Klarna CEO Sebastian Siemiatkowski plans to reduce the company’s workforce by nearly half, from 3,800 to 2,000, through a hiring freeze and AI implementation. The remaining employees will utilize AI to increase efficiency, with Klarna’s AI assistant already doing the work of 700 customer service agents. Despite the reduction in workforce, Klarna’s revenue and operating income have continued to grow, with reports indicating a potential $20 billion IPO in the U.S.
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Peter Hargreaves’ Blue Whale sells major tech stocks over AI concerns
Blue Whale Growth, managed by Stephen Yiu, has reduced exposure to major US tech companies like Microsoft due to concerns over their hefty investments in AI infrastructure. Yiu has aggressively sold shares in Microsoft, pushing it out of the top 10 holdings for the first time since 2017. Blue Whale has seen success, returning 24% this year, with a significant stake in Nvidia and concerns over the financial performances of other Magnificent Seven tech giants...
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