Microsoft pitches 

AI for tasks

Microsoft CEO Satya Nadella is opening a company conference in Chicago with remarks that could set the stage for where it’s taking its artificial intelligence business. AI developers are increasingly pitching the next wave of generative AI chatbots as AI ‘agents’ that can do more useful things on people’s behalf. But the cost of building and running AI tools is so high that more investors are questioning whether the technology’s promise is overblown. Microsoft said last month that it’s preparing for a world in which “every organization will have a constellation of agents — ranging from simple prompt-and-response to fully autonomous.”

U.S. to fund

chip research

The federal government plans to award $285 million to a new semiconductor research center focused on digital twin technology, with the goal of reducing the cost and time of chip development by roughly a third. The institute — a total $1 billion investment — will be headquartered in North Carolina and run by the Semiconductor Research Corp., an existing industry consortium. The Commerce Department announced Tuesday that it is entering negotiations with the consortium to provide funding from the 2022 Chips and Science Act. The Chips Act set aside $39 billion in grants to boost domestic semiconductor manufacturing and $11 billion for research and development efforts — all geared toward limiting reliance on Asia for critical components.

Jersey Mike’s

sells for $8B

Jersey Mike’s, the quickly expanding sandwich chain, is being acquired by the private equity firm Blackstone in a deal valued at $8 billion. The transaction is “intended to help enable Jersey Mike’s to accelerate its expansion across and beyond the U.S. market,” the companies said Tuesday, as well as aid ongoing technological investments. Under terms of the agreement, Jersey Mike’s founder and CEO Peter Cancro will continue to lead the business and maintains a “significant equity stake” in the chain. Jersey Mike’s has expanded rapidly over the last decade, growing from 857 stores in 2014 to more than 2,800 this year.

Profits rise

for Walmart

Walmart ratcheted up sales and profits again in the third quarter with its comparatively low prices proving a powerful draw for shoppers seeking to cut spending where they could. The nation’s largest retailer raised its outlook for the year as well. Walmart, based in Bentonville, Arkansas, reported net income of $4.58 billion, or 57 cents per share, in the three months ended Oct. 31. That compares with $4.53 billion, or 6 cents per share, in the year-ago period. Sales rose 5.5% to $169.59 billion, up from $160.8 billion in the year-ago period, and also easily beat analyst projections.

— Bulletin wire reports