AI Summary
Meta is reorganizing its workforce to focus on artificial intelligence, resulting in a flatter corporate structure with smaller teams. Meanwhile, Home Depot reported a 0.6% increase in sales for stores open at least a year, falling short of analyst expectations amid challenging market conditions.
- CoreWeave and other neo-cloud companies experienced a decline in shares after Alphabet announced a partnership with Blackstone to establish an AI cloud business.
- Meta is reallocating employees to new roles focused on artificial intelligence as part of a corporate restructuring aimed at creating a flatter organization with smaller teams, according to Chief People Officer Janelle Gale.
- Home Depot's sales increased by 0.6% for stores open for at least a year during the three months ending May 3, which was below analysts' forecasts. The company faces challenges due to high interest rates and housing prices, leading to reduced home purchases and renovation projects.
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