Wall Street Breakfast Podcast: Atlassian Trims Staff For AI

Company Developments - Atlassian (TEAM) announced a workforce reduction of approximately 10%, equating to 1,600 roles, to reallocate capital towards artificial intelligence and enterprise sales [6][7] - The company expects to incur costs between $225 million and $236 million due to these changes, including $169 million to $174 million for severance and employee benefits, and approximately $56 million to $62 million for reducing office space [7] - Rivian (RIVN) received an upgrade from TD Cowen to Buy from Hold, with an 18% increase in price target to $20, driven by favorable demand projections for its R2 mid-sized SUV [9] Market Trends - Stock index futures are declining, with Dow Jones Industrial Average futures down 0.44%, S&P 500 futures down 0.35%, and Nasdaq 100 futures down 0.31% [6] - Brent crude futures rose by 6% to $98, while West Texas Intermediate gained 6% to $92, indicating rising oil prices amid geopolitical tensions [6][10] - Rivian is set to debut its R2 vehicle at SXSW, with competitive pricing expected against Tesla's Model Y and other electric vehicles [8]