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Walmart bets $3 billion that is the key to gaining on Amazon | Recode Daily: August 8, 2016

The $3 billion acquisition is expected to be announced today.

Joe Raedle/Getty Images

.That deal that was reported in the works last week, the one that made too much sense not to happen? It's happening. Official word is expected today confirming that the big-box behemoth is acquiring the unprofitable e-commerce upstart for about $3 billion. The deal will give Jet access to Walmart's deep pockets, vendor network and physical presence, while Walmart will add Jet's e-commerce expertise and technology in its battle to gain ground on Amazon.
[Jason Del Rey | Recode]

.From high-frequency trading to “quant” data science, technology already powers much of the action on Wall Street (check out the new breed of network switches that enable trading at close to the speed of light). Now the machines are gunning for the jobs of fund managers. A machine intelligence system called Emma AI is getting its own fund to run, tapping neural nets to think like an analyst.
[Mark Bergen | Recode]

.Most of Apple's Mac lineup hasn't seen an update in ages — three or four years in some cases — and The Verge's Sam Byford says the neglect is really starting to wear on the company's faithful fans. Joel Hruska at ExtremeTech suggests the reason may be that the industry's advances in hardware in recent years just haven't been significant enough to make major platform changes worthwhile.
[Sam Byford | The Verge]

.In the latest episode of Recode Decode, Kara Swisher talks to Wall Street veteran Sallie Krawcheck about the profound gender imbalance in the investing world and her new company, Ellevest, an online-only investment platform aimed specifically at serving women.
[Eric Johnson | Recode]

.Just how grim is the employment environment for young adults in South Korea? Grim enough to popularize a handful of mobile games simulating office tedium and job insecurity. Top title in the niche: Don’t Get Fired!, which, reports the Wall Street Journal, requires players to perform "an endless string of mind-numbing tasks, while avoiding a long list of fireable offenses."
[Jonathan Cheng | Wall Street Journal]

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