CVS Health is laying off around 2,900 people to cut costs, the company announced on Tuesday.

“We’ve embarked on a multi-year initiative to deliver $2 billion in cost savings by reducing expenses and investing in technologies to enhance how we work,” a spokesperson said in a statement, per CNN.

Related: ‘Tough Day For All of Us:’ Intel CEO Announces Layoffs Affecting 15,000 People

Experts say several factors are causing the industry to struggle as a whole, including online shopping. Consumers are buying toiletries and personal items from Amazon, Walmart, and other large online retailers. Meanwhile, big box stores like Costco are cutting into what was once considered staple buys at drugstores, like toilet paper and snacks.

CNN also reports that Dollar General’s growing market is causing slower sales at drug stores in rural areas. Falling reimbursement rates for prescription drugs are also a big factor.

Related: Apple Just Conducted a Rare Round of Layoffs. Here Are the Teams and Roles Affected.

“Our industry faces continued disruption, regulatory pressures, and evolving consumer needs and expectations,” the spokesperson said. “The reductions will not impact front-line jobs in our stores, pharmacies and distribution centers.”

The cuts will affect around 1% of CVS’s total workforce.

On Monday, the Wall Street Journal reported that CVS has been exploring the possibility of breaking up the company.

Reuters reported that the move would potentially separate its retail and insurance units.

By 2027, it could require as much energy to power AI per year as it currently does to keep the lights on in Sweden or the Netherlands.

As big tech companies like Meta and Google build out costly AI infrastructure, the CEO of AI chip maker Nvidia, the third-largest company in the world by market cap, says the answer to the world’s energy needs could be nuclear.

Related: Nvidia CEO Jensen Huang’s Biggest Worry Shows that Success Has a Downside

“Nuclear is a wonderful way forward as one of the sources of energy, one of the sources of sustainable energy,” Nvidia CEO Jensen Huang told Bloomberg on Friday. “It won’t be the only one. We’re going to need energy from all sources and balance the availability and the cost of energy as well as the sustainability over time.”

^{Nvidia CEO Jensen Huang. Photo Credit: Chip Somodevilla/Getty Images}

Huang also told reporters that though AI will use more electricity, it will compensate for it with “incredible productivity.”

Huang’s remarks follow the news that Microsoft is reopening Three Mile Island, a nuclear station that has been closed for five years. Other AI leaders, like OpenAI’s Sam Altman, have said that nuclear power is one solution to AI’s energy demands. Altman has even invested $375 million into Helion Energy, a startup working to build the world’s first nuclear fusion power plant.

Related: Will It Take Nuclear Power to Sustain AI? Microsoft Is Betting on It.

It’s undeniable that AI takes considerable energy to power. Google’s 2024 environmental report, released in July, showed a nearly 50% jump in emissions. Google attributed the bulk of the increase to energy needed for data centers and its supply chain.

“As we further integrate AI into our products, reducing emissions may be challenging due to increasing energy demands from the greater intensity of AI compute,” Google stated in the report.

Nvidia holds between 70% and 95% of the AI chip market. Its four biggest clients, which comprise over 40% of its revenue, are Meta, Amazon, Google, and Microsoft.

Nvidia’s market cap was $2.953 trillion at the time of writing.

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