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By MATT O’BRIEN

Microsoft began laying off about 6,000 workers Tuesday, nearly 3% of its entire workforce and its largest job cuts in more than two years as the company spends heavily on artificial intelligence.

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Hard hit was the tech giant’s home state of Washington, where Microsoft informed state officials it was cutting 1,985 workers tied to its Redmond headquarters, many of them in software engineering and product management roles.

Microsoft said the layoffs will be across all levels, teams and geographies but the cuts will focus on reducing the number of managers. Notices to employees began going out on Tuesday. read more

U.S. chip maker Nvidia will partner with Saudi Arabia’s sovereign wealth fund-owned AI startup Humain and will ship 18,000 chips to the Middle Eastern nation to help power a new data center project.

The partnership was revealed Tuesday as part of a White House trip to Saudi Arabia, Qatar and the United Arab Emirates. Saudi Arabia has been working to develop its artificial intelligence capacity and strengthen its cloud computing infrastructure with the help of foreign investment.

“AI, like electricity and internet, is essential infrastructure for every nation,” said Jensen Huang, founder of Nvidia. “Together with Humain, we are building AI infrastructure for the people and companies of Saudi Arabia to realize the bold vision of the Kingdom.”

The cutting-edge Blackwell chips will be used in a 500 megawatt data center in Saudi Arabia, according to remarks at the Saudi-U.S. Investment Forum in Riyadh on Tuesday. The California company said its first deployment will use its GB300 Blackwell chips, which are among Nvidia’s most advanced AI chips at the moment, and which were only officially announced earlier this year. read more

By DEE-ANN DURBIN, Associated Press Business Writer

U.S. retail egg prices fell in April from the record-high prices they hit earlier this year, according to government data released Tuesday.

The average price for a dozen Grade A eggs declined to $5.12 last month after reaching a record $6.23 in March, according to the Consumer Price Index. It was the first month-to-month drop in egg prices since October 2024.

Overall, the average price of eggs of all sizes fell 12.7%, the steepest monthly decline since March 1984.

While wholesale egg prices have been coming down for a while, it was unclear how much store prices would decrease in April because consumer demand is usually high around Easter and Passover.

Still, retail egg prices remain near historic highs as a persistent outbreak of bird flu wipes out flocks of egg-laying hens. The April average price for a dozen large eggs was 79% higher than the Bureau of Labor Statistics reported for the same month a year ago, when the price averaged $2.86 per dozen. read more

By STAN CHOE, Associated Press Business Writer

NEW YORK (AP) — Most U.S. stocks rose Tuesday following an encouraging report that showed inflation unexpectedly slowed across the country last month.

The S&P 500 climbed 0.7%, coming off an even bigger gain to start the week after the United States and China announced a 90-day pause in their trade war to allow for negotiations. The Dow Jones Industrial Average fell 269 points, or 0.6%, and the Nasdaq composite jumped 1.6% as AI and other tech stocks led the way.

Stocks have been roaring back since the S&P 500 fell nearly 20% below its record last month on hopes that President Donald Trump will ease his stiff tariffs on trading partners worldwide before they create a recession and send inflation spiking higher. The S&P 500, which sits at the center of many 401(k) accounts, is back within 4.2% of its all-time high set in February and positive again for the year so far.

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