The tech industry had a rough day – October was the worst for employees

U.S. job losses in October were nearly twice as many as the previous month, making it the biggest October since 2003, according to data from outplacement firm Challenger, Gray & Christmas.

The technology sector was hardest hit, with 33,281 job cuts, almost six times the September total.

It feels terrible to be fired. And it would be terribly ironic to work in the very field that develops technology and creates redundancies.

One person escaped both the horrors of redundancy and existential doubt. tesla CEO Elon Musk just received a nearly $1 trillion pay package approved by Tesla shareholders.

But to get the full $1 trillion, Musk will have to hit a series of performance targets that would ultimately give Tesla a valuation of $8.5 trillion.

The company’s market capitalization currently stands at $1.54 trillion, but by contrast, the world’s most valuable company is currently Nvidia, which briefly reached a valuation of $5 trillion last Wednesday.

But after Thursday’s decline in tech stocks, Nvidia’s Market capitalization has fallen to “only” $4.57 trillion.

Other technology companies, e.g. microsoft, broadcom and Palantir Technologiesstocks fell widely on concerns that the stock prices were too high. Those moves dragged the high-tech industry Nasdaq Composite It decreased by 1.9%.

For most tech workers and investors, Thursday was another reminder of the intensity of volatility. For Elon Musk, it was just another day on the road to the stratosphere.

Inside the Gulf region’s multi-trillion dollar AI gambling industry

After raking in trillions of dollars in oil revenue, the Gulf monarchy has become known for funneling cash into big-ticket projects like sci-fi desert cities, major sports franchises and advanced military equipment.

But now, facing a prolonged period of low oil prices, some of the region’s leaders are considering leveraging vast national capital to build a domestic artificial intelligence industry.

— Emma Graham