Insider Today: WeWork's downfall, Dimon's Fed warning, and Amazon's Microsoft deal

Welcome to Insider Today, a quick look at the top stories in markets, tech, and business.

This is a shorter version of our flagship newsletter, which brings you in-depth analysis and summaries of the top stories from Wall Street to Silicon Valley.

Sign up here to get the full Insider Today in your inbox every day. In this morning's complete edition, we covered the latest on Sam Bankman-Fried being found guilty of seven counts of fraud and conspiracy.

Happy Friday! Start your day off with this delightful story from Katie Notopoulos — a new addition to Insider — poking fun at how X CEO Linda Yaccarino “tweets like your aunt texts.”

Here’s what to know today:

Markets:

Before the opening bell: US stock futures fall early Friday, after Apple's sales forecast fell short of expectations in the latest quarter.

• Jamie Dimon says the Fed isn’t done hiking rates. The JPMorgan boss suspects another rate hike — by 0.25 percentage point to 0.75 percentage point — could still be in the cards. He also said the markets could see more turmoil amid the Fed’s fight against inflation. 

Tech:

• Inside Amazon’s cloud deal with Microsoft. Amazon’s commitment to use Microsoft 365 includes more than 1.5 million license seats, according to a person with direct knowledge of the deal. The five-year deal involves Amazon spending more than $1 billion, according to an internal Microsoft document viewed by Insider. 

Business:

• WeDidn’tWork. The company is reportedly on the cusp of filing for bankruptcy. We’ve got the definitive account of the start of its downfall as a $47 billion startup eyeing an IPO back in 2019. 

Written by Dan DeFrancesco

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