Wall Street Jitters, Cloud Earnings, Intel Leadership Crisis, Acronis PE Buyout

Despite concerns of a potential recession, economic indicators suggest continued growth, with the National Bureau of Economic Research indicating positive job growth and stable personal income.  This despite Wall Street's reaction to weak job data.Dave Sobel delves into the IT sector, citing the 2024 Information Week US IT Salary Report, which reveals job stress and layoffs among IT professionals. Tech employment in the U.S. saw a decline in July 2024, with losses in certain sectors offsetting gains in others. The Managed Service Provider (MSP) market experienced a slowdown in revenue growth, but profitability remained strong, particularly for private equity-backed MSPs.The episode also covers earnings calls from major tech companies like Microsoft, Amazon, and Apple. Microsoft's cloud growth slowed, while Amazon Web Services reported a significant revenue increase. Apple's Q3 earnings exceeded expectations, with strong revenue growth in the iPhone and iPad divisions. The cloud infrastructure market saw substantial growth driven by AI interest, with Microsoft, Amazon, and Google Cloud leading the market share.Intel's leadership crisis and restructuring efforts take center stage as Sobel discusses the company's significant earnings miss and workforce reduction plans. Intel's struggles in the AI sector and product quality issues have led to a decline in value and market competitiveness. The episode also touches on private equity moves, including EQT's acquisition of Acronis and Trend Micro's exploration of a sale, highlighting the evolving landscape of cybersecurity and managed services providers. Four things to know today00:00 Wall Street Jitters Amid Weak Job Data; Tech Employment Faces Decline but Remains Resilient05:26 Tech Giants' Earnings Underscore Cloud Power Play, But MSPs and Smaller Players Stay the Course09:37 Intel’s Leadership Crisis Deepens with Earnings Miss, AI Setbacks, and Major Cost-Cutting12:14 Private Equity Moves: EQT Targets Acronis Growth, Trend Micro Eyes Potential Buyout  Supported by:  https://trinitycyber.com/msp4/   All our Sponsors:   https://businessof.tech/sponsors/ Do you want the show on your podcast app or the written versions of the stories? Subscribe to the Business of Tech: https://www.businessof.tech/subscribe/Looking for a link from the stories? The entire script of the show, with links to articles, are posted in each story on https://www.businessof.tech/ Support the show on Patreon: https://patreon.com/mspradio/ Want to be a guest on Business of Tech: Daily 10-Minute IT Services Insights? Send Dave Sobel a message on PodMatch, here: https://www.podmatch.com/hostdetailpreview/businessoftech Want our stuff? Cool Merch? Wear “Why Do We Care?” - Visit https://mspradio.myspreadshop.com Follow us on:LinkedIn: https://www.linkedin.com/company/28908079/YouTube: https://youtube.com/mspradio/Facebook: https://www.facebook.com/mspradionews/Instagram: https://www.instagram.com/mspradio/TikTok: https://www.tiktok.com/@businessoftechBluesky: https://bsky.app/profile/businessoftech.bsky.social