As the number of unemployment claims continues to rise, states are turning to big tech companies for help, and Rhode Island is working with Amazon Web Services on the issue.
"They stepped into the crisis and really helped us out in real-time," Director of the Rhode Island Labor Department, Scott Jensen told Cheddar.
In "normal" times, Jensen explained that the state's system worked just fine, but said this is not "normal times." Amazon's cloud-based solutions have helped the state handle the recent spike in traffic that the state has seen as unemployment numbers rise.
"Old infrastructure isn't going to handle it … and that's where Amazon stepped in for Rhode Island and helped us supply in a couple of really smart ways," he said.
Oracle soars as it cashes in on the AI boom, Plus: Starbucks shares continue to fall under its new CEO, and does anybody actually want a new iPhone Air?
Swedish buy now, pay later company Klarna is making its highly anticipated public debut on the New York Stock Exchange Wednesday, the latest in a run of high-profile initial public offerings this year. The offering priced at $40 Tuesday, above the forecasted range of $35 to $37 a share, valuing the company at more than $15 billion. The valuation easily makes Klarna one of the biggest IPOs so far in 2025, which has been one of the busier years for companies going public. Other popular IPOs so far this year include the design software company Figma and Circle Internet Group, which issues the USDC stablecoin..
Oracle co-founder Larry Ellison wrested the title of the world’s richest man from longtime holder Elon Musk early Wednesday as stock in his software giant rocketed more than a third in a stunning few minutes of trading. That is according to wealth tracker Bloomberg. A college dropout, the 81-year-old Ellison is now worth $393 billion, Bloomberg says, several billion more than Musk, who had been the world’s richest for four years. The switch in the ranking came after a blockbuster earnings report from Oracle. Forbes still has Musk as the richest, however, valuing his private businesses much higher.
