UPWK Overview

S&P 500 Changes: Sandisk Corp. will replace The Interpublic Group in the S&P 500 due to Omnicom Group's acquisition of Interpublic, effective November 28.

S&P SmallCap 600 Adjustments: PTC Therapeutics will take Sandisk's place in the S&P SmallCap 600, while Upwork Inc. will replace Premier Inc., both effective November 28.

Further SmallCap Changes: First Interstate BancSystem will replace Hanesbrands in the S&P SmallCap 600, effective December 2, as Gildan Activewear acquires Hanesbrands.

Disclaimer: The views expressed in the article are those of the author and do not necessarily reflect the opinions of Nasdaq, Inc.

Zoom Communications Earnings: Zoom's stock rose nearly 4% after reporting third-quarter earnings of $1.52 per share on $1.23 billion in revenue, exceeding analyst expectations, and announced a $1 billion increase in share buyback authorization.

Sandisk and S&P 500 Inclusion: Sandisk's shares surged 9% following the announcement that it will be added to the S&P 500, replacing The Interpublic Group of Companies, effective before Friday's trading session.

Symbotic Revenue Growth: Symbotic's shares jumped 14% after it reported fourth-quarter revenue of $618 million, surpassing estimates, and provided strong guidance for the first quarter.

Mixed Results for Agilent and Semtech: Agilent's stock fell 1.2% despite beating earnings expectations, while Semtech's shares dropped over 7% after reporting disappointing third-quarter earnings and providing a weak outlook for the fourth quarter.

Freelancer Opportunities in AI: Upwork CEO Hayden Brown highlights that freelancers with AI-related skills can earn a 40% premium compared to others, as the demand for AI expertise grows in the labor market.

Impact of AI on Jobs: While automation is affecting low-end jobs, it represents only a small fraction of Upwork's business. The overall trend shows that projects are becoming larger and more complex, requiring human involvement alongside AI technology.

Skills for Success in AI: The fastest-growing category on Upwork is AI apps and integration, with many freelancers quickly upskilling through online courses and hands-on experience to meet market demands.

Market Trends: Companies are significantly increasing their investments in AI, with AI spenders investing three times more than non-AI spenders, indicating a shift towards more complex and higher-value projects.

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