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

Good morning. Today is Wednesday, September 27th, and I'm your host Julie Morgan.

Retail stores are dealing with billions of dollars. 7th and I'm your host Julie Morgan.

Retail stores are dealing with billions of dollars and losses due to theft.

Open AI is said to discuss an existing share sale,

and Intel is having trouble hiring in Germany.

According to the National Retail Federation, retail theft jumped in 2022 by nearly 20% from a year earlier.

When taken as a percentage of total retail sales in 2022,

Shrink accounted for $112.1 billion in losses,

up from $93. billion dollars in 2021.

This news comes the same day that Target said it would close nine stores in major US cities

amid increased violence and organized retail crime.

Organized retail crime remains a significant concern

due to heightened levels of violence.

28% of retailers surveyed reported being forced

to close a specific store location.

45% reported reduced operating hours and 30% reported reduced or altered in store product

selection as a direct result of retail crime.

Retailers from Target, Dick Sporting Goods, Lowe's and Macy's have been pointing to a

rising crime as a factor in reduced earnings and noted that the issue could continue to cut into their financial results.

The top five areas affected by organized crime in the past year were Los Angeles, San Francisco, Oakland, Houston, New York, and Seattle.

Open AI, the artificial intelligence company backed by Microsoft has reportedly spoken with investors about an existing share sale that could value the company at as much as 90 billion dollars.

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