Meta Hires Two Key Apple AI Experts After Poaching Their Boss

Key Points

• China's Commerce Minister Wang Wentao emphasized the need to stabilize trade relations with the U.S., urging the U.S. to act responsibly as a major power.
• China faces an August 12 deadline to finalize a tariff agreement with the U.S., with potential global supply chain disruptions if no deal is reached.
• Recent negotiations in Europe highlighted that a tariff war is unnecessary, with Wang advocating for dialogue to manage differences.
• Nvidia will resume selling H20 AI chips to China, a decision linked to broader negotiations on rare earths exports.
• Wang noted that forced decoupling between the U.S. and China is impractical, as both nations rely on irreplaceable goods and services.

Summary

China's Commerce Minister Wang Wentao expressed a strong desire to stabilize trade relations with the United States, emphasizing the economic interdependence between the two nations despite recent tensions. Speaking to reporters, Wang urged the U.S. to act as a responsible superpower and highlighted the importance of dialogue, citing productive talks in Geneva and London as evidence that a tariff war is avoidable. With an August 12 deadline looming for a durable tariff agreement, failure to reach a deal could disrupt global supply chains with duties exceeding 100%. Wang also met with Nvidia CEO Jensen Huang, who confirmed the resumption of H20 AI chip sales to China, a move tied to negotiations on rare earths, which saw a 32% export increase in June. Despite high U.S. tariffs on China at 53.6%, Wang stressed that forced decoupling is unfeasible due to the irreplaceable nature of traded goods and services. China remains committed to avoiding a trade war but is prepared to defend its interests if necessary, seeking a path toward healthy and sustainable economic ties with the U.S. through continued communication and cooperation.

Key Points

• Federal Reserve governor Christopher Waller strongly advocates for a rate cut at the upcoming July 29-30 policy meeting, suggesting a target rate of 3%, significantly lower than the current 4.25%-4.5%.
• Waller argues that inflation from tariffs is temporary and the Fed should focus on employment, citing slowing private sector job growth and increasing downside risks to the labor market.
• There is a divide within the Fed, with some officials like Adriana Kugler and John Williams opposing immediate rate cuts due to potential inflation from tariffs, expecting it to rise in the coming months.
• Waller’s stance aligns with President Trump’s push for lower rates, while Fed Chair Jerome Powell and others advocate for more time to assess inflation trends.
• The debate highlights opposing views within the Fed on how tariffs and economic data should influence monetary policy decisions.

Summary

Federal Reserve governor Christopher Waller has made a compelling case for a rate cut at the July 29-30 meeting, proposing a target rate of 3%, well below the current 4.25%-4.5%. Speaking in New York, Waller emphasized that inflation from tariffs is temporary and urged the Fed to prioritize employment, noting slowing private job growth and rising labor market risks. His position, supported by colleague Michelle Bowman and aligning with President Trump’s calls for lower rates, contrasts with other Fed officials like Adriana Kugler and John Williams, who caution against cuts due to potential inflation from tariffs, predicting increases through 2026. Fed Chair Jerome Powell also favors waiting for clearer inflation data, highlighting a deepening divide within the central bank. This debate underscores differing views on balancing inflation control with employment goals amid external pressures and tariff impacts.

Key Points

• Uber, Lucid, and Nuro have partnered to launch a next-generation premium global robotaxi program exclusively for the Uber platform, featuring the Lucid Gravity SUV equipped with Nuro’s Level 4 autonomous software.
• Uber plans to deploy 20,000 or more Lucid EVs over the next six years, with the service expected to launch in a major US city in 2025, and will invest $300 million in Lucid and a similar amount in Nuro.
• Lucid’s stock surged nearly 30% following the announcement, reflecting strong market confidence in the partnership and the company’s autonomous vehicle potential.
• This initiative marks Uber’s return to robotaxi services after halting its own operations following a 2018 accident, and it follows competition from Waymo and Tesla in the autonomous driving space.

Summary

Uber has teamed up with electric vehicle manufacturer Lucid and autonomous tech firm Nuro to introduce a premium global robotaxi program exclusively for the Uber platform. Announced recently, the initiative will integrate Nuro’s Level 4 autonomous software into Lucid’s Gravity SUV, with plans to deploy over 20,000 vehicles in the next six years, starting in a major US city in 2025. Uber will invest $300 million in Lucid and a comparable sum in Nuro, while the vehicles will be managed by Uber or third-party fleet partners. Lucid’s stock jumped nearly 30% on the news, bolstered by the company’s strong Q2 deliveries and ambitious 2025 production goals for its Air sedans and Gravity SUVs. This partnership signifies Uber’s re-entry into the robotaxi market after a hiatus following a 2018 accident, positioning it against competitors like Waymo and Tesla, who are also advancing in autonomous driving. The collaboration is further contextualized by Saudi Arabia’s Public Investment Fund’s significant stakes in both Uber and Lucid, potentially influencing the strategic alliance. A prototype is already under testing at Nuro’s Las Vegas facility, marking a significant step toward realizing the vision of accessible, safe autonomous transport.