Microsoft announced plans to lay off up to 9,000 workers as a part of its shift to invest heavily in artificial intelligence (AI).

• These cuts represent 4% of Microsoft’s 228,000 global workforce.
• Multiple divisions will be affected, with reports indicating the Xbox gaming unit may be hit.
• Microsoft is investing $80bn (£68.6bn) in data centers to train AI models and has faced challenges in selling its AI assistant, Copilot, to businesses due to preference for ChatGPT.

Del Monte Foods Corporation II Inc. has filed for voluntary Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the District of New Jersey to enhance its financial position and facilitate a strategic sale of its assets.

• $912.5 million in debtor-in-possession financing secured to support operations during restructuring
• Greg Longstreet, President and CEO, stated that this step is essential for the company’s turnaround
• The restructuring will ensure continued operations and that non-U.S. subsidiaries remain unaffected

Tesla has reported a 14% decline in vehicle deliveries for the second quarter of the year, marking the second consecutive quarterly drop amid increasing competition.

• Deliveries dropped to just over 384,000 vehicles from April to June.
• Elon Musk has faced criticism linked to his previous role as an efficiency czar in the Trump administration.
• Donald Trump proposed reviewing subsidies received by Musk’s companies, suggesting possible cuts or repercussions.