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July 6, 2025

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The stock markets had a dynamic start to the third quarter, pushing indices to new highs after earlier tariff concerns.

On Monday (June 30), markets generally saw strong gains, with the S&P 500 (INDEXSP:INX) and Nasdaq Composite (INDEXNASDAQ:.IXIC) reaching new record highs in the US while the S&P/TSX Composite Index (INDEXTSI:OSPTX) climbed higher after a last-minute policy reversal to rescind a planned digital services tax targeting US tech firms.

Tuesday (July 1), Canadian markets were closed for Canada Day. As for US markets, following two consecutive days of highs, the S&P and Nasdaq declined on Tuesday (July 1) after a renewed feud between Tesla (NASDAQ:TSLA) CEO Elon Musk and US President Donald Trump sent Tesla shares down by over 5 percent.

However, tech stocks boosted the performance of both Canadian and US markets on Wednesday (July 2) and Thursday (July 3) after export restrictions to China were lifted and the US labor market reported better-than-expected unemployment data.

US markets were closed on Friday (July 4) for a holiday, while Canadian markets ended the day slightly positive.

1. Meta announces AI restructure, continues talent acquisition

Last weekend, reports surfaced that Meta Platforms (NASDAQ:META) has hired four additional researchers from OpenAI, bringing the total number of high-profile AI talent poached from other tech labs to 13, according to a tweet from former Scale AI CEO Alexandr Wang, who was recently recruited as Meta’s Chief AI Officer.

Then, in an internal memo to employees on Monday, Meta CEO Mark Zuckerberg unveiled the company was restructuring its AI division under the name Meta Superintelligence Labs. According to the memo, which was reviewed by Bloomberg, the new division will be led by Wang and one of its commitments is ‘developing AI ‘superintelligence’ or systems that can complete tasks as well as or even better than humans.’

Meta has reportedly offered researchers contracts and signing bonuses worth up to US$100 million; however, Chief Technology Officer Andrew Bosworth has pushed back on those reports, claiming the figures are inflated.

Helen Toner, a former OpenAI board member and director of strategy at Georgetown’s Center for Security and Emerging Technology, told Bloomberg TV’s Haslinda Amin on Thursday that Meta’s bid to become an AI leader would be “difficult” considering its track record of internal dysfunction and questions around the return on its massive talent spending.

“Meta has started to get a reputation of having a little bit of a dysfunctional AI team, not really having its organizational structure set up in a way that really lets them succeed and innovate. And what I think we’re seeing here is CEO Mark Zuckerberg really stepping in and saying, well, we have to do something differently. We need a big new push, we need a big new effort,’ she said.

‘I think (Meta is) really trying to start something new, to pour enormous amounts of financial resources into that. So the question (to watch) is six months from now, 12 months from now, is that paying off for them?’

2. Apple considers third-party AI for Siri overhaul

Apple (NASDAQ:AAPL) is reportedly in active discussions with Anthropic and OpenAI to integrate their foundation models into an overhauled version of its voice assistant Siri, a significant pivot from the company’s in-house approach to AI. According to people familiar with the discussions who spoke to Bloomberg, Apple has asked both companies to train versions of their models that could be tested on Apple’s infrastructure, the publication reported Monday.

Apple announced plans to release a new version of its voice assistant at its Worldwide Developers Conference in 2024. The release was slated for 2026, but the company has run into multiple engineering snags and delays, and ultimately replaced John Giannandrea with Mike Rockwell as the new Siri chief executive.

Rockwell and software engineering head Craig Federighi launched an evaluation, instructing staff to assess Siri’s performance using third-party tech, including Anthropic’s Claude, OpenAI’s ChatGPT and Alphabet’s (NASDAQ:GOOGL) Gemini.

According to Bloomberg’s sources, the team found Anthropic’s technology most promising for Siri, leading Apple’s vice president of corporate development to open discussions with Anthropic.

Bloomberg’s sources maintain that the development of an in-house model is still active, and Apple hasn’t made a final decision on using third-party models.

Apple shares closed up 6.24 percent for the week.

Apple’s share price performance, June 30 to July 3, 2025.

3. Oracle and OpenAI ink massive computing deal

OpenAI will rent roughly 4.5 gigawatts of computing power from Oracle (NYSE:ORCL) as part of the Stargate Project, according to sources for Bloomberg. The news follows a US$30 billion single cloud deal announced on Monday with an unnamed customer.

The Stargate energy deal is reportedly a component of that larger contract.

Sources added that Oracle will develop multiple data centers in the US, considering sites in Texas, Michigan, Wisconsin and Wyoming, and that the company will expand its recently built center in Abilene, Texas, to accommodate about two gigawatts of power capacity.

This collaboration underscores the escalating demand for high-performance computing necessary to train and operate advanced AI models. OpenAI, a leader in AI research and development, requires immense computational resources to fuel its projects, including large language models and other sophisticated AI applications.

The Stargate initiative positions Oracle as a crucial enabler of this next generation of AI innovation, solidifying its role in the evolving cloud and AI ecosystem. The long-term implications of this partnership could see a significant shift in how AI companies acquire and manage their computational infrastructure, potentially paving the way for more dedicated and extensive cloud partnerships in the future.

Oracle’s share price performance, July 1 to July 3, 2025.

4. CoreWeave deploys first Nvidia GB300-powered AI server

CoreWeave (NASDAQ:CRWV) said it has received the first AI server system built around NVIDIA’s (NASDAQ:NVDA) ultra-powerful GB300 Grace Blackwell AI chip.

The server is deployed within Dell’s (NYSE:DELL) integrated rack-scale system — a turnkey AI infrastructure platform combining compute, networking and cooling — and features 72 of Nvidia’s GB200 chips.

CoreWeave said it will install the cutting-edge hardware in the US and roll out more servers over time. The company will offer the server as part of its AI cloud platform, allowing clients like OpenAI to train and deploy massive, next-generation AI models with faster speeds and greater efficiency.

In the announcement, CoreWeave claimed the NVIDIA GB300 NVL72 significantly boosts AI reasoning performance, offering a 10 times improvement in user responsiveness and five times better throughput per watt than the Hopper server. This translates to an increase of fifty times in reasoning model inference output, enabling faster, more complex AI models.

5. US lifts EDA software export restrictions to China

License requirements for design software sales in China were lifted this week as part of a trade deal between the US and China.

On July 2, the US Commerce Department told Synopsys (NASDAQ:SNPS), Cadence Design Systems (NASDAQ:CDNS) and Siemens (XETR:SIE), three of the world’s leading design software providers, that they would no longer need to seek government licenses to conduct business in China.

Official announcements from the companies confirmed they would be resuming business with Chinese counterparts, sending each of their stock prices up between 3 and 6 percent.

The US government restricted sales of electronic design automation (EDA) tools to China in late May as a response to China’s decision to limit shipments of essential rare earth minerals. Last week, the two countries reached a trade agreement that would re-allow shipments of EDA software after Beijing speeds up approvals of critical mineral exports to the US.

Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.

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Chinese President Xi Jinping will not attend this week’s BRICS Summit in Brazil, marking the first time the Chinese leader has missed the gathering of major emerging economies. The abrupt decision has triggered widespread speculation about internal political dynamics within China and the fraying cohesion of BRICS itself.

China’s official explanation — a ‘scheduling conflict’ and the fact that Xi already met with Brazilian President Luiz Inácio Lula da Silva earlier this year, according to the South China Morning Post — has been met with skepticism. Premier Li Qiang will attend the summit in Xi’s place, continuing a recent trend of Xi scaling back his appearances on the global stage.

‘That doesn’t make sense,’ said Gordon Chang, an expert on U.S.-China relations. ‘There are many other countries at the BRICS summit, not just Brazil. To me, it’s extremely significant that Xi Jinping is not going. It suggests turbulence at home — there are signs he’s lost control of the military and that civilian rivals are reasserting power. This is a symptom of that.’

Bryan Burack of the Heritage Foundation agrees that Xi’s absence underscores deeper issues: ‘It’s another indication that BRICS is not going to be China’s vassalization of the Global South.’ He noted that countries like Brazil and Indonesia have recently imposed tariffs on China over industrial overcapacity and dumping, moves that suggest widening rifts within the group.

‘China is actively harming all those countries for the most part, maybe with some exceptions, through its malign trade policies and dumping and overcapacity.’

Tensions with India and global trade pressure may also be factors

Some analysts point to rising China-India friction as a contributing factor in Xi’s decision to skip the summit. 

‘China has been at war with India for decades, essentially,’ Burack said. ‘These are fundamentally opposing interests. It’s difficult to see China changing its behavior in the near term, and that will keep tensions high.’

India’s Prime Minister Narendra Modi is expected to take a leading role at the gathering, potentially another deterrent for Xi’s attendance.

Another key leader — Russian President Vladimir Putin — is only expected to address the group by video. 

BRICS: United in name, divided in decades-long tensions 

Formed by Brazil, Russia, India and China and later joined by South Africa, BRICS was envisioned as a non-Western counterweight to G7 dominance. It has expanded to include Egypt, Ethiopia, Iran, the UAE and, most recently, Indonesia, strengthening its economic footprint.

Economist Christian Briggs highlighted BRICS’s massive scale: ‘BRICS now comprises 12 full members and up to 23 when counting partners. Collectively, they account for over 60% of the world’s GDP and around 75% of the global population. They control vast natural resources and a growing share of global trade flows.’

Yet despite its scale, the bloc remains ideologically and strategically fragmented. ‘It’s a group of countries that hate each other,’ Burack said bluntly. ‘China is harming many of them through unfair trade practices. There’s not a lot of incentive for real unity.’

Currency ambitions and strategic divergences

The alliance’s aspirations to challenge the U.S. dollar through alternative payment systems and a potential BRICS currency have gained media traction — but experts caution against overestimating this threat.

‘There’s been a lot of fearmongering about a BRICS currency,’ said Burack. ‘But the interests of these countries are completely divergent. There’s more smoke than fire when it comes to a currency challenge to the dollar.’

Chang echoed this skepticism: ‘The only country that can challenge the dollar is the United States. Weakness in the dollar is due to what we are doing domestically, not what the BRICS are doing.’

Still, Briggs offered a counterpoint, arguing that BRICS members are already reshaping global currency flows.

‘They’re moving away from the dollar into digital yuan, rupees, rubles. China has launched a SWIFT alternative already adopted by the Caribbean banking sector — trillions of dollars are shifting.’

Is BRICS still a threat to U.S. influence?

While its cohesion remains questionable, BRICS poses a long-term challenge to U.S. influence — particularly in regions where Washington has retreated diplomatically and economically.

‘China filled the void left by the U.S. in places like Africa,’ said Briggs. ‘Now it controls about 38% of the world’s minerals. Meanwhile, Russia’s economy has doubled despite sanctions, because they preemptively reduced reliance on the dollar.’

Yet Chang sees India as a brake on any aggressive anti-Western tilt. ‘BRICS has an ‘I’ in it—and that’s India. Modi doesn’t want to be part of an anti-Western bloc. As long as India’s in BRICS, the rest of the world is safe.’

A missed opportunity — or a calculated power move?

To some, Xi’s no-show signals instability in Beijing. To others, the opposite: it demonstrates confidence in China’s dominance over the other BRICS members.

‘He doesn’t have to be there,’ Briggs contended. ‘Xi’s power allows him to delegate. China is trading with nearly 80% of the world now. He’s moving the agenda forward even in absentia.’

What’s clear is that BRICS continues to evolve — its internal contradictions as visible as its geopolitical ambitions. Whether Xi’s absence marks a retreat or a recalibration remains one of the key questions hovering over the summit in Brazil.

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Prominent Democrats sent messages of doom and gloom rather than celebration on July 4, drawing ire from a multitude of critics. Many of the messages included warnings about supposed threats to the country emanating from the Trump administration.

‘This Fourth of July, I am taking a moment to reflect. Things are hard right now. They are probably going to get worse before they get better,’ former Vice President Kamala Harris wrote in a post on X that included a photo of her and former first gentleman Doug Emhoff at the White House. ‘But I love our country — and when you love something, you fight for it. Together, we will continue to fight for the ideals of our nation.’

Many social media users were quick to point out that Harris cropped former President Joe Biden and former first lady Jill Biden out of the photo. Others took one of Harris’ famous phrases to mock her, saying that the country was ‘unburdened by what has been.’

Harris’ old boss, former President Joe Biden, posted a more mild message, while also encouraging Americans to ‘fight to maintain’ democracy.

Meanwhile, former President Barack Obama also chimed in with a warning of his own, saying that ‘core democratic principles seem to be continuously under attack.’ He argued that the word ‘we’ is the ‘single most powerful word in our democracy,’ and used his first presidential campaign slogan as one of his examples.

‘Independence Day is a reminder that America is not the project of any one person. The single most powerful word in our democracy is the word ‘We.’ ‘We The People.’ ‘We Shall Overcome.’ ‘Yes We Can.’ America is owned by no one. It belongs to all citizens. And at this moment in history—when core democratic principles seem to be continuously under attack, when too many people around the world have become cynical and disengaged—now is precisely the time to ask ourselves tough questions about how we can build our democracies and make them work in meaningful and practical ways for ordinary people,’ Obama wrote.

Xi Van Fleet, a survivor of Mao’s Cultural Revolution, responded saying, ‘We the People are taking our country back from those like you who despise America and work tirelessly to dismantle everything it stands for.’

Sen. Bernie Sanders appeared to support the anti-Trump ‘No Kings’ movement in his July 4 post.

‘On July 4, 1776, Americans said: No to Kings, No to Despotism. On July 4, 2025, all across the country, Americans say again: No to Kings, No to Despotism,’ Sanders wrote.

In response, several social media users pointed out that, unlike a king, President Donald Trump was elected.

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Iran is preparing its next step in what one security expert warns remains its chief objective: developing a nuclear weapon.

‘Repair, reconstitute and rebuild is going to be the modus operandi of the Islamic Republic of Iran,’ Behnam Ben Taleblu, Senior Director of the Foundation for Defense of Democracies’ Iran Program told Fox News Digital. ‘It just depends on how are they going to be doing it? While flirting with the international community? Are they going to go dark totally altogether?

‘All of this remains to be seen,’ he added.

Spokesman for the regime, Fatemeh Mohajerani, confirmed this week that the Fordow, Isfahan and Natanz nuclear sites had been ‘seriously damaged’ following the U.S. and Israeli strikes on Iran’s nuclear program last month. 

Questions remain over the extent of damage that was incurred, as well as skepticism over whether Iran was able to move any enriched uranium or centrifuges away from the heavily guarded sites prior to the strikes. 

Though the Trump administration said on Wednesday that it had ‘obliterated’ the three facilities it struck, and has fervently rejected reports suggesting that Iranian officials may have been able to transfer some elements of the regime’s coveted nuclear program, Israeli officials confirmed this week that they are continuing to monitor the situation closely.

Experts in the U.S. and Israel have said they believe Iran is still assessing the extent of the damage from the ‘bunker busting’ bombs, and that the regime will look to recover and repair what it can — meaning it may be looking to buy time.

‘No doubt, the regime will still have a diplomatic strategy designed to rope-a-dope anybody, and to find as much time as possible for this government to do that,’ Ben Taleblu said.

The Iranian regime this week suggested it remained open to negotiations with the U.S. after President Donald Trump signaled that the talks could begin as soon as next week, though multiple Iranian officials said that that timeframe was overly ambitious. 

‘I don’t think negotiations will restart as quickly as that,’ Iranian Foreign Minister Abbas Araghchi said in a CBS News interview. ‘The doors of diplomacy will never slam shut.’ 

But the regime also took steps to further hinder the UN nuclear watchdog — which is tasked with tracking all nation’s nuclear programs — and suspended all interaction with the International Atomic Energy Agency (IAEA) on Wednesday. 

That same day, the State Department condemned the move, and spokesperson Tammy Bruce said it was ‘unacceptable that Iran chose to suspend cooperation with the IAEA at a time when it has a window of opportunity to reverse course and choose a path of peace and prosperity.’

Iran has limited IAEA access in the past and Ben Taleblu argued Tehran will likely look to do this again as it attempts to hold on to any bargaining chip it can.

‘The Islamic Republic of Iran’s next step, and likely most dangerous capability right now, is its diplomatic capability,’ the Iranian security expert argued. ‘This is the capability of the regime to either enter negotiations with a weak hand and leave with a strong hand, or try to prevent a military victory of its adversaries from becoming a political victory. 

‘If negotiations do take place between the U.S. and the Iranians, be they direct or indirect, the Iranians are going to be dangling IAEA access. This is already their most important weapon,’ he added. 

Ben Taleblu explained that using the IAEA as a bargaining chip not only enables Iran to play for time as it looks to re-establish its nuclear program, but to sow division in the U.S. by creating uncertainty. 

‘By diminishing the monitoring and by circumscribing and even cutting IAEA access to these facilities, the regime is trying to make America have to rely on intelligence alone,’ he said. ‘And as you see from the very politicized debates over the battle damage assessment, relying on intelligence alone without sources on the ground inspecting the sites, inspecting the facilities, documenting the fissile material, can lead to drastically different conclusions being taken by similar but not the same intelligence organizations or representatives.’

Ultimately, Iran is not going to give up on its nuclear ambitions, Ben Taleblu warned, noting that Tehran’s security apparatus completely changed during its war with Iraq in the 1980s. 

‘Everything that we face from the regime that is a security threat was started then — the ballistic missile program, the drone program, the maritime aggression, the transnational terrorist apparatus and the nuclear program all have their origins in the 1980s,’ he said.  ‘By resurrecting this nuclear program, the Islamic Republic was not engaging in a science fair experiment. 

‘The Islamic Republic was seeking an ultimate deterrent,’ Ben Taleblu continued. ‘It was seeking an ultimate deterrence because it had a vision for what the region and the world should look like, and it was willing to put foreign policy muscle and the resources of its state behind that vision.’

The expert on the Iranian regime warned that Iran’s 40-year ‘obsession’ with developing its nuclear program to achieve its geopolitical aims is not going to change because of U.S. military intervention. 

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