Amazon plans sweeping layoffs across its corporate workforce as it continues to pivot toward AI.
plus how China's restrictions on rare earths have led to boom times for Western companies in the space.
Western companies that really rely on Chinese rare earth magnets,
they're going to want almost certainly another source.
So it's hard to imagine anything that really disrupts the momentum of new investment into the Western rare earth sector.
And a Republican led panel takes aim at former President Joe Biden's executive actions and use of auto pen.
It's Tuesday, October 28th.
I'm Caitlin McCabe for The Wall Street Journal, and here is the AM edition of What's News,
the top headlines and business stories moving your world today.
We start today with big news from Amazon, which, according to people familiar with the matter,
is planning to lay off as many as 30,000 employees or roughly 10% of its corporate workforce.
The cuts could begin as soon as today, but won't happen all this week.
Human resources, cloud computing, advertising,
and a number of other business units are expected to be affected.
The total number of reductions hasn't been finalized.
Journal reporter Sean McClain says the cuts are significant and come as Amazon CEO Andy Jassy pushes ahead with a campaign to cut expenses after a period of aggressive hiring in the pandemic.
It will be one of the largest layoffs in the company's history and it underlines the pressure that large corporations,
large tech companies, any big employers having it right now in the US.
So in Amazon's case,
They are having to drastically ramp up the amount they're spending on AI, cloud computing,