KUALA LUMPUR, Malaysia — Microsoft CEO Satya Nadella announced Thursday that the company will invest $2.2 billion over the next four years in Malaysia’s new cloud and artificial intelligence infrastructure, as well as cooperate with the government to develop a national AI center.

It is Microsoft’s single greatest investment in Malaysia as the tech giant looks to increase support for AI development in the region and worldwide.

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Microsoft Will Invest $2.2 Billion In Cloud And AI Services In Malaysia

“We are committed to supporting Malaysia’s AI transformation and ensuring it benefits all Malaysians,” the prime minister added. Our investments in digital infrastructure and skilling will help Malaysian businesses, communities, and developers apply the latest technology to drive inclusive economic growth and innovation across the country.”

During a visit to Indonesia on Tuesday as part of his Southeast Asia tour, Nadella announced a $1.7 billion investment in cloud and AI services. On Wednesday, he announced that Microsoft would establish its first regional data center in Thailand.

In April, the IT behemoth announced a $2.9 billion investment in Japan and a $1.5 billion investment in Abu Dhabi-based AI business G42.

Microsoft promised to deliver AI training to 2.5 million people in Malaysia, Indonesia, the Philippines, Thailand, and Vietnam by 2025.

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Microsoft Will Invest $2.2 Billion In Cloud And AI Services In Malaysia

Nadella previously met with Prime Minister Anwar Ibrahim, who stated that the investment will be a critical support pillar for the government’s goal of increasing AI capabilities in Malaysia.

Anwar announced on Facebook that the new investment will involve:

• AI training for another 300,000 individuals.
• The construction of a national AI center of excellence.
• The dancing the nation’s cybersecurity capabilities and ass.

Assistance with with Malaysia’s developer community. 

Microsoft operates one of the world’s largest cloud computing operations and has ventured into artificial intelligence through its cooperation with OpenAI, the creators of ChatGPT.Since then, Microsoft has added an AI assistant called Copilot to its Microsoft Edge browser, which helped it increase revenues by 20% in the first quarter.

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Microsoft Will Invest $2.2 Billion In Cloud And AI Services In Malaysia

Microsoft sees Southeast Asia, a population of over 600 million people, as a developing market and a possible place for further AI product development. According to a study by multinational consulting firm Kearney, artificial intelligence might add over $1 trillion to Southeast Asia’s GDP by 2030. Indonesia is anticipated to receive $366 billion, followed by Malaysia with $115 billion.

Microsoft stated that the investment in Malaysia will supplement its 2021 agenda to promote equitable economic growth. It stated that the proposed national AI center will accelerate AI deployment in major businesses and the public sector while assuring AI governance and regulatory compliance.

“Together with Microsoft, we look forward to creating more opportunities for our (small and medium-sized enterprises) and better paying jobs for our people as we ride the AI revolution to fast-track Malaysia’s digitally empowered growth journey,” Zafrul Aziz, trade minister of Malaysia

SOURCE – (AP)

MEXICO CITY — Cartier, the luxury jewelry brand, is not known for giving out gifts, but in the case of one Mexican guy, they pretty much did.

Rogelio Villarreal was browsing Cartier’s website when he stumbled upon an offer that appeared too good to be true. “I broke out in a cold sweat,” he posted on his X account, previously known as Twitter.

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Luxury Jewelry Maker Cartier Doesn’t Give Stuff Away, But They Pretty Much Did For One Man In Mexico

Cartier made a mistake and advertised gold-and-diamond earrings for 237 pesos ($14) rather than the exact price of 237,000 pesos ($14,000). Villarreal ordered two sets.

What ensued was months of back-and-forth, during which he claimed Cartier offered him a consolation gift instead of the jewelry, and Mexican officials supported his argument that the corporation should uphold the listed price.

Villarreal eventually received the earrings last week at his price, and he posted a video online of himself unwrapping them. But he quickly grew tired of the public attention, realizing that not all that glitters is gold, and posted on Monday, “Alright already, talk about something else, I’m tired of the earrings being the only thing anyone knows about my personality.”

Villarreal’s case had become a lightning rod online during a particularly polarizing period in Mexico, ahead of the June 2 presidential elections.

Some onlookers chastised Villarreal for taking advantage of what they perceived as a genuine error by the high-end jewelry manufacturer. Some claimed he should return the earrings or pay taxes on them. Some called him a thief.

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Luxury Jewelry Maker Cartier Doesn’t Give Stuff Away, But They Pretty Much Did For One Man In Mexico

Villarreal, a doctor doing his medical residency, claimed he had to fight for months to get the company to deliver and that it offered to give him a bottle of champagne instead.

The corporation did not reply to inquiries for comment.

“I have the worst luck in the world, and I’ve never made any money, and what I do have is because I bought it,” Villarreal posted on social media. However, he could now purchase two $14,000 sets of earrings for only around $28.

He says he gave one of them to his mom.

“It feels great and it’s cool not to be the underdog for once in my life,” Villarreal said.

Profeco’s representative, Jesús Montaño, validated Villarreal’s account of his struggle.

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Luxury Jewelry Maker Cartier Doesn’t Give Stuff Away, But They Pretty Much Did For One Man In Mexico

“He filed a complaint in December,” Montaño explained. “There is a conciliation hearing scheduled for May 3, but the consumer already received his purchase.”

When asked about ethics, Montaño stated that corporations “have to respect the published price.” If an error occurs, “it’s not the consumer’s fault.”

SOURCE – (AP)

Peloton is shedding approximately 400 jobs worldwide as part of a restructuring exercise, and its CEO, Barry McCarthy, is stepping down after two years as the company works to turn around its business.

Shares fell approximately 2% in morning trading to $3.16.

Peloton has been working on a major rebranding effort since last year, transitioning from a vendor of luxury workout bikes and equipment to a health technology provider for all.

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Peloton Cutting About 400 Jobs Worldwide; CEO McCarthy Stepping Down

During the coronavirus outbreak, the New York corporation enjoyed extraordinary sales growth. Its stock price increased by more than fivefold in 2020 as lockdowns made its expensive bikes and treadmills popular among clients who pay a monthly subscription to partake in interactive workouts.

However, sales began to decline in 2021 as vaccines permitted individuals to leave their houses more freely, including for gym visits.

The corporation lost $1.26 billion in the fiscal year ending in June, plus an extra $350 million in the six months ending in December. In fiscal 2023, free cash flow, or the amount left over after paying corporate expenses, was negative $470 million.

The losses continue. Peloton disclosed on Thursday that the company lost $167.3 million in the third quarter or 45 cents per share. While this is better than the $275.9 million loss, or 79 cents per share, announced a year ago, it is still below the 39 cent loss that Zacks Investment Research analysts had predicted. Revenue was $717.7 million, below Wall Street’s estimate of $719.9 million.

It decreased its full-year sales projection by $25 million to $2.675 billion to $2.7 billion, down from $2.8 billion last year.

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Peloton Cutting About 400 Jobs Worldwide; CEO McCarthy Stepping Down

Peloton Interactive Inc. announced Thursday that the job cuts represent around 15% of its global workforce. The restructuring initiatives, intended to reduce annual run-rate expenses by more than $200 million by the end of fiscal 2025, include continuing retail showroom closures.

The job losses are just the latest round for the corporation, which said in October 2022 that it would lose around 500 jobs in addition to the almost 800 layoffs it made in August of the same year.

McCarthy, who is also stepping down as president and board member, will continue to serve as Peloton’s strategic adviser until the end of the year.

McCarthy had taken over as CEO from founder John Foley to turn around a company that had endured multiple setbacks, ranging from marketing mistakes to recalls. At Peloton, he worked hard to change the company’s focus from expensive hardware to software and a fee-based app.

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Peloton Cutting About 400 Jobs Worldwide; CEO McCarthy Stepping Down

McCarthy wrote in an email to Peloton’s team this morning that the recently announced job layoffs were a time of “dealing with the world as it is and not as we want it to be.”

“Hard as the decision has been to make additional headcount cuts, Peloton simply had no other way to bring its spending in line with its revenue,” he said in a statement.

Peloton announced that Chairperson Karen Boone and Director Chris Bruzzo will serve as interim co-CEOs while it searches for its next CEO. Jay Hoag, a board member, will become the new chairwoman.

SOURCE – (AP)