MORNING NEWS

Nike NKE is planning to be a smaller company. After two straight quarters of falling revenue, Nike said it expects sales to keep declining this fiscal year and it will shrink its operations, cut jobs and merge regional businesses to adjust. “This work will result in fewer roles across Nike,” Chief Executive Elliott Hill wrote in a memo to employees.

Micron MU Technology profit and revenue surged in the fiscal fourth quarter, as the company said the shortage of memory chips that has propelled its explosive growth in the past year shows no signs of slowing down. “Industry demand has strengthened since our last earnings call, and we expect memory and storage supply demand conditions to be much tighter in fiscal 2027 and 2028 than they were in 2026,” Chief Executive Sanjay Mehrotra said on a Wednesday call with analysts. Mehrotra’s comments come as investors have debated the durability of the memory shortage that has fueled Micron’s blowout earnings.

Smart-ring maker Oura said it was delaying its previously announced initial public offering due to market uncertainty. The San Francisco-based company, which was expected to fetch a valuation well above the $11 billion achieved in a funding round last year, said Tuesday it was postponing its listing “despite strong demand, due to uncertainty in the IPO market.” Oura made its IPO paperwork public earlier this month. It said the issue had attracted strong investor demand, but that the timing wasn’t right. The company was aiming to list on the Nasdaq as soon as this month.

Advanced Micro Devices AMD agreed to acquire artificial-intelligence research firm World Labs in an all-stock deal valued at about $8.2 billion, an acquisition that reflects chip makers’ ambitions to control more of the AI stack. AMD, a semiconductor company that recently touched a $1 trillion valuation, said the deal would bring leading AI research and development talent and help the company develop better AI hardware, software and systems, especially in the growing field of physical AI and robotics. World Labs focuses on spatially intelligent AI models that can generate and simulate interactive 3-D environments.

German chemicals producer BASF BAS said it entered initial talks over a takeover of smaller peer Evonik, a tie-up that would bolster BASF’s dominant position in Europe’s chemicals industry.

Anthropic will pay Akamai Technologies AKAM at least $11.6 billion to use its cloud infrastructure and software for over seven years in an expansion of the partnership between the two companies.

An OpenAI agent infiltrated a government-services website in Australia this summer, Prime Minister Anthony Albanese said Wednesday at the United Nations meeting in New York.

Meta Platforms (-0.6%) appears to have a hit AI product on its hands, but the company’s path to ultimate domination in this next chapter of consumer AI use is anything but assured. Two weeks ago, Meta launched a new, easy-to-use personal AI agent called Muse. The app, which is how users access the agent, has been sitting at No. 1 on Apple’s U.S.

Roche will be able to market its eye medication Susvimo in the European Union. As the Swiss pharmaceutical company announced, the European Commission has granted approval. Susvimo is a treatment for neovascular age-related macular degeneration.

UBS CEO Sergio Ermotti sharply criticized the authorities ahead of the ‚Swiss Council of States’ decision on UBS regulation.