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Hard Numbers: Automate this, Everything’s expensive, Chips delayed, Intel cuts costs, Groq on the rise

August 06, 2024
Scott Nover
Two hands touching each other in front of a pink background
Photo by Igor Omilaev on Unsplash
30: By 2030, work tasks that currently take up to 30% of US work hours will be automated with AI, according to a new report by the McKinsey Global Institute. While it will likely eliminate jobs in customer service and office support, it should bolster STEM, creative, and legal professions, McKinsey said.

106 billion: Capital expenditures from big tech firms are soaring this year, up to $106 billion, according to the self-reported estimates from Microsoft, Alphabet, Amazon, and Meta’s latest quarterly earnings reports. One of the biggest culprits? AI. These companies are acquiring expensive chips, and building out data centers to support their AI and cloud investments. And it may only be the start of a larger trend: Analysts say these figures could keep soaring for the next five years.

3: Nvidia’s latest chips will be delayed up to three months due to a critical design flaw. The chips, part of the company’s Blackwell series, are in high demand by AI companies such as Meta, Microsoft, and OpenAI, which have reportedly ordered tens of billions of dollars worth of the chips.

15,000: Intel announced late last week that it’s laying off 15,000 employees and halting non-essential work. The 15%-staff reduction is part of a $10 billion cost savings plan, the company said. It’s also cutting R&D and marketing budgets for the next two years. While Intel has benefitted from the Biden administration’s CHIPS Act stimulus, it’s not yet a major player in AI-grade chips, trailing Nvidia and AMD, so its business isn’t reaping the benefits of the AI boom — at least not yet.

$2.8 billion: Groq, the AI chip startup, raised $640 million in a new funding round as it seeks to challenge Nvidia’s dominance in AI-grade chips. The new investment, led by BlackRock, valued Groq at around $2.8 billion at the time of the investment. Meta’s Yann LeCun is also joining the company as a technical adviser.

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