💼 Is Remote Work Over?

Good morning. US stock futures ticked higher in Tuesday morning trading as Wall Street readied for key retail sales data and the start of the Federal Reserve’s latest policy meeting.

🛒 Amazon orders staff back to the office

📝 Our report: Looks like "WFH" is getting a serious timeout! Amazon CEO Andy Jassy just dropped the news: corporate staffers should prepare to be in the office five days a week, according to a memo he sent out to Amazon employees. The decision marks a significant shift from Amazon’s earlier return-to-work stance, which required corporate workers to be in the office at least three days a week. Now, the company is giving employees until Jan. 2 to start adhering to the new policy.

 🔑 Key points:

• Corporate employees will be expected to be in the office five days a week “outside of extenuating circumstances” or unless they have been granted an exception by their organization’s S-team leader, Jassy said, referring to the close-knit group of executives that report to Amazon’s CEO.

• Amazon also plans to simplify its corporate structure by having fewer managers in order to “remove layers and flatten organizations,” Jassy said.

• The company rapidly grew its headcount over the course of the pandemic before Jassy took the helm and instituted widespread cost cuts across Amazon, including the largest layoffs in its 27 years as a public company. Amazon’s headcount totaled 1.53 million employees in the second quarter, representing growth of just 5% from a year earlier.

💡 So what: Amazon's decision to mandate five days in the office for corporate staff has notable implications. It could negatively affect employee morale, especially for those who value remote work flexibility, and might lead to turnover or dissatisfaction. However, Amazon may aim to boost in-person collaboration, productivity, and address concerns about preserving company culture. This move might influence other companies to reconsider remote or hybrid setups, potentially impacting real estate markets by shifting demand back to urban office spaces. Ultimately, it reflects the broader debate over the future of work and how to balance flexibility with company goals.

Tuesday - US Retail Sales

Wednesday - FOMC Interest-Rate Decision, Fed Chair Powell Press Conference

Thursday - U.S. Leading Economic Indicators

Friday - No Major Economic News

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🥽 VR, AR headset demand set to skyrocket on AI progress

WHAT: Global AR/VR headset shipments are expected to leap by 41.4% in 2025, thanks to cheaper devices and a sprinkle of AI magic, according to research firm IDC. Worldwide shipments of AR and VR headsets fell 28.1% year-over-year to 1.1 million units in the second quarter, due to elevated prices and a weak economy prompting customers to rein in expenses, IDC said.

WHY: "We're seeing a slew of new startups and next generation products from established brands targeting the 'smart glasses' space," said Jitesh Ubrani, research manager, Worldwide Mobile Device Trackers at IDC. "What's different this time around is the inclusion of AI along with thinner and lighter designs catering to consumers." he added.

🍴 Tupperware looks for bankruptcy protection

WHAT: Tupperware is reportedly set to file for bankruptcy as soon as this week after years of struggling to freshen up its business, with demand for its iconic containers fading. The home-goods brand, which has for much of a century defined food storage, is planning to enter court protection after it breached the terms of its debt and enlisted legal and financial advisers, said people familiar with the matter.

WHY: The bankruptcy preparations follow protracted negotiations between Tupperware and its lenders over how to manage more than $700 million in debt. The lenders agreed this year to give it some breathing room on the violated loan terms, but the company continued to deteriorate.

🤝 Intel inks deal for Amazon’s chips

WHAT: Intel has scored a big win by landing Amazon’s AWS as a manufacturing customer, which could bring work to Intel’s new U.S. plants and give its turnaround plans a much-needed boost. Intel and AWS will coinvest in a custom semiconductor for artificial intelligence computing – what’s known as a fabric chip – in a “multiyear, multibillion-dollar framework,” according to a statement from the company.

WHY: Intel still has a long way to go to win back Wall Street’s full confidence. After years of losing ground to rivals and seeing its technological edge slip, the Silicon Valley pioneer is valued at less than $90 billion.

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