff … stuff to help civilians … websites to find hostages.”
Sadka said that he’s “never seen anything like” the mass donations and mass volunteering happening at the moment.
“It’s thousands upon thousands upon thousands of people taking care of each other. There are everyone from teenagers to senior citizens helping,” he said.
Five minutes before Bar Dea’s call with CNBC, he said he heard sirens blaring from his office, and that his wife had taken his kids inside their home to shelter in place.
“It’s interesting trying to be the CEO of a bank or high-tech company, meanwhile I’m the father of a 10-year-old and a 6-year-old,” Bar Dea said, adding, “It’s very tough. It’s something we’ve never experienced before, ever. … Everyone is trying to get our hands around how to deal with it from a business perspective and also from a personal perspective.”
Sadka added, “It’s very difficult to concentrate on work when you’re dealing with all these personal matters and on securing yourself and the country.”
The slump in stocks can partly be traced to a turnaround in sentiment regarding artificial intelligence. Tech behemoths such as Nvidia, Broadcom and Oracle slumped, with the last losing more than one-third in value since it rocketed 36% in September.
Investors, it seems, are growing worried over the high valuations of tech names, as well as the gigantic amount of capital expenditure they are committing to — with some, like Oracle, having to take on debt to fulfil those obligations.
Uncertainty over an interest rate cut in December is also putting a downer on Wall Street. It’s a coin toss as to whether the U.S. Federal Reserve will ease monetary policy then, according to the CME FedWatch tool. That’s a huge difference from a month ago, when traders were pricing in a 95.5% chance of a December cut.
Not having October’s employment and inflation numbers, and possibly never getting them, means the Fed lacks visibility into the state of the economy — and whether it should try to support the labor market or continue reining in inflation.
After all, flying blind makes it hard to see where you’ll land. As of now, that applies both to the Fed and investors trying to navigate the still-hazy ambitions of tech companies.
What you need to know today
And finally…
Oracle CEO Clay Magouyrk speaks at a Q&A following a tour of the OpenAI data center in Abilene, Texas, U.S., Sept. 23, 2025.
Two months ago, Oracle’s stock soared 36% to a record after the company blew away investors with its forecast for cloud infrastructure revenue. Since then, the company has lost one-third of its value, more than wiping out those gains.
The mood of late has turned, with investors questioning whether the AI market ran too far, too fast and whether OpenAI can live up to its $300 billion commitment to Oracle over five years. Of the big cloud companies in the GPU business, Oracle is expected to generate the least amount of free cash flow, said Jackson Ader, an analyst at KeyBanc Capital Markets.
Ticket reseller StubHub signage on display at the New York Stock Exchange for the company’s IPO on Sept. 17, 2025.
NYSE
StubHub shares plunged 20% in extended trading on Thursday after the company reported quarterly results for the first time since its initial public offering in September.
Here’s how the ticket vendor did in comparison with LSEG consensus:
Loss per share: $4.27
Revenue: $468.1 million vs. $452 million expected
During a conference call with investors, StubHub CEO and founder Eric Baker said the company wouldn’t provide guidance for the current quarter.
Baker said that the company takes “a long term approach,” adding that the timing of when tickets go on sale can vary, making it hard to predict consumer demand. StubHub plans to offer outlook for 2026 when it reports fourth-quarter results, he said.
“The demand for live events is phenomenal,” Baker said. “We don’t see anything with consumer demand that’s any different.”
Revenue increased 8% in its second quarter from $433.8 million a year earlier, the company said.
StubHub reported a net loss of $1.33 billion, or a loss of $4.27 per share, compared to a net loss of $45.9 million, or a loss of 15 cents per share, during the same period last year. StubHub said this reflects a one-time stock-based compensation charge of $1.4 billion stemming from its IPO.
Gross merchandise sales, which represent the total dollar value paid by ticket buyers, rose 11% year over year to $2.43 billion.
The company faced tough comparisons from a year earlier, when results were boosted by Taylor Swift’s massively popular Eras Tour. Excluding that impact, StubHub said GMS grew 24% year over year.
Founded in 2000, StubHub primarily generates revenue from connecting buyers with ticket resellers. It competes with Vivid Seats, which was taken public via a special purpose acquisition company in 2021; SeatGeek; and Ticketmaster parent Live Nation Entertainment.
“We are building a truly differentiated consumer product that improves the experience for fans while unlocking better economics for venues, teams, and artists through open distribution,” Baker said in a statement. “We’re early in that journey, but our progress so far gives us great confidence in our strategy and the long-term value we’re creating.”
StubHub raised $800 million in its long-awaited IPO on the New York Stock Exchange, which came after it delayed its debut twice. The most recent stall came in April after President Donald Trump‘s announcement of sweeping tariffs roiled markets. The company restarted the process to go public in August when it filed an updated prospectus.
On Thursday, the company’s stock closed at $18.82. Shares are now down roughly 20% from the IPO price of $23.50.
The Google corporate logo hangs outside the Google Germany offices on August 31, 2021 in Berlin, Germany.
Sean Gallup | Getty Images News | Getty Images
Google said on Thursday said it has disrupted the foreign cybercriminal group behind a massive SMS text phishing operation within 24 hours of filing its lawsuit.
“This shut down of Lighthouse’s operations is a win for everyone,” said Google general counsel Halimah DeLaine Prado. “We will continue to hold malicious scammers accountable and protect consumers.”
Google filed the suit early Wednesday, seeking to dismantle the organization that some cyber experts have dubbed the “Smishing Triad,” which used a phishing kit named “Lighthouse” to generate and deploy attacks using fake texts.
The company provided translated Telegram messages allegedly posted by the group’s ringleader.
“Our cloud server has been blocked due to malicious complaints. Please be patient and we will restore it as soon as possible!” one message read.
Another message stated that “The reopening date will be announced separately.”
Google did not provide specifics on how the operation was shut down.
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The crime group had harmed at least 1 million victims across over 120 countries, Google said in a release.
Victims would receive texts containing malicious links to fraudulent websites designed to steal sensitive financial information, including Social Security numbers and banking credentials.
The messages often appeared as fake delivery updates, unpaid fees notifications, fraud alerts, and other texts designed to appear urgent.
“They were preying on users’ trust in reputable brands such as E-ZPass, the U.S. Postal Service, and even us as Google,” DeLaine Prado previously told CNBC.
The company said that it found over 100 templates generated by Lighthouse using the company’s branding to trick victims into thinking the sites were legitimate.