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In today’s top story, Spotify wiped tens of thousands of AI-generated songs from its platform. Elsewhere, Mitsubishi’s India unit is set to invest in a manufacturing facility in Tamil Nadu, and construction has begun on Tesla’s Texas lithium smelter. Six years after his initial release, Nintendo’s Switch console is facing a sharp slowdown in sales, and LinkedIn has become the latest tech company to cut headcount. Finally, Goldman Sachs, Microsoft, Deloitte, and Cboe Global Markets are part of a group of companies looking to launch blockchain-based networks.
Mitsubishi Motors invests $231 million in India plant
Mitsubishi Electric’s [6503.T] The Indian division will invest INR 18.91 billion ($231.2 million) in its manufacturing facility in Tamil Nadu.Iveco Group [IVG.MI] plans to take full ownership of an electric and hydrogen truck joint venture with troubled US start-up Nikola. [NKLA], said the transaction had a one-time negative impact of €44 million on its income statement.Elsewhere, Tesla Construction [TSLA] Texas lithium smelter to start Monday, Glencore [GLEN.L] We are considering building the largest battery recycling facility in Europe.
Switch hit due to declining demand
Six years after its release, Nintendo’s [7974.T] The Switch console is facing a sharp slowdown in sales, according to its year-end earnings report, which sold 28.8 million units in the year to March 2021 and more than 23 million units in the year to March 2022. Later, the company sold just 18 million units in the past year and is forecasting 15 million in the next year, below analyst expectations. 15.7 million units.
LinkedIn’s newest tech company cuts jobs
LinkedIn [LKI.F] plans to cut 716 of its 20,000 employees and shut down local Chinese job app InCareers. CEO Ryan Roslansky says the cuts will create 250 new jobs for those affected to apply.Other, Paypal [PYPL] Shares fell as guidance for annual adjusted operating margin was lowered, despite a forecast of 20% earnings growth.
Spotify tries to mute AI
Music generated by artificial intelligence floods streams, Spotify [SPOT] wiped out tens of thousands of songs from AI music startup Boomy. The removal represents about 7% of Boomy’s content on Spotify. Apple says AI could make fraud harder to spot [AAPL] Co-founder Steve Wozniak. Twitter is set to delete and archive inactive accounts, CEO Elon Musk tweeted on Monday.
Financial Institution Launches Blockchain Network
goldman sachs [GS]Microsoft [MSFT]Deloitte, Cboe Global Markets [CBOE] Part of a group of companies looking to launch a blockchain-based network to link various institutional applications. Called the Canton Network, the system is expected to offer great privacy and control along with massive performance. The system, which he will begin testing in July, could boost blockchain adoption in the financial sector.
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