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What you’ll read?

• Greek Media Group Antenna in Early Talks to Acquire Time from Marc Benioff

• Apple Commits $1.5 Billion to Boost iPhone Satellite Services with Globalstar.

• Today in AI & Tech

• Alphabet Hints at More Cost Cuts as Employees Voice Concerns.

  and more…

BUSINESS

Greek Media Group Antenna in Early Talks to Acquire Time from Marc Benioff

Greek media company Antenna Group is reportedly in early discussions to buy Time magazine from Salesforce co-founder Marc Benioff for an estimated $150 million. While no deal is certain, these discussions come amid challenges faced by legacy media companies adapting to the digital age. Benioff and his wife purchased Time for $190 million in 2018, prioritizing journalistic integrity.

Apple Commits $1.5 Billion to Boost iPhone Satellite Services with Globalstar.

Apple has invested $1.5 billion in satellite communications company Globalstar to enhance iPhone services, including emergency satellite texting. The investment includes $1.1 billion in cash and a 20% equity stake, with Globalstar dedicating 85% of its network capacity to Apple. This funding will support the purchase of new satellites and expansion of ground infrastructure, adding to Globalstar’s 31 current satellites. The deal is expected to finalize soon, marking Apple’s strategic expansion in direct-to-device satellite connectivity.

Amazon Reassures Investors on Generative AI Investments' Long-Term Value.

Amazon CEO Andy Jassy assured investors of strong returns on Amazon's generative AI investments, pointing to AWS as proof of high returns from infrastructure spending. Despite a significant increase in capital expenditure, largely for data centers and AI tech, Jassy highlighted AI’s “once-in-a-lifetime” potential. Amazon’s AI-related revenues are reportedly on a multi-billion-dollar run rate within AWS, growing three times faster than AWS’s early years, positioning the company as a leader in the competitive AI landscape.

October Job Growth Slows Amid Strikes and Storms.

Job growth in October slowed significantly, with only 12,000 nonfarm payrolls added—the smallest increase since December 2020 and well below the 100,000 estimated. The Bureau of Labor Statistics attributed the slowdown to the Boeing.

TECH

Today in AI & Tech

Amazon CEO Assures Investors of Long-Term Returns on Generative AI Investments

Amazon CEO Andy Jassy reassures investors about future returns from the company's extensive generative AI investments, highlighting parallels to Amazon Web Services' growth. Amazon's capital expenditures rose sharply, driven by AI demand, with $22.6 billion spent in Q3 and projections reaching $75 billion in 2024. Jassy emphasized AI as a “once-in-a-lifetime” opportunity, noting that AWS has achieved a multi-billion-dollar revenue run rate in generative AI, growing faster than AWS initially did.

Alphabet Hints at More Cost Cuts as Employees Voice Concerns.

In a recent all-hands meeting with executives dressed in Halloween costumes, Alphabet employees questioned the company's cost-cutting strategy following upbeat third-quarter earnings. Brian Ong, VP of Google recruiting, acknowledged a hiring slowdown and changes in location-based roles. CFO Anat Ashkenazi highlighted further savings efforts, especially with AI investments slated for 2025. Amid market pressures, Google has already trimmed marketing, cloud, and safety teams, sparking morale concerns and fears of more layoffs after the year's end.

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Other

Kamala Harris Pledges to Protect Abortion Rights in Presidential Bid.

Vice President Kamala Harris is making abortion rights a focal point of her presidential campaign, vowing to protect and expand access. Following the Supreme Court’s reversal of Roe v. Wade, which allowed 13 states to fully ban abortions, Harris is pushing for congressional action to restore these protections, though experts note that legislative and Supreme Court barriers make nationwide restoration unlikely. Polls show the issue is key in shaping voter preferences, particularly among women, as the U.S. faces a significant gender-based partisan divide.

Elon Musk Ordered to Court Over Pennsylvania Voter Lottery Controversy.

Elon Musk is required to attend a Philadelphia court hearing following a lawsuit by District Attorney Larry Krasner, alleging that Musk’s $1 million giveaways to Pennsylvania voters constitute an illegal lottery and voter influence. Krasner’s attorneys report increased online hostility, including antisemitic remarks and threats, following Musk’s response to the suit on social media. The DA’s team is seeking heightened security for the hearing, and the judge moved it up by a day. Musk and his PAC have not publicly responded.

Lucid Bets on Gravity SUV to Boost Sales and Reduce Losses

Lucid Group is gearing up for increased sales with the launch of its Gravity SUV, set to debut with a starting price of $94,900. CEO Peter Rawlinson expects the new model to drive significantly higher demand compared to the Air sedan, which saw limited sales since its release in 2021. Customer orders for the Gravity Grand Touring will open on Nov. 7, with production ramping up in Arizona to meet anticipated demand outpacing initial production capacity.

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