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Stock rally continues, S&P 500 and Dow trade at record highs.

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Alphabet, the parent company of Google, has announced cuts in its “moonshot” projects division, known as X, as it aims to cut costs. The company plans to make “dozens of cuts” mostly focused on support staff, signaling a shift towards finding solutions to problems outside its traditional focus on search and digital ads. The company is also planning to emphasize lean teams and capital efficiency, acknowledging that the terms of its investments in these projects had few economic parameters previously.

The decision to make cuts in the “moonshot” projects division of Alphabet reflects a broader trend of cost-cutting initiatives in the tech industry in Silicon Valley. This change in strategy to focus more on AI and reduce costs is part of a wider trend in the industry. Alphabet seems to be outsourcing the discipline to outside investors who will aim to earn a return on their investment, signaling a shift in the company’s approach to managing costs and financial parameters. However, changing the culture and strategy within an organization as large as Alphabet will require more than just a memo – it will also require significant financial investment.

It is clear that Alphabet’s decision to make cuts in its X division reflects a shift in strategy as the company seeks to cut costs and focus more on AI. This approach signals a departure from the company’s previous emphasis on investing in moonshot projects, and instead places greater importance on financial success and efficiency. It remains to be seen how this shift will impact Alphabet’s overall corporate culture and long-term growth strategy.

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