Business & Markets

SAN FRANCISCO — Dropbox told employees on October 28 that it will eliminate about 200 roles, roughly 9 percent of its global workforce. Co-CEO Ashraf Alkarmi delivered the news. The cuts reach engineering, product, design and general and administrative teams. The company's Form 8-K estimates cash costs of $27 million to $33 million for severance and related items, and $20 million to $25 million in incremental expense. Dropbox also said third-quarter results should be in line with or above its guidance. Chief technology officer Ali Dasdan leaves November 18 under a separation package that includes a prorated $515,000 bonus and about $1.3 million in cash. The announcement came a day after Dropbox launched a Microsoft Copilot integration. The company did not say AI replaced the employees. It cut about 20 percent of staff, or 528 people, in October 2024.

SHENZHEN — Sunwoda, the Shenzhen-listed battery maker, said a subsidiary of carmaker Xiaomi plans to invest 1.7 billion yuan (about $256 million) for a 5.3 percent stake in its electric-vehicle battery unit. Xiaomi would become the unit's third-largest shareholder. The move follows by less than two months an announcement that Li Auto would invest 2.6 billion yuan for 8.8 percent of the same unit. Sunwoda also said it is scrapping plans for a Hong Kong listing. It cited poor market conditions and changes in its development plans. The investments show Chinese automakers taking equity positions in battery suppliers, a pattern that gives them more say over supply. The report did not give a timetable for completing the Xiaomi deal.

WASHINGTON — The NFIB Small Business Optimism Index fell 0.8 points in September to 97.9, one-tenth of a point below its 52-year average of 98.0. The group's Uncertainty Index rose to 90, far above its historical average of 68. Expansion plans and expectations for business conditions weakened. Labor quality remained owners' top problem and inflation was second. NFIB's research director attributed much of the price pressure to energy costs. AAA data cited in coverage showed gasoline at $4.34 and diesel at $6.28 a gallon, against $2.98 and $3.76 before the Iran war began. A net 31 percent of owners reported raising selling prices, well above the long-run net 14 percent. NFIB also said small-business borrowers reported higher rates on recent loans after the Federal Reserve raised its policy rate. The October survey is scheduled for release on November 10.

SAN FRANCISCO — OpenAI said on October 21 that it was extending ChatGPT Ads to 26 more countries, bringing the total to 89, and that more than 100,000 advertisers have run campaigns since ads began just over eight months ago. Advertisers can buy through technology partners or self-serve in Ads Manager. Ads appear only on the Free and Go plans. OpenAI's own post pitches the product to local businesses, regional brands and international companies. A trade-press analysis noted that the 100,000 figure is cumulative, not a count of active advertisers, and that OpenAI named only 11 of the 26 new countries. In its weekly advertiser email on October 30, OpenAI reportedly announced a wider standard ad card on desktop and opened multi-image ads to all advertisers in beta. OpenAI says it will add formats, objectives, buying options and measurement tools.

A run of Google Business Profile policy changes over the past six weeks is reshaping day-to-day listing management. On September 23, Google updated its help page to say owners have four days to reject a user-suggested edit, after which it may be published. Local search specialists reported on September 30 that Google Maps now asks signed-out visitors to log in to read more reviews or sort them. On October 6, Google revised the advertising and solicitation section of its Maps and Business Profiles prohibited and restricted content policy. Owners are being told to check notification emails, keep profile details matched to their websites, and avoid posting phone numbers or handles that are not already on the profile. Sterling Sky's running timeline tracks the changes.

NEW YORK — New this morning: U.S. equity futures turned higher in Asian trading, with S&P 500 and Nasdaq-100 contracts up at least 0.4%. That points to a bounce when cash markets open after Friday's sharp technology selloff. Bloomberg reported that the Nasdaq-100 fell 3.5% on Friday, its worst day since June, while the Philadelphia Semiconductor Index plunged 7.2%. Friday's closes were 7,580.07 for the S&P 500, down 1.82%, 51,770.31 for the Dow, down 1.09%, and 25,437.00 for the Nasdaq Composite, down 2.86%. The 10-year Treasury yield was about 4.93%. Asian markets were mixed: Japan and Australia fell, South Korea and Hong Kong rose, and the MSCI Asia Pacific Index slipped 0.5%. A heavy week of earnings and economic data follows.

SAN FRANCISCO — Anthropic filed its public registration statement with the Securities and Exchange Commission on October 26 for an initial public offering of Class A common stock, according to a plain-English summary of the filing. The company has applied to list on the Nasdaq Global Select Market under the ticker ANT. It had submitted a confidential draft on June 1, saying then that any offering would depend on market conditions. Investing.com reported that a mid-November IPO remained on track, though that timing is not confirmed by the company and the price range and share count are not given here. The filing arrives as technology and AI stocks have sold off over worries about data-center spending.

WASHINGTON — Fed Chair Kevin Warsh plans to drop the interest-rate vote at one Fed meeting a year in 2027 and two in 2028, according to an FXStreet analysis. The eight scheduled meetings would stay, but the meetings without votes would focus on long-term strategy, with no rate decision and no statement. The analysis argues this concentrates a year's worth of news into six decisions, so each could move yields more. The change follows the Fed's October hold, after which Warsh said, per CNBC's headline, that he does not believe in forward guidance absent a crisis. Dallas Fed President Lorie Logan has publicly argued for clearer signals, which sets her at odds with the chairman. Bloomberg's coverage of the October meeting also flagged a new meeting schedule and a stress-test overhaul.

PINE ISLAND, Minn. — Google and Xcel Energy have proposed a 780-megawatt data center in Pine Island, Minnesota, paired with new generation that exceeds the facility's own demand. Under the draft agreement, Google would help finance 1,400 megawatts of wind, 200 of solar and 300 of battery storage. It would keep paying for the capacity even if it does not use all of it. Xcel says the new supply would serve all local customers and help the area's carbon-free supply, and that existing ratepayers would not carry the infrastructure costs. Some experts and residents are skeptical. Analysts quoted by CNBC say much of the buildout could be avoided and that utilities have a financial incentive to keep building. The North American Electric Reliability Corporation expects new data centers to account for most of the projected growth in U.S. electricity demand over the next decade.

U.S. natural gas futures were near $2.91 per million Btu on Nov. 2, according to Trading Economics data. That is roughly 5 percent below a month earlier and about 32 percent below a year ago. Demand from LNG exporters is a main source of support. Feedgas deliveries to the nine major U.S. export plants averaged about 19.1 billion cubic feet a day over the past two weeks. October flows ran at 18.3 billion cubic feet a day, up from 17.9 billion in September. European and Asian buyers are racing to secure cargoes before winter. Market data show prices well below the January spike, when the front-month contract topped $7. The Dec. 2026 contract expires Nov. 25, and weather and storage reports will drive the next moves. Oil markets, by contrast, remain elevated amid the Hormuz disruption.