Amazon plans sweeping layoffs across its corporate workforce as it continues to pivot toward AI.

Plus, how China's restrictions on rare earths have led to boom times for Western companies in the space.

Western companies that really rely on Chinese rare earth magnets, they're going to want

almost certainly another source. So it's hard to imagine anything that really disrupts the

momentum of new investment into the Western rare earth sector. And a Republican-led panel takes

aim at former President Joe Biden's executive actions and use of Autopenn.

It's Tuesday, October 28th.

I'm Caitlin McCabe for The Wall Street Journal, and here is the AM edition of What's News,

the top headlines and business stories moving your world today.

We start today with big news from Amazon, which, according to people familiar with the matter,

is planning to lay off as many as 30,000 employees or roughly 10% of its corporate workforce.

The cuts could begin as soon as today, but won't happen all this week. Human resources, cloud

computing, advertising, and a number of other business units are expected to be affected. The total

number of reductions hasn't been finalized. Journal reporter Sean McLean says the cuts are significant

and come as Amazon CEO Andy Jassy pushes ahead with a campaign

to cut expenses after a period of aggressive hiring in the pandemic.

It will be one of the largest layoffs in the company's history.

And it underlines the pressure that large corporations, large tech companies, any big employers

having it right now in the U.S.

So in Amazon's case, they are having to drastically ramp up the amount they're spending

on AI, cloud computing, all these big ticket items to compete with the likes of Google, Microsoft, and even

Nvidia in the chips game. And at the same time, Amazon has been in a multi-year effort

...