Thursday's Pre-Market: Cisco, Instacart, NVIDIA, Singapore, and SpaceX

Cisco says it’s cutting 5% of global workforce, amounting to over 4,000 jobs

Cisco said it would let go of 5% of employees, which works out to around 4,250 people.
The company’s quarterly and full-year forecasts were light.

Instacart on Tuesday announced it would lay off about 250 employees, or roughly 7% of the company, alongside reporting fourth-quarter earnings that fell roughly in line with analysts’ estimates.
The layoffs are focused in part on middle management and creating a flatter organizational structure, according to Instacart, as well as focusing teams on larger projects.
Instacart’s COO, CTO and chief architect are departing the company for personal reasons, and the company only plans to backfill the CTO role.

The symbolic milestone is more confirmation that Nvidia has become a Wall Street darling on the back of elevated AI chips sales.
Nvidia is valued even more highly than the large software companies and cloud providers that developed many of the AI techniques that power the boom.
Nvidia is now the third largest U.S. company, only behind Apple and Microsoft.

Singapore’s economy expanded 2.2% year-on-year in the fourth quarter last year, government data showed.
On a whole, the Singapore economy grew 1.1% in 2023, slower than the 3.8% expansion in 2022.

SpaceX has filed to move its incorporation location to Texas from Delaware, according to public filings with the Texas Secretary of State.
The move follows a Delaware Chancery Court ruling that ordered Tesla to rescind Elon Musk’s 2018 CEO pay package, worth about $56 billion in options.
Musk voiced a strong preference for moving his businesses out of Delaware following the court’s decision, and encouraged others to do so as well.