Meta, formerly known as Facebook, is preparing to lay off employees in its Reality Labs division’s silicon unit, focused on creating custom chips for its metaverse-oriented products, according to sources familiar with the matter. The extent of the cuts to the unit, called Facebook Agile Silicon Team (FAST), is unknown. This move could pose challenges for Meta CEO Mark Zuckerberg’s goal of building augmented and virtual reality devices, particularly AR glasses, to redefine technology experiences.

The approximately 600-employee FAST unit has faced difficulties in developing chips that can compete with external providers, leading Meta to collaborate with chipmaker Qualcomm. Despite the restructuring, Meta plans to continue developing technically advanced and slim AR glasses for the future. Meta has been undergoing a series of layoffs since last year and has slashed around 21,000 jobs to curb costs and address concerns regarding waning revenue growth.

Mortgage rates have surged to their highest levels in years, leading to a 6% decline in total mortgage demand, according to the Mortgage Bankers Association. The average interest rate for 30-year fixed-rate mortgages also increased significantly, causing applications for both refinancing and home purchases to drop. The rise in rates has pushed many potential homebuyers out of the market, resulting in the lowest level of purchase activity since 1995. Furthermore, adjustable-rate mortgage applications have increased as borrowers seek lower rates. The current economic data suggests that the Federal Reserve may need to adopt a more aggressive interest rate policy.

Chipotle Mexican Grill is testing automation to determine if robots can make customers’ burrito bowls and salads. This marks the second time the chain has publicly announced testing automation at its innovation center. The first experiment, known as Chippy, involved a robot that makes tortilla chips. Although automation is seen as a way to reduce labor costs and improve order consistency and speed, the high cost of robotics and artificial intelligence software means it will likely take years before it provides a return on investment for restaurants.

Nonetheless, many restaurant operators have high hopes for automation’s future. Chipotle’s current test is a partnership with startup Hyphen, in which the robot will make burrito bowls and salads for digital orders only. The technology moves the bowls underneath the digital make line to dispense the correct ingredients, allowing employees to simultaneously assemble digital orders for other items. Once the robot completes an order, it returns the bowl or salad to the surface for packaging by employees.

LinkedIn, the Microsoft-owned social platform, is introducing a range of new AI features to enhance its job hunting, marketing, and sales products. The updates include AI assistance in the Recruiter talent sourcing platform, an AI-powered LinkedIn Learning coach, and an AI-powered tool for marketing campaigns. LinkedIn has been gradually incorporating AI into its offerings, such as AI-based writing suggestions and AI-created job descriptions. However, the platform is now leveraging technology from OpenAI and Microsoft to power its new features.

JetBlue Airways has revealed plans to increase flight attendant pay starting in November, with a 5% raise followed by an additional 2% increase and various incentives. These raises, coupled with previously agreed raises, will result in a total increase of 21.5% for flight attendants by 2026. The decision comes as JetBlue attempts to acquire budget airline Spirit Airlines, against which the Justice Department has filed a lawsuit to block the merger. As part of the agreement, JetBlue commits to not furloughing or displacing any flight attendants or closing associated bases for seven years after the Spirit acquisition. The flight attendants’ union has announced support for the merger in return. Additionally, JetBlue has agreed to provide additional pay for staff on trans-Atlantic routes and in the Mint business-class cabin.

Shares of Sphere Entertainment surged by 11% on Monday following the highly successful opening weekend of its new Las Vegas venue. The company, founded by New York Knicks owner James Dolan, hosted a series of rock band U2 performances, which garnered significant excitement from fans on social media. Sphere Entertainment aims to revolutionize live entertainment with its futuristic dome-shaped arena and immersive video screens. The company has also revealed plans to construct a similar venue in London, pending approvals. With a market cap of approximately $1.4 billion, Sphere Entertainment is off to an impressive start in the entertainment industry.

Rivian Automotive announced that it delivered a record 15,564 electric vehicles (EVs) in the third quarter of 2023. This surpassed Wall Street estimates and marked a 23% increase from Q2. The company also stated that it produced 16,304 vehicles during the same period at its Illinois factory. Furthermore, Rivian confirmed its commitment to producing 52,000 EVs in 2023, remaining in line with its previous guidance to investors. The company had implemented cost-saving measures earlier this year, including staff reductions and a convertible notes sale, and it had $10.2 billion in cash on hand as of June 30. Rivian will release its third-quarter earnings results on November 7.

Toys R Us, under its parent company WHP Global, is making a bold comeback in the U.S. with the announcement of expanding its brick-and-mortar presence. The plan includes opening up to 24 new flagship stores in prime cities in partnership with Go! Retail Group. Additionally, the toy retailer will launch stores at airports and on cruise ships. The first airport store is set to open in November at Dallas Fort Worth International Airport. Toys R Us aims to provide immersive shopping experiences similar to its current flagship store at the American Dream megamall in New Jersey. The expansion follows the company’s acquisition by WHP and its previous plans to open more stores after emerging from bankruptcy in 2017. The Toys R Us brand currently generates over $2 billion in global retail sales annually.

In an effort to achieve financial stability, Epic Games has announced that it will be laying off 16% of its workforce. CEO Tim Sweeney stated that about two-thirds of the job cuts will be outside of core development, allowing the company to reduce costs without interrupting major plans. Additionally, Epic will be selling its music platform, Bandcamp, to Songtradr, a music licensing platform. The company’s SuperAwesome advertising business will also be spun off as an independent company under the SuperAwesome brand. These moves come as Epic Games aims to rectify its spending and reduce losses. The layoffs at Epic Games reflect the broader trend of job cuts within the tech industry due to slowing growth and higher interest rates.