Tuesday☕️

05 Dec 2023 — 5 min read

Trending:

Markets:

DeepMind Crystal Breakthrough:

Google's DeepMind AI lab has made a significant breakthrough by identifying 2.2 million new types of crystals. Crystals, defined as compounds with repeating atomic structures like diamonds or quartz, are fundamental in various technological applications. Of the newly identified crystals, 380,000 are stable, meaning they can maintain their structure under specific conditions.
Crystals are crucial in technology and power sources due to their unique properties. They are used in semiconductors for electronic devices, in solar panels for energy conversion, and in lasers and optical fibers for telecommunications. The discovery of new crystal types could revolutionize advanced computing and energy production.
Superconductors, materials that conduct electricity with zero resistance, are vital in medical imaging and quantum computing. Similarly, advancements in crystal technology can lead to more efficient and powerful computing systems. This discovery by DeepMind AI opens up possibilities for innovative applications and research in these areas.

Staples Cyberattack:

American retailer Staples recently experienced a cyberattack, prompting the company to shut down some of its systems to limit the breach's impact and safeguard customer data. Staples, with 994 stores in the U.S. and Canada and 40 fulfillment centers, faced operational disruptions reported by employees on Reddit.
These included issues with accessing internal tools like Zendesk, VPN portals, and communication lines. Staples confirmed the cybersecurity risk and the steps taken to mitigate it, which temporarily affected backend processing and product delivery. Although stores remain open, staples.com faces delays in order processing.
There's no indication of ransomware deployment or data encryption in the attack. However, the possibility of data theft remains a concern, and Staples is working to restore full functionality. This incident follows a similar outage at Staples-owned Essendant in March 2023 and a data breach in September 2020.

Spotify Layoffs:

Spotify, the music streaming service based in Sweden, is reducing its workforce by 17% as part of cost-cutting measures. CEO Daniel Ek communicated to employees about the financial challenges, including high expenses and rising interest rates, leading to this decision. This move marks Spotify's third layoff this year, impacting approximately 1,500 employees.
Despite doubling its stock value this year, Spotify has struggled with profitability, primarily due to substantial payouts to music labels and rights holders. In a shift to address this, the company raised prices on U.S. streaming plans for the first time in over a decade. Analysts predict a per-share earning of $1.54 for Spotify in 2024 but also caution about potential challenges in subscriber growth and revenue per user.

Statistic:

Largest oil and gas companies by market capitalization: