Welcome to See King Alpha's Wall Street breakfast, where we cover the top news for investors every morning.

Good morning. Today is Friday, August 9th. I'm Julie Morgan.

Paramount Global is executing its savings plan.

Taiwan Semi reports sales for July,

and Amazon is teaming up with Tic-Toc.

Paramount announced on its earnings call that it was executing its savings plan in part by cutting

about 15% of its U.S. workforce.

In June, the company said it identified $500 million in annual run rate cost savings company-wide.

Part of $2 billion in cost efficiencies, identified by Sky Dance Media,

the company in progress on a purchase of Paramount.

Of that, Paramount will cut its workforce

by focusing on removing redundancies

in marketing and communications, as well as streamlining

their corporate structure reducing headcount and finance legal technology and

other support functions. The company's co-ceeo said these actions will take place in the

coming weeks and will largely be completed by the end of the year.

Paramount's non-voting stock is up nearly 6%. In the second quarter, Paramount missed expectations for revenues

and subscriber growth, but showed progress on profitability.

Revenue for July for Taiwan Semiconductor jumped 44.7% year over year to about

256.95 billion new Taiwan dollars. The increase is due to growing demand for artificial

intelligence chips for use in AI products. TSM which produces for some of the

world's largest tech companies, including Apple,

...