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Intel becomes the latest tech firm to abandon Russia

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Several tech companies have exited Russia or reduced their activities in response to Russia’s invasion of Ukraine

U.S. chipmaker Intel has suspended its operations in Russia after listening to pleas from users.

“Intel continues to join the global community in condemning Russia’s war against Ukraine and calling for a swift return to peace,” Intel says, in a statement.

The company will still support its 1200 employees as they work through business disruption.

This comes a month after Intel announced it will stop shipments to customers in Russia and Belarus.

The exodus has been in response to Ukraine’s request to cloud computing and software companies to completely stop any dealings with Russia so the country’s economy is disrupted.

Several western sanctions have also been imposed causing companies to suspend business in Russia. Apple, Dell, and Microsoft are just a few names among the slew of companies that are no longer selling their products to Russia or doing any business with Russian clients.

The tech exodus has forced Russia to source its technology software needs domestically. This is new for the country as it has previously depended on western tech companies for their owned and operated IT systems, with servers from IBM, Dell, and Hewlett topping the Russian market.

Rijul Baath contributed to this report

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Is GenerativeAI transforming education?

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Educators today are facing an uphill battle, so what’s the solution?

Today’s educators are passionate, but they’re up against diverse classrooms and outdated teaching methods.

In this episode, Trevor Furness, Chief Revenue Officer of Octopus B-I discuss their efforts to transform education. #funding futures

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News

How AI is leveraging Amazon’s fast production

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Amazon reported better-than-expected results for the last quarter, surpassing analysts’ estimates.

Amazon reported better-than-expected results for the last quarter, surpassing analysts’ estimates, driven by strong performance in its cloud computing and AI.

Ticker’s Ahron Young & Veronica Dudo discuss.

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Tech

Tesla is slashing prices to stay competitive

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Tesla cut the U.S. prices of its Model Y, Model X and Model S vehicles by $2,000 each, days after the first-quarter deliveries of the world’s most valuable automaker missed market expectations.

Elon Musk’s electric-vehicle (EV) maker lowered the prices for its Model Y base variant to $42,990, while the long-range and performance variants are now priced at $47,990 and $51,490, respectively, according to its website.

The basic version of the Model S now costs $72,990 and its plaid variant $87,990. The Model X base variant now costs $77,990 and its plaid variant is priced at $92,900.
Tesla North America also said in a post on X said it would end its referral program benefits in all markets after April 30.

Referral program allows buyers to get extra incentives through referrals from existing customers, a strategy long used by traditional automakers to boost sales.

Musk has postponed a planned trip to India where he was to meet Prime Minister Narendra Modi and announce plans to enter the South Asian market, Reuters reported on Saturday.
On Monday Reuters reported, citing an internal memo, that the EV maker was laying off more than 10% of its global workforce.
Earlier this month Reuters reported the EV maker had canceled a long-promised inexpensive car, expected to cost $25,000, that investors had been counting on to drive mass-market growth.
The EV maker reported this month that its global vehicle deliveries in the first quarter fell for the first time in nearly four years, as price cuts failed to stir demand.

Tesla is to report first-quarter earnings on Tuesday.

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