Fox Business

Hard Rock Casino in Atlantic City names Anthony Faranca as next president

Tue, 09 Aug 2022 19:24:54 GMT

At 11:30 on a Saturday night, Anthony Faranca was meeting with a group of cleaning workers at the Hard Rock casino before they started their shift, introducing himself, asking about their jobs and about themselves.

It was a telling indication of how involved and accessible the casino's next president plans to be.

Hired in June as Hard Rock's general manager, Faranca is being boosted to the top job now that current president Joe Lupo is heading to Las Vegas to run the Mirage casino once the company completes its purchase.

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He's being handed the city's No. 2 casino in terms of money won from in-person gamblers (No. 3 when internet and sports betting money are included); a resort that has upped the city's game in terms of live entertainment.

But Faranca's gaze extends beyond the casino's walls to the city around it: He's been meeting with city officials on safety and cleanliness initiatives, pledges to continue Hard Rock's history of supporting charitable and community groups, and realizes the casino's success or failure rests squarely on the shoulders of its employees.

That's why late on a busy Saturday night, with a million other things to keep track of, he was huddling with the cleaning staff.

"I make it a point to go to pre-shift meetings with all the different departments, to thank them for what they do and connect with them," Faranca said.

A Philadelphia native, Faranca began his casino career in Atlantic City as a guest services manager at Harrah's and the Showboat. He worked in general manager roles at Philadelphia's Parx casino, the Palms in Las Vegas and at Maryland Live!, where he also was executive vice president, before joining Hard Rock.

Faranca says he has five core principles he plans to follow in his new job: Be the employer of choice in your market. Deliver exceptional hospitality. Clearly understand your property's strategy. Focus on the community. Have a commitment from ownership.

The casino is considering doing some hotel room and suite upgrades, and plans to diversify its entertainment lineup even more, he said.

Jim Allen, the global chairman of Hard Rock, has long pushed Atlantic City officials to make the city safer and cleaner, and has not hesitated to call them out when he feels conditions are poor. Faranca has already picked up that baton.

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"I hope everyone rallies behind the idea of a safe and clean Atlantic City," he said. "When guests visit the city, they need a safe visit."

He has already had discussions with City Councilman Kaleem Shabazz about the need for safety and cleanliness in the city, and will serve on the board of the Atlantic City Police Department Foundation.

"He is very sincere and open to working with government," Shabazz said. "He seems to have a good sense of how a partnership should go and what issues in the community should be dealt with. I feel a strong sense of his community engagement."

Lupo, the outgoing Hard Rock president, called Faranca "a great guy, smart, with great experience. I could not be more pleased."

His advice for his successor?

"Strong leadership is critical," Lupo said. "Follow the direction of CEO Jim Allen, work compassionately and collaboratively with our wonderful Hard Rock team and the Atlantic City community, and even greater success will follow."

With Hard Rock surging in the market, the question has been raised: Can it surpass the Borgata to become Atlantic City's top-performing casino?

Faranca smiles and refers to his five business principles.

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"If I'm successful in those five core tenets, I'll let revenue take care of itself and see where the chips fall," he said. "I have friends at the Borgata and I look forward to sparring with them as the years play out."

Chipotle offers $1M worth of free burritos to teachers in the US

Tue, 09 Aug 2022 19:23:28 GMT

Chipotle Mexican Grill is giving teachers in the U.S. a chance at scoring a free burrito this month as the company aims to "recognize" educators before the start of the school year.

The fast-casual restaurant chain announced that it anticipates it will give away more than $1 million of free burritos to teachers at 2,000 schools starting the week of August 15.

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Teachers who receive a complimentary burrito from Chipotle will be pulled from a nomination pool, which will be collected from "Chipotle fans" — including students, parents, family members and friends — from Tuesday, Aug. 9, to Friday, Aug. 12.

People who wish to nominate an outstanding K-12 teacher in their lives will need to tag their "favorite educator" — and leave a comment about the person's impact on Twitter, Facebook or Instagram.

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A designated space has been made available on each social media platform so that customers can submit their entries.

Here are the locations:

twitter.com/chipotletweets/status/1556972167513849856

instagram.com/p/chcz2zmf4wd/?hl=en

facebook.com/chipotle/photos/a.132022259252/10160136568559253/

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"Teachers cultivate a better world by shaping the next generation," said Chris Brandt, chief marketing officer at Chipotle, in a statement.

He continued, "As a longtime supporter of education, we are encouraging our fans to join us in recognizing teachers and their impact on America's youth."

Chipotle’s Burritos 4 Teachers press announcement indicates that the company will randomly select 2,000 teachers from comments that are left on the three aforementioned social media websites.

Throughout the month of August, Chipotle is also encouraging customers to round up their bills to the next highest dollar amount.

That way, the restaurant chain can "Cultivate a Better World" with donations and support to the Kids In Need Foundation, a national education nonprofit that provides aid to underserved schools.

How much money does Guy Fieri make from ‘Diners, Drive-Ins and Dives'? The celebrity chef's career highlights

Tue, 09 Aug 2022 18:53:47 GMT

Guy Fieri, known for his spiky beach blond hair and a massive appetite, is the highest-paid celebrity chef on cable television. The 54-year-old is the host of the highly acclaimed "Diners, Drive-Ins and Dive" and "Guy's Grocery Games" on the Food Network.

Recently, Fieri used his new-found fortune to buy a house in Florida's luxury West Palm Beach area with his wife of 26 years, Lori, after signing a new contract with the network in 2021, according to People Magazine. Fieri is considered the face of the cooking network and is by far the most popular host, especially among the network's male audience.

"We've been trying for a long time to get a place in Florida," Fieri told the magazine in May 2021.

"It's been an ongoing joke that whenever I would go to the South Beach Food and Wine Festival, someone would say to me, 'So when are you going to move to Florida?' I would always say, 'We're looking. We're looking for a house.' Because I love Florida. I love the people. I love the culture."

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Last year, the chef reportedly signed an $80 million contract with the Food Network to host his two shows over the course of a three-year period. The new deal is a $30 million raise from Fieri's prior deal of $50 million, according to Forbes.

Fieri rakes in approximately $26 million per year, which is more than his competitor celebrity chefs such as Emeril Lagasse, who was paid $8 million, and Gordon Ramsay, who earned around $20 million last year. His signature show, "Diners, Drive-Ins and Dive" first aired in 2006 and, after 33 seasons, earned more than $230 million in advertising revenue in 2020.

"I got a chance of a lifetime," Fieri told the Hollywood Reporter in the wake of the deal. "I think I played it good."

The $80 million deal represents a new level of success for Fieri who for most of his career was looked down upon by other celebrity chefs for his humble origins and simple tastes. Fieri started in the food industry at 10 years old and sold pretzels out of a stand. In France, he studied cooking and later moved to Las Vegas to attend the University of Nevada for hospitality management.

In 2006, Fieri was able to host his own show on the Food Network after winning in the second season of "Next Food Network Star." The show, "Guy's Big Bite, only lasted for six episodes and Fieri earned approximately $1,000 per episode.

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However, by 2010 the Ohio native was one of the most popular stars on the network when he premiered in Diners, Driven Ins, and Dives. The show follows Fieri on the road across the United States, Canada, and Mexico as he eats unique foods from popular local diners, drive-in restaurants, and dive bars.

By 2019, Fieri, along with the late Julia Child, became the fourth celebrity chef to be awarded a star on the Hollywood Walk of Fame. He has been featured in more than 14 series on the Food Network.

Fieri, via his company Knuckle Sandwich LLC, recently launched Flavortown Kitchens, a virtual brand with more than 175 locations worldwide, according to the chef's website. Moreover, Fieri owns more than 80 other restaurants under different brands, including Guy Fieri's Vegas Kitchen & Bar and Guy's Burger Joint on Carnival Cruise Lines.

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Private student loans vs. Parent PLUS Loans: Which is better for you?

Tue, 09 Aug 2022 18:53:11 GMT

As a parent, you have two main options to help pay for your child’s college expenses: Parent PLUS Loans and private student loans.

The federal government offers Parent PLUS Loans and they come with unique benefits. Private loans come from private lenders, and they may have lower interest rates if you have good credit.

In this article, we’ll go over the main differences between the two types of loans to help you figure out which may be right for you.

Credible lets you compare private student loan rates from multiple lenders, all in one place.

Both Parent PLUS Loans and private parent loans give you the opportunity to borrow money for your child’s higher education expenses. But they differ significantly in how interest rates are set and how you’ll repay them.

The U.S. Department of Education offers Parent PLUS Loans, which are more formally known as Direct PLUS Loans. Graduate or professional students can take these loans out, as well as parents of undergraduate students.

You generally apply for these loans online through the StudentAid.gov website. In most cases, you won’t qualify if you have an adverse credit history, like a bankruptcy or foreclosure in the last five years or a history of late or missed payments.

Parent PLUS Loans have a fixed interest rate set by the federal government, which is currently 7.54%. That means the interest rate won’t change for as long as you have the loan.

You’re able to borrow up to the full cost of attendance, as determined by your child’s school, minus any other financial aid the student receives. When you take out the loan, you’ll also pay a fee of 4.228% of the loan amount. To pay the fee, the government will deduct a portion of the funds from each loan payout.

Private parent student loans have no standard requirements. Instead, individual lenders set their own qualifications, interest rates, and repayment terms. But in general, lenders determine the interest rate based on your credit score. People with higher credit scores will qualify for lower rates, while people with poor credit will get higher rates, if they qualify.

You may find private parent loans with fixed or variable rates. Variable-rate loans typically begin with a lower APR, but this rate can rise over time. Fixed-rate loans don’t change for as long as you have the loan.

You usually have the option to make full principal and interest payments while your child is in school, or you can make interest-only payments to keep the interest from building up. Most private parent loans must be repaid within 15 years, though loan terms may be shorter depending on the lender.

The best private parent loans feature zero loan fees. Just like with Parent PLUS Loans, you’re solely responsible for repaying a private parent loan.

A third option for helping your child pay for their college education is by cosigning their student loan. When you do this, your child is the primary borrower on the loan but you’re agreeing to be responsible for repaying the loan if your child defaults.

You may consider cosigning a private student loan with your child. In many cases, students aren’t able to qualify for a loan on their own since they may have little or no credit history. By cosigning, lenders take your credit into account as well. Any missed payments will hurt both your credit and your child’s. Many lenders offer a cosigner release option, which allows you to remove yourself from the loan once your child has made a certain number of consecutive, on-time payments.

A cosigner usually isn’t required on federal student loans.

If you need to take out private student loans, visit Credible to compare private student loan rates from various lenders in minutes.

A Parent PLUS Loan may make the most sense if you have fair credit. With these federal loans, the interest rate is the same no matter your credit score. If you don’t have any major credit problems, but your score simply isn’t the best, you may get a lower rate on a Parent PLUS Loan than you would on a private loan.

A Parent PLUS Loan may also be the best choice if you want to take advantage of one of the unique repayment plans the government offers:

If your payments are still too high, you may have the option to combine all the Parent PLUS Loans you have into a federal Direct Consolidation Loan, which gives you the option of enrolling in an income-driven repayment (IDR) plan. With these plans, your monthly payment is capped at a certain percentage of your discretionary income. This can be a great option if your discretionary income is relatively low.

If your child has exhausted all their scholarship, grant, and federal loan options, and if you have excellent credit, a private parent student loan may make the most sense. You’ll likely be able to qualify for a lower rate than what you’d receive with a Parent PLUS Loan, saving you money in interest.

Private loans may also make sense if you’d like to choose a variable interest rate. This option gives you a lower initial rate, though it can rise over time. If you expect to pay off the loan quickly, though, you may be able to keep the lower interest rate and pay off the loan before it rises.

Similarly, private loans may also make sense if you want a shorter loan term. The standard Parent PLUS Loan term is 10 years, while private lenders often offer shorter terms, say three, five, or seven years. This can save you money in interest and get you out of debt more quickly.

With Credible, you can compare private student loan rates without affecting your credit.

Blockchain bridges fall under fire after suffering multiple hacks recently

Tue, 09 Aug 2022 18:44:24 GMT

Another day, another hack - and another blockchain bridge burned.

When thieves stole an estimated $190 million from U.S. crypto firm Nomad last week, it was the seventh hack of 2022 to target an increasingly important cog in the crypto machine: Blockchain "bridges" - strings of code that help move crypto coins between different applications.

So far this year, hackers have stolen crypto worth some $1.2 billion from bridges, data from London-based blockchain analysis firm Elliptic shows, already more than double last year's total.

"This is a war where the cybersecurity firm or the project can't be a winner," said Ronghui Hu, a professor of computer science at Columbia University in New York and co-founder of cybersecurity firm CertiK.

"We have to protect so many projects. For them (hackers) when they look at one project and there's no bugs, they can simply move on to the next one, until they find a one weak point."

At present, most digital tokens run on their own unique blockchain, essentially a public digital ledger that records crypto transactions. That risks projects using these coins becoming siloed, reducing their prospects for wide use.

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Blockchain bridges aim to tear down these walls. Backers say they will play a fundamental role in "Web3" - the much-hyped vision of a digital future where crypto's enmeshed in online life and commerce.

Yet bridges can be the weakest link.

The Nomad hack was the eighth-biggest crypto theft on record. Other thefts from bridges this year include a $615 million heist at Ronin, used in a popular online game, and a $320 million theft at Wormhole, used in so-called decentralised finance applications.

"Blockchain bridges are the most fertile ground for new vulnerabilities," said Steve Bassi, co-founder and CEO of malware detector PolySwarm.

Achilles Heel

Nomad and others companies that make blockchain bridge software have attracted backing.

Just five days before it was hacked, San Francisco-based Nomad said it had raised $22.4 million from investors including major exchange Coinbase Global. Nomad CEO and co-founder Pranay Mohan called its security model the "gold standard."

Nomad did not respond to requests for comment.

It has said it is working with law enforcement agencies and a blockchain analysis firm to track the stolen funds. Late last week, it announced a bounty of up to 10% for the return of funds hacked from the bridge. It said on Saturday it had recovered over $32 million of the hacked funds so far.

"The most important thing in crypto is community, and our number one goal is restoring bridged user funds," Mohan said. "We will treat any party who returns 90% or more of exploited funds as a white hats. We will not prosecute white hats," he said, referring to so-called ethical hackers.

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Several cyber security and blockchain experts told Reuters that the complexity of bridges meant they could represent an Achilles' heel for projects and applications that used them.

"A reason why hackers have targeted these cross-chain bridges of late is because of the immense technical sophistication involved in creating these kinds of services," said Ganesh Swami, CEO of blockchain data firm Covalent in Vancouver, which had some crypto stored on Nomad's bridge when it was hacked.

For instance, some bridges create versions of crypto coins that make them compatible with different blockchains, holding the original coins in reserve. Others rely on smart contracts, complex covenants that execute deals automatically.

The code involved in all of these can contain bugs or other flaws, potentially leaving the door ajar for hackers.

Bug Bounties

So how best to address the problem?

Some experts say audits of smart contracts could help to guard against cyber thefts, as well as "bug bounty" programs that incentivize open-sourced reviews of smart contract code.

Others call for less concentration of control of the bridges by individual companies, something they say could bolster resiliency and transparency of code.

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"Cross-chain bridges are an attractive target for hackers because they often leverage a centralized infrastructure, most of which lock up assets," said Victor Young, founder and chief architect at U.S. blockchain firm Analog.

Germany faces possible $265 billion loss in added value as a byproduct of war and high energy prices

Tue, 09 Aug 2022 18:43:31 GMT

Germany's economy will lose more than 260 billion euros ($265 billion) in added value by 2030 due to the Ukraine war and high energy prices, spelling negative effects for the labor market, according to a study by the Institute for Employment Research (IAB).

In comparison with expectations for a peaceful Europe, Germany's price-adjusted gross domestic product (GDP) will be 1.7% lower next year and there will be about 240,000 fewer people in employment, said the study published on Tuesday.

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The employment level is expected to stay at around this level until 2026, when expansive measures will gradually begin to outweigh the negative effects and lead to a plus of about 60,000 gainfully employed in 2030.

One of the big losers will be the hospitality industry, which was already hit hard by the coronavirus pandemic and is likely to feel the pinch of consumers' waning purchasing power.

Energy-intensive sectors, such as the chemical industry and metal production, are also especially likely to be affected.

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If energy prices, which have so far shot up by 160%, were to double again, Germany's 2023 economic output would be almost 4% lower than it would have been without the war, according to the study. Under these assumptions, 660,000 fewer people would be employed after three years and still 60,000 fewer in 2030, it said.

Democrats add stock buyback tax to Inflation Reduction Act: What to know

Tue, 09 Aug 2022 18:41:46 GMT

The sweeping climate, health care and tax bill that Senate Democrats passed Sunday includes one of the biggest tax hikes in decades, including a new levy for corporations that repurchase their own stock.

The Inflation Reduction Act of 2022, which passed along party lines with Democrats employing the budget reconciliation process, would raise an estimated $739 billion over the next decade, with the revenues going toward initiatives designed to combat climate change and curb pharmaceutical prices, as well as efforts to reduce the nation's $30 trillion debt.

It includes about $433 billion in new spending, while roughly $300 billion of the new revenue raised would go toward paying down the nation's deficit.

Some of the main revenue raisers stem from new levies on wealthy businesses, including a 1% excise tax on corporate stock repurchases that is poised to take effect in 2023. Democrats, who estimated this new levy will raise about $74 billion over the next decade, are hoping to slow companies' tendency to buy back their own stock from investors with the tax.

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Companies have been allowed to buy their own shares since 1982, and the practice has since become commonplace on Wall Street. In 2019, stock buybacks hit a record $1 trillion, according to the SEC. Buybacks already hit a record $281 billion in the first three months of 2022, according to S&P analyst Howard Silverblatt. Although they were down 17.4% in the second quarter.

"I hate stock buybacks," Senate Majority Leader Chuck Schumer, D-N.Y., said. "I think they are one of the most self-serving things that corporate America does."

The bill also imposes a 15% minimum tax on corporations based on profits they publicly report on their financial statements to shareholders. The minimum book tax would only apply to companies that reported more than $1 billion in income. Democrats said the levy would affect around 200 of the country's largest corporations with profits exceeding $1 billion and that pay less than the current 21% rate for businesses.

Experts expect the two taxes to drag on 2023 earnings, with Goldman Sachs forecasting a 1.5% decline per share of S&P 500 companies. The earnings decreases are expected to hit industries like health care and IT because of the low effective tax rate.

UBS strategists led by Solita Marcelli, meanwhile, projected the new taxes would have a "very minimal 1% drag on S&P 500 earnings per share, although some companies will be more affected than others."

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The bill now heads to the House for a vote that could happen as soon as Friday. It will then be signed into law by President Biden.

Inflation a 'concern' for California food bank as price hikes 'put a lot of pressure' on household budgets

Tue, 09 Aug 2022 18:41:28 GMT

Inflation has been a "concern" for Los Angeles Regional Food Bank CEO Michael Flood, who stressed Tuesday that the price hikes for necessities, including food and gas, have "put a lot of pressure" on household budgets.

He also noted that the inflationary pressures have led to soaring demand at food banks.

"We’re worried," Flood told "Varney & Co." on Tuesday.

"We rely mostly on donated food from farmers, retailers, manufacturers and then we supplement that with food purchases and so being a nonprofit, it’s a matter of what resources are coming in, in terms of the amount of food, the amount of funding to supplement that food, so it’s a concern right now as we look between now and the end of the year, especially because of inflation."

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"It’s really put a lot of pressure on families and household budgets and it’s leading a lot of people needing to seek food assistance," he stressed.

Flood provided the insight the day before July’s inflation data will be released.

Last month, the Labor Department revealed that inflation accelerated more than expected to a new four-decade high in June, exacerbating a financial strain for millions of Americans.

The department said the consumer price index, a broad measure of the price for everyday goods, including gasoline, groceries and rents, rose 9.1% in June from a year ago. Prices jumped 1.3% in the one-month period from May. Those figures were both far higher than the 8.8% headline figure and 1% monthly gain forecast by Refinitiv economists.

The data marked the fastest pace of inflation since December 1981.

Price increases were extensive with energy prices rising 7.5% in June from the previous month and 41.6% compared to the same time last year. Gasoline, on average, costs 59.9% more than it did one year ago and 11.2% more than it did in May. The food index, meanwhile, climbed 1% in June, as consumers paid more for items like cereal, chicken, milk, and fresh vegetables.

Shelter costs – which account for roughly one-third of the CPI – sped up again in June, climbing 0.6%, matching an 18-year-high set in May. On an annual basis, shelter costs have climbed 5.6%, the fastest since February 1991.

Rent costs also surged in June, jumping 0.8% over the month, the largest monthly increase since April 1986. Rising rents are a concerning development because higher housing costs most directly and acutely affect household budgets.

Flood pointed out the shift in the trend he has been noticing as it pertains to the demographic visiting food banks.

He noted that during the pandemic "we had so many people who were furloughed or lost their jobs and didn’t have employment."

"Now the employment picture has improved when you compare it to 2020 and 2021, so now we’re seeing a lot of people who are working, sometimes two jobs, in the family or household, sometimes more," Flood said.

He stressed that even so, "the high prices of food, of fuel, and housing in a place like Los Angeles and other metro areas puts a lot of pressure on budgets."

With inflation at 40-year highs, many Americans are looking for aid for the first time and food banks are struggling to meet demand.

Charitable food distribution has exceeded any amounts given out before the COVID-19 pandemic, although there was some relief last year.

Distribution by California's Alameda County Community Food Bank has risen this summer and Texas' Houston Food Bank now gives out an average of 610,000 pounds.

In Southern California, the Los Angeles bank gave away around 30 million pounds of food during the first three months of this year, far more than the 22 million pounds passed out during the first quarter of 2020.

A spokesperson said that was up from 500,000 daily pounds before the pandemic.

Feeding America shows that more than 53 million people received help from food banks and food pantries in 2021 – or one-third more than before the pandemic.

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A Feeding America food bank survey earlier this year showed that 80% of food banks were reporting either an increase or steady demand for emergency food services.

FOX Business’ Julia Musto and The Associated Press contributed to this report.

Jake Paul jumps into ‘TikTok-ification’ of sports betting with new platform ‘Betr’

Tue, 09 Aug 2022 18:27:36 GMT

Professional boxer and former YouTube personality Jake Paul is hoping to bring his social media expertise to the sportsbook market with a brand new platform.

"It's sort of the TikTok-ification of sports betting," Paul, who’s the founder and president of Betr, told FOX Business’ Stuart Varney on Tuesday. "Now what we're going to be doing is taking over the younger generation of sports fans and introducing them to a product that's easier to understand."

On "Varney & Co.," Paul, along with Betr CEO Joey Levy discussed the more than 100 investors backing the first ever micro-betting, real-time sportsbook.

"We have some amazing investors: Florida Funders, Roger Ehrenberg, Aliya Capital, Travis Scott," Paul listed. Other notable firms include 8vc and co-owners of the San Francisco 49ers, Boston Celtics, and Miami Marlins, according to their press release.

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"We consider ourselves to be the world's first micro-betting app," Levy added. "So you're betting on the individual moments of a U.S. sporting event."

The Betr duo raised $50 million to launch the product, which will initially include sports betting for NFL, NBA, MLB and NCAA football and basketball games.

Paul explained how he never actively participated in sportsbooks until recently after being introduced to micro-betting.

"It made the whole entire game fun, betting on every single play versus just waiting four hours for the match outcome," Paul said. "And I think what makes our product better is simplifying the betting experience, because my generation... They don't really care about sports betting because it's so hard to get involved in, and it's not intuitive, it's not native, there's no community around it, there's no social conversation around it."

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The Miami-based Betr is currently still developing the release of its beta app, which interested users can sign up for early access, according to its website.

"[We’re] super grateful for a combination of institutional support and strategic trust," Levy noted.

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Micron to invest $40 billion in US memory manufacturing through end of decade

Tue, 09 Aug 2022 18:22:57 GMT

Micron Technology will invest $40 billion through the end of the decade to help build out memory manufacturing in the United States.

The investment is expected to result in 40,000 new American jobs, including approximately 5,000 high-paying technical and operational roles at Micron.

It will also bolster education, workforce training, transportation and several other services.

The CHIPS and Science Act will support the move. It was signed into law Tuesday and allocates $52.7 billion for American semiconductor research, development, manufacturing and workforce development.

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According to Micron President and CEO Sanjay Mehrotra, the CHIPS and Science Act is "an important step toward solidifying American semiconductor leadership for decades to come." Currently, the U.S. relies on East Asia for 75% of global production.

"This legislation will enable Micron to grow domestic production of memory from less than 2% to up to 10% of the global market in the next decade, making the U.S. home to the most advanced memory manufacturing and R & D in the world," he added.

Micron is finalizing its specific U.S. expansion plans and will share additional details in the coming weeks. The chipmaker expects to begin production in the second half of the decade.

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Micron's investment is part of the company's previously announced commitment to invest more than $150 billion globally over the next decade in leading-edge memory manufacturing as well as research and development. It also comes as the company has warned of a "broadening of customer inventory adjustments" due to macroeconomic factors and supply chain constraints.

"Our expectations for CY22 industry bit demand growth for DRAM and NAND have declined since our June 30, 2022, earnings call, and we expect a challenging market environment in FQ4 22 and FQ1 23," the company said in a Securities and Exchange Commission filing Tuesday.

Micron expects fourth-quarter revenue to come in at or below the low end of its previously disclosed guidance range. It also expects "significant sequential declines in revenue and margins" and negative free cash flow in the first quarter of 2023.

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In addition to Micron, Qualcomm and GlobalFoundries have announced a new partnership that includes $4.2 billion to manufacture chips in an expansion of GlobalFoundries’ upstate New York facility. Qualcomm plans to increase semiconductor production in the U.S. by up to 50% over the next five years.