The Pentagon’s Space Development Agency (SDA) has awarded contracts worth approximately $1.3 billion to York Space and Northrop Grumman to construct communications satellites. The goal is to create a network called the Proliferated Warfighter Space Architecture (PWSA), with the companies tasked with building 100 satellites for the “Alpha” variant prototypes in the “Tranche 2 Transport Layer” constellation (T2TL-Alpha). These satellites will provide encrypted communications.

Ford has announced a delay in its planned $12 billion investments in electric vehicles (EVs) and the construction of a second battery plant with SK On, its joint venture partner. The decision comes as the demand for higher-priced premium EVs has weakened. While Ford’s overall profitability remains strong, its EV business, known as Model e, has reported losses, with a $1.3 billion loss in the third quarter. Ford aims to achieve an 8% margin on EVs by reducing operational costs and scaling quickly to address the competitive EV market.

The company is focusing on lowering the price of EVs rather than adding more features, taking inspiration from Tesla’s cost-focused approach. Ford plans to introduce lower-priced second and third-generation EVs, including a full-sized pickup truck. The automaker is also adjusting production and capacity to match market demand and considering potential adjustments to its global Battery Park Michigan plant.

Bitcoin surged by nearly 10% to $34,872, reaching its highest level in nearly a year-and-a-half, fueled by speculation of an exchange-traded bitcoin fund (ETF) approval. The recent 10% jump on Monday marked the cryptocurrency’s best day in almost a year, leading to increased bullishness across the wider crypto market. The approval of a bitcoin ETF by the U.S. Securities and Exchange Commission (SEC) is expected to drive demand and attract new investors.

This optimism was further bolstered by the inclusion of BlackRock’s iShares ETF on the website of clearing house DTCC. Reports of the SEC’s decision not to appeal a court ruling against rejecting an ETF application from Grayscale Investments also contributed to the anticipation. Bitcoin futures data revealed significant short-covering in the past 24 hours.

In an effort to promote innovation and job creation, the Biden administration has designated 31 technology hubs across the United States and Puerto Rico. Commerce Secretary Gina Raimondo expressed her excitement for the initiative, stating that she had never seen such a high level of interest before. The hubs were chosen competitively, with the Department of Commerce receiving 400 applications.

The program aims to distribute $500 million in grants to cities, using funds authorized under last year’s CHIPS and Science Act. The White House emphasized the importance of spreading opportunity and technology investments beyond major cities. The tech hubs reach various states, demonstrating the administration’s commitment to promoting innovation and economic growth nationwide.

Micron, the only US manufacturer of dynamic random-access memory (DRAM) chips, is doubling down on US manufacturing amid China’s bans on US technologies. With plans to bring advanced memory production to the US, Micron aims to increase its share of DRAM production from its current 2% to 15% in the next 20 years. The company is investing $15 billion in a chip fabrication plant in Boise, Idaho, and another $100 billion over 20 years to build four fabs in New York. Micron’s expansion comes as the demand for memory chips, driven by smartphones, computers, AI, and other applications, continues to grow.

However, Micron faces challenges, such as the major price slump for memory chips and tensions with China. Despite this, Micron remains optimistic about its growth in the smartphone business and its foray into rapid-growth markets like automotive and AI. The company also emphasizes the need for a predictable investing environment between the US and China. With investments, government incentives, and CHIPS and Science Act assistance, Micron aims to increase its US chip manufacturing and reduce dependence on Asia.

Google has reportedly laid off around 40-45 employees in its news division, which has raised concerns due to the ongoing battle against misinformation. The company has not disclosed the exact number of layoffs but confirmed the cuts, stating that they have made internal changes to streamline the organization. The impacted employees will receive support during their transition period, including severance and outplacement services. Google News is a widely used platform that provides users with links to articles from various publishers, attracting attention particularly during times of conflict or crisis. The layoffs come at a critical time when disinformation related to the Israel-Hamas conflict is spreading across platforms. There is growing pressure on tech companies to take stricter measures to combat false and misleading content, with European Union industry chief Thierry Breton demanding action from Google and other platforms. This move by Google follows previous job cuts in different parts of the company earlier this year.

Finnish company Nokia announced plans to cut up to 14,000 jobs in an effort to reduce costs after experiencing a 20% drop in third-quarter sales, primarily due to weaker demand for 5G equipment. The company’s shares fell by 2% following the news. Nokia’s CEO, Pekka Lundmark, expressed concerns about the challenging market situation, particularly the 40% decline in net sales in the North American market. Nokia aims to save between €800 million and €1.2 billion ($842 million to $1.26 billion) by 2026 and expects at least €400 million in savings in 2024. The company did not revise its full-year outlook but stressed the need for investment in faster mid-band equipment to address the growth in data traffic. Additionally, Nokia plans to protect its research and development division during the job cuts.

Ford Motor announced that it will be laying off an additional 150 workers in Michigan as a result of the ongoing United Auto Workers (UAW) strike. This brings the total number of furloughed workers to 2,730. The UAW strike at Ford’s Kentucky Truck Plant prompted the new layoffs at a Michigan axle plant. Currently, 16,600 Ford employees are on strike at three assembly plants, including the Kentucky Truck Plant, which is the company’s largest plant globally. The targeted strike against Ford, General Motors, and Stellantis began on September 15.

United Airlines is set to introduce a new boarding order that will prioritize economy-class passengers who have selected window seats. The change, which aims to save approximately two minutes during the boarding process, will commence on October 26. This adjustment comes in response to the increased boarding times experienced by the airline since 2019. By allowing window seat passengers to board ahead of those with middle and aisle seats, United expects to minimize delays and potential disruptions throughout the day. The new procedure will be implemented on both domestic and select international flights.