Table of Contents

• Walgreens

• OpenAI

Top Stories Today

Economy & Finance

Walgreens

Walgreens is set to close a significant number of its approximately 8,600 U.S. locations as part of a sweeping overhaul aimed at revitalizing its struggling pharmacy business. Following disappointing fiscal third-quarter earnings, which fell short of expectations and prompted a more subdued profit outlook, the company plans to shutter underperforming stores over the next few years. CEO Tim Wentworth emphasized the need for change, citing unsustainable conditions in the pharmacy sector amidst consumer resistance to high prices and tough market dynamics. Despite revenue exceeding estimates due to strong healthcare segment performance, Walgreens’ stock plunged over 20% as investors reacted to the grim earnings report and revised forecasts.

Technology

OpenAI

Time Inc. and OpenAI have established a multi-year collaboration enabling OpenAI to use Time magazine's content to train its chatbots. OpenAI announced that this partnership will support both the advancement of AI and the journalism industry. The collaboration aims to facilitate easier access to news through AI tools while ensuring proper credit to original sources. Under the agreement, responses from OpenAI's ChatGPT might include links to Time articles, and Time will have exclusive access to OpenAI’s tools. This deal offers a new revenue stream for Time amid declining profits in traditional media and enhances OpenAI's credibility amid past accusations of copyright infringement. OpenAI has previously secured similar agreements with other major media outlets like The Wall Street Journal and The Financial Times.

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