Core Insights - The Magnificent Seven, comprising Apple, Microsoft, Alphabet, Amazon, Nvidia, Meta, and Tesla, collectively hold a market value exceeding $20 trillion, marking them as some of the most powerful companies in history [1] - The Big Four accounting firms—PwC, Deloitte, EY, and KPMG—are responsible for auditing these companies, ensuring financial accountability and compliance with regulations [2] Company Summaries - **Microsoft**: Audited by Deloitte since its IPO in 1986, Microsoft paid $78.4 million for audit and other services in its 2025 fiscal year, with a current valuation of $3.61 trillion and a 15% stock increase year-to-date [4][5] - **Apple**: EY has been Apple's auditor since 2009, with audit fees rising from $25 million to $30 million in 2024. Apple is valued at approximately $4 trillion, with a 9% stock increase year-to-date [6] - **Alphabet**: Also audited by EY, Alphabet's audit fees decreased from $41 million to $6.5 million in 2024. The company is valued at $3.7 trillion, with a significant 62% stock increase year-to-date [7] - **Amazon**: EY has served as Amazon's auditor since 1996, with audit fees of $51 million for the 2024 fiscal year. Amazon's current valuation is $2.43 trillion, although its stock performance has lagged behind its peers [8][9] - **Nvidia**: Audited by PwC since 2004, Nvidia reported $10 million in audit fees for its 2025 fiscal year. The company reached a market cap of $4 trillion in 2025 [10] - **Meta**: EY has been Meta's auditor since 2007, with audit fees of $36.3 million for the 2024 fiscal year. Meta is valued at $1.66 trillion, with a 12.5% stock increase year-to-date [11][12] - **Tesla**: Audited by PwC since 2005, Tesla's stock has rebounded to a valuation of $1.6 trillion, with a 19% increase year-to-date despite facing challenges earlier in the year [13][14]

AI is transforming consultants' day-to-day jobs and letting them ditch their most boring tasks. At KPMG, junior consultants are being trained to manage teams of AI agents. They'll replace grunt work with more involvement in strategy, said KPMG's global AI workforce lead. For KPMG's newest consultants, the days of endlessly making slide decks may soon be over. The Big Four consulting and accounting firm is training its junior consultants to manage teams of AI agents — digital assistants capable of ...

Core Insights - Amazon's recent layoffs of 14,000 employees may signal a broader trend of job cuts across corporate America, potentially driven by advancements in AI technology [3][4][7] - The layoffs primarily affected early and mid-level managers in Amazon's retail division, with concerns that AWS could face cuts in the near future [4][7] - Amazon's job cuts are seen as a way to validate its AI tools, demonstrating their efficiency by maintaining operations despite significant workforce reductions [5][6] Industry Trends - The potential for mass layoffs in the tech sector is increasing as companies like Amazon leverage AI to enhance productivity and decision-making [4][7] - The trend of using AI to streamline operations may lead to a shift in workforce dynamics, with companies prioritizing technology over human labor [3][4] Company Developments - Amazon's leadership is encouraging employees to embrace AI to improve effectiveness, indicating a strategic pivot towards technology-driven operations [4] - The company's recent job cuts are part of a broader strategy to showcase the value of its AI products, which could impact its market positioning if unsuccessful [5][7]

Core Insights - PwC's global revenue grew by 2.9% to $56.9 billion in the 2025 financial year, marking a slowdown for the third consecutive year [1][6] - The firm reported a significant reduction in its global headcount by 5,600, reversing a previous strategy aimed at workforce expansion [2][6] - Economic uncertainty and the potential impact of AI are prompting PwC to rethink its business structure and pricing models [4] Financial Performance - The revenue growth rate for PwC dropped from 9.9% in the 2024 financial year to 3.7% [1] - In comparison, competitors Deloitte and EY reported growth rates of 5% and 4% respectively in their most recent earnings [5] Strategic Changes - PwC plans to cut graduate hiring by a third over the next three years and has reduced entry-level recruitment in the UK [3] - The firm is focusing on reinvention and adapting to changing market conditions, as stated by PwC chairman Mohamed Kande [2][4][6] Competitive Landscape - EY is closing the revenue gap with PwC, with a difference of $3.7 billion in their 2025 results [7] - PwC's advisory business is performing comparably to its competitors, but its assurance and tax and legal services are lagging behind [7]