Cohere layoffs are in the news Wednesday as the artificial intelligence (AI) startup is cutting jobs.
Cohere currently has about 400 employees and 20 of them are getting the axe. Even with these layoffs, the AI company is continuing to hire employees in other areas.
Investors will also note that the Cohere layoffs come after the company completed a recent round of funding. That saw the likes of Advanced Micro Devices (NASDAQ:AMD), Salesforce (NYSE:CRM), Oracle (NYSE:ORCL) and Nvidia (NASDAQ:NVDA) add another $500 million in funds to the company.
Cohere is an AI startup founded by former Google researchers. The latest round of funding brings its value to $5.5 billion. That’s roughly double what it was worth during the same time last year.
Cohere Layoffs Continue Trend
There have been a lot of layoffs so far in 2024. On top of that, many of them are in the tech sector. This comes as high interest rates are weighing on growth companies. These are in place in an effort to keep rising inflation in check.
Investors are likely to hear more about layoffs in the tech sector throughout 2024. Plans to lower interest rates have been stalled as the Federal Reserve is keeping them high due to inflation not slowing as quickly as hoped.
There are plenty of other stock market stories that traders are going to want to know about below!
We have all of the hottest market news ready to go on Wednesday! A few examples include what’s happening with shares of Archer Aviation (NYSE:ACHR) and Tesla (NASDAQ:TSLA) stock today. You can read up on all of these matters at the links below!
More Stock Market News for Wednesday
- JPMorgan Just Raised Its Price Target on Archer Aviation (ACHR) Stock
- UBS Is Warning Investors on Tesla Stock: Shares Have Much Further to Fall
- Should Tesla Invest $5 Billion in xAI? Elon Musk Polls His Fans to Find Out
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
