Waller makes strongest call yet for rate cut in July, underscoring Fed divide

Key Points

• Meta Platforms Inc. has hired key AI researchers Mark Lee and Tom Gunter from Apple Inc. for its Superintelligence Labs team, following the recruitment of their former boss, Ruoming Pang.
• Meta is aggressively recruiting AI talent, offering substantial compensation packages, with Pang receiving over $200 million and Gunter joining a group with packages exceeding $100 million.
• Apple's AI team, the Apple Foundation Models (AFM), is experiencing turmoil, with potential reliance on external models like OpenAI’s ChatGPT or Anthropic’s Claude for Apple Intelligence features.
• Meta's CEO Mark Zuckerberg has prioritized AI, planning to invest hundreds of billions in computing power to develop superintelligence, and placing top AI hires near his desk for collaboration.
• Apple is attempting to retain talent with raises, but these are significantly lower than Meta’s offers, contributing to ongoing staff departures.

Summary

Meta Platforms Inc. is intensifying its pursuit of AI dominance by hiring key researchers Mark Lee and Tom Gunter from Apple Inc. for its Superintelligence Labs team, shortly after recruiting their former boss, Ruoming Pang, with a compensation package exceeding $200 million. This reflects a broader tech industry race for AI talent, with Meta, under CEO Mark Zuckerberg, prioritizing artificial intelligence through massive investments in personnel and infrastructure to rival companies like OpenAI and Google. Meanwhile, Apple’s AI division, the Apple Foundation Models team, faces uncertainty as it considers integrating external models such as ChatGPT or Claude for features like Siri, while struggling to retain staff against Meta’s lucrative offers. Despite Apple’s efforts to offer raises, the disparity in compensation—Meta’s packages often multiples higher—continues to drive talent away. Zuckerberg’s vision includes investing hundreds of billions in computing power to achieve superintelligence, with top hires working closely with him at Meta’s headquarters, underscoring his commitment to building an elite AI team.

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

• 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.