BuzzFeed Inc

U.S. stock futures were mixed on Tuesday as renewed concerns over artificial intelligence spending weighed on semiconductor stocks ahead of a pivotal week featuring mega-cap technology earnings and the Federal Reserve's latest interest rate decision. Dow Jones Futures rose 143 points, or 0.3%, while S&P 500 Futures slipped 9 points, or 0.1%, and Nasdaq 100 Futures fell 233 points, or 0.8%. Chipmakers remained under pressure after a broad selloff across Asian semiconductor shares overnight, with investors questioning the sustainability of the AI infrastructure boom amid rising financing costs and intensifying competition from China, further dented by the blockbuster initial public offering of ChangXin Memory Technologies in Shanghai. Among individual movers, United Parcel Service gained 2.1% after reporting second-quarter adjusted earnings of $1.76 per share on revenue of $22.8 billion, both beating estimates, and raising its full-year outlook. Carrier Global rose 3.0% after posting adjusted earnings of $0.86 per share on revenue of $6.35 billion, topping forecasts, and lifting its full-year guidance while announcing the sale of its NORESCO energy-efficiency business. Altimmune surged 18% after its Phase 2 RECLAIM trial of pemvidutide for alcohol use disorder met its primary endpoint with a statistically significant reduction in heavy drinking days. ProMIS Neurosciences climbed 13% after reporting positive six-month interim safety and biomarker data from its Phase 1b Alzheimer's disease trial for PMN310, with no cases of amyloid-related imaging abnormalities with oedema observed. BuzzFeed jumped 14.2% after unveiling a restructuring plan that will eliminate about 35% of its workforce across its BuzzFeed, HuffPost and Tasty brands. Cadence Design Systems gained 2.7% after beating second-quarter expectations and raising its full-year guidance, citing accelerating demand for AI-driven chip design tools. Amkor Technology fell 5.3% despite record second-quarter results, as its third-quarter revenue guidance came in below Wall Street forecasts. Chipmakers broadly declined, with Micron, SanDisk and Western Digital each falling around 4%, Intel dropping 3.2%, AMD losing more than 3%, Applied Materials and Marvell Technology each declining about 2.8%, Super Micro Computer slipping 2.9%, and newly listed U.S. shares of SK Hynix also falling more than 3%.

BuzzFeed shares rose nearly 11% on Tuesday after the digital media company approved a workforce reduction plan that will cut about 35% of its current employees and dedicated contractors across multiple geographies and functions as part of a broader effort to lower costs. The company said the restructuring is aimed at accelerating its path to profitability and positive cash flow by streamlining its organizational structure, reducing operating expenses, and preserving cash. BuzzFeed expects to record $6.5 million to $8.5 million in restructuring charges, primarily in the third quarter of 2026, related to severance, outplacement services, and continued benefits, with most of the charges resulting in cash outlays expected to be paid by the end of the fourth quarter. The company expects the layoffs to generate annualized savings of approximately $29.0 million to $32.0 million, beginning primarily in the third quarter of 2026 and beyond.