US Jobless Spells Hit 27 Weeks, a Decade High Outside Covid
October's jobs report beat forecasts, yet the average unemployment spell rose to 27.1 weeks. The long-term jobless are now over a quarter of all unemployed workers.
Markets & Economy
Palo Alto in Talks to Buy Clutch Security for $500M
Palo Alto Networks is reportedly negotiating to acquire Clutch Security, a startup that controls AI agents' access to company systems, for $500 million in cash plus milestone payments.
Nasdaq Enters Correction as AI Fears Hit Wall Street
Stocks fell sharply on Thursday as investors worried the AI build-out could slow. The Nasdaq dropped 5.5%, and the Magnificent Seven lost more than $1 trillion in market value.
IREN Pushes $4B in Revenue to at Least January
AI cloud company IREN says over $4 billion in annual recurring revenue slips to at least January at Microsoft's request. Quarterly revenue rose 66% to $228 million.
Bank of England Lifts Rates to 4% and Warns More May Follow
The Bank of England raised its base rate from 3.75% to 4% on oil-driven inflation fears, and its governor said another rise is likely unless the Iran conflict ends.
Marc Lore's Wonder Confidentially Files for an IPO
Wonder, the food platform founded by Marc Lore, has filed confidentially to go public. Share count and price range are not disclosed, and the company arrives with a long acquisition list.