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Intuit cuts 3,000 jobs while expanding AI partnerships. (0:15) Meta layoffs hit thousands globally as restructuring pressures employee morale. (0:50) Target shares slide after execs warn about weaker consumer sentiment. (1:29)

This is an abridged transcript of the podcast:

Our top story so far, Intuit (INTU), the owner of TurboTax, QuickBooks and Mailchimp, told employees it is cutting about 17% of its workforce — roughly 3,000 jobs.

Reuters, citing an email from CEO Sasan Goodarzi, said the layoffs are aimed at simplifying the company’s structure and sharpening its focus on major investments, including expanding AI across its services.

The headcount reduction comes ahead of Intuit’s fiscal Q3 earnings release after the close today.

Intuit recently signed multiyear agreements with Anthropic (ANTHRO) and OpenAI (OPENAI) to integrate their models into its software and to embed its tax, finance and marketing services into ChatGPT and Claude.

The move coincides with fresh layoffs at Meta Platforms (META), where thousands of employees are being notified as part of a previously announced restructuring tied to efficiency efforts and heavy AI investment.

Meta is cutting roughly 8,000 roles globally. Employees have been encouraged to work from home during notifications, which began at 4 a.m. local time in Singapore.

The New York Times, citing internal sources, described the layoffs at Meta as a “bloodbath” that is “brutalizing morale.”

Among active stocks, a pending strike by Samsung (SSNLF) workers has been put on hold, according to news agency Yonhap, as a tentative wage deal will be put to a union vote. A breakdown in negotiations had threatened to disrupt parts of the global technology supply chain.

Target (TGT) is slumping after issuing a cautious outlook for the remainder of the year. CEO Michael Fiddelke cited “recent dips in consumer sentiment” and said the retailer does not want to swing too hard too quickly. CFO James Lee added that Target faces a tougher sales comparison in Q2 as it laps last year’s Nintendo Switch launch.

Lowe’s (LOW) is choppy despite a Q1 beat on both the top and bottom lines. Lingering softness in the housing market prompted the company to maintain its full-year outlook, including profit guidance below Street expectations.

And AMC Entertainment (AMC) is jumping after Chairman and CEO Adam Aron disclosed the purchase of 250,000 shares worth nearly $350K. Aron said he was “putting his money where his mouth is,” citing enormous confidence in AMC and the 2026–2027 box office pipeline.

In other news of note, British retailers are pushing back against a government proposal to introduce voluntary price caps on essential groceries, with Marks & Spencer CEO Stuart Machin calling the idea “completely preposterous.”

The proposal would ask supermarkets to agree to cap prices on staples such as bread, milk and eggs as the government looks to ease cost-of-living pressures amid rising energy prices and inflation.

Machin told the Financial Times that policymakers should focus on reducing costs imposed on businesses rather than intervening directly in pricing.

“I don’t think the government should be trying to run business,” he said.

And in the Wall Street Research Corner, as the market awaits Nvidia’s (NVDA) earnings after the bell, retired institutional analyst Walter Deemer shared a parable from the 1960s.

In a recent post, Deemer recounted the rise and fall of National Video, a manufacturer of color television picture tubes that once seemed indispensable.

The company was first to mass-produce a 23-inch rectangular tube that became the industry standard, sending major TV makers scrambling for supply.

The stock soared from 15 in 1964 to 120 by October 1965, with the final 70 points gained in just a few months.

Then customers including Motorola and Zenith began producing their own tubes.

Shares fell to 40 in 1966, 15 in 1967, and to zero in 1968 when the company filed for bankruptcy.

Deemer labeled it “a fundamental short.”

He closed his post by revealing the ticker: “NVD.A.”

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