Meta chief AI scientist Yann LeCun clarifies his role after the company hires another chief AI scientist
The AI talent wars took another turn on Friday when Meta CEO Mark Zuckerberg announced that Shengjia Zhao, co-creator of ChatGPT and the former lead scientist at OpenAI, is now the chief scientist at Meta's Superintelligence Labs.
"In this role, Shengjia will set the research agenda and scientific direction for our new lab working directly with me and Alex," a statement shared to Zuckerberg's Threads account said. "Shengjia co-founded the new lab and has been our lead scientist from day one."
The statement said Meta chose to formalize Zhao's leadership position because recruiting is "going well" and the team "is coming together."
While the announcement elicited congratulatory remarks from some AI enthusiasts online, and more discussion about Meta's ongoing poaching spree, others asked: What about Yann LeCun?
LeCun became a prominent figure in the AI industry after joining Meta, then Facebook, in 2013. He serves as the chief AI scientist for Meta's Fundamental AI Research, formerly known as Facebook AI Research. On LinkedIn, LeCun acknowledged the questions and clarified his role at Meta.
"My role as Chief Scientist for FAIR has always been focused on long-term AI research and building the next AI paradigms," LeCun wrote on Friday. "My role and FAIR's mission are unchanged."
Zuckerberg and Alexandr Wang, the Scale AI founder who joined Meta in June as its chief AI officer, confirmed that LeCun's role is unchanged on their respective social media accounts.
What's the difference between Meta's FAIR and its Superintelligence Labs?
Although both FAIR and the Superintelligence Labs deal with AI, they're slightly different.
Meta created FAIR over a decade ago to research and advance AI technology, which resulted in the 2023 release of its open-source large language model, Llama. LeCun is now largely focused on developing a new kind of model, known as a world model, that could one day replace large language models.
The Superintelligence Labs, meanwhile, is the umbrella department housing Meta's FAIR, foundations, and products teams, Zuckerberg said in an internal memo in June. Zuckerberg said the Superintelligence Labs would focus on developing "personal superintelligence for everyone." Bloomberg reported that LeCun would report to Wang.
Wang praised Zhao in an X post on Friday.
"Shengjia is a brilliant scientist who most recently pioneered a new scaling paradigm in his research," Wang said in an X post on Friday. "He will lead our scientific direction for our team."
LeCun said he's looking forward to working with Zhao "to accelerate the integration of new research into our most advanced models."
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
9 minutes ago
- Yahoo
Stock market today: Dow, S&P 500, Nasdaq waver as Trump-EU trade deal kicks off huge week
US stocks wavered on Monday after the US and European Union struck a trade pact to lead off a packed week of Big Tech earnings, a Federal Reserve meeting, inflation data, the July jobs report, and President Trump's Aug. 1 deadline to lock in key trade deals. The S&P 500 (^GSPC) hovered near the flatline while the tech-heavy Nasdaq Composite (^IXIC) put on about 0.1% after both indexes closed out Friday at fresh record highs. The Dow Jones Industrial Average (^DJI) slipped below the flatline. The US and EU have agreed to the outlines of a deal setting tariffs on Europe's goods at a baseline 15%, compared with the 30% threatened. Trump called the pact 'the biggest of them all,' while EU head Ursula von der Leyen said that "15% is not to be underestimated, but it is the best we could get." An initial boost to market sentiment faded in as investors digested the conflicting details in the US-EU deal framework. But stocks are still on track to resume a rally that saw the S&P 500 (^GSPC) notch its fifth all-time high in a row on Friday. Read more: The latest on Trump's tariffs At the same time, hopes are rising for US-China talks in Stockholm on Monday, which could reportedly extend the existing tariff truce by three months beyond its current Aug. 12 deadline. Investor eyes are now turning to a jam-packed week on Wall Street. Heavyweight earnings highlight the most intense stretch of the season, with more than 150 S&P 500 companies set to report. Meta Platforms (META) and Microsoft (MSFT) lead off Wednesday, followed by Amazon (AMZN) and Apple (AAPL) on Thursday. Read more: Full earnings coverage in our live blog Beyond earnings, the Fed begins its two-day policy meeting on Tuesday, with an interest-rate decision expected Wednesday. While the central bank is expected to keep rates at 4.25%-4.50%, the watch is on for signs that policymakers are warming to a rate cut in September. It all comes alongside Trump's general pressure on the central bank and Chair Jerome Powell. On the data front, inflation and labor will be in the spotlight. The July reading of the personal consumption expenditures (PCE) index, the Fed's preferred inflation gauge, is forecast to show a modest monthly and annual uptick on its release on Thursday. Also on deck: a flurry of jobs data, with Friday's crucial jobs report the highlight. Coinbase falls amid analyst downgrade ahead of Q2 earnings Shares of crypto exchange platform Coinbase (COIN) fell 3.6% Monday as Monness Crespi Hardt analyst Gus Galá downgraded the stock to Neutral from his prior Buy rating, citing lower crypto trading volumes in the second quarter of 2025. Galá wrote that crypto exchange volumes tracked by his firm were down 2% in the quarter from the prior year. That's in contrast to the 16% year over year increase in trading volumes in the first quarter. He estimated trading volumes on Coinbase, which garners revenue by charging fees for trades on its platform, grew 6% in the second quarter, higher than Wall Street's estimate of 19%. Galá said Coinbase reporting trading volumes below expectations during its second quarter results set for Thursday could "cast a negative shadow on shares." Chip stocks rise amid trade war relief, Samsung-Tesla deal Chip stocks climbed Monday after the US and EU reached a trade agreement and a report said China and the US would likely extend their tariff truce by an additional three months. Nvidia (NVDA) rose nearly 1%, while rival AI chipmaker Advanced Micro Devices (AMD) climbed more than 4%. British chip designer Arm (ARM) and Dutch chipmaking machine producer ASML (ASML) gained 1.1% and 2.8%, respectively. Server maker Super Micro Computer (SMCI) spiked over 6%. Also on Monday, Samsung ( reached a $16.5 billion deal to supply Tesla (TSLA) with AI chips. Strategy stock inches higher with earnings ahead Strategy (MSTR) stock rose nearly 1% Monday, with the software firm turned crypto giant set to report quarterly earnings results Thursday after the market close. The stock's climb also comes as Strategy reported in a filing to the US Securities and Exchange Commission Monday that it made no bitcoin purchases last week. That's after the firm — the world's largest corporate holder of bitcoin — earlier this month reported buying 10,445 bitcoins for over $1 billion. Strategy has spent $43.6 billion to purchase more than 607,000 bitcoins since 2020, when it adopted its crypto strategy. Shares have risen roughly 3,400% over the past five years. Critics have argued that the company is overvalued because it trades at a premium to its underlying asset (bitcoin). Last week, Strategy also said it expects to raise roughly $2.5 billion by issuing preferred stock expected to trade on the Nasdaq under the ticker STRC. US LNG companies pop after EU pledges $750 billion in energy buys Liquified natural gas (LNG) stocks led gains for US energy names on the heels of the US-European Union trade deal. The EU promised to make $750 billion in purchases of US fuel — covering oil, nuclear, and LNG energy — under the transatlantic trade framework agreed at the weekend. LNG exporters should get a boost from the strategic purchases, analysts believe, as demand from Europe expands. Shares of the biggest US LNG exporter Cheniere Energy (LNG) rose about 3% in early regular trading on Monday, but was losing steam after popping in premarket. LNG terminal developer NextDecade (NEXT) traded about 1% higher, while Gulf Coast supplier Venture Global (VG) was up about 3% at last check. Oilprice reports: Read more here. Wall Street bull calls for 11% rally in S&P 500 to end 2025 as trade 'uncertainty' subsides The high-water mark for Wall Street's S&P 500 (^GSPC) targets has moved up amid the market rally, Yahoo Finance's Josh Schafer reports. Schafer writes: Read the full story here. Stocks nudge higher at the open Stocks moved mostly higher Monday at the open as investors digested the US-EU trade deal and anticipated a major week of economic data, earnings results, and a Fed meeting. The S&P 500 (^GSPC) rose about 0.2%, while the Nasdaq Composite (^IXIC) gained around 0.4%, with quarterly reports on deck this week from Meta (META), Microsoft (MSFT), Apple (AAPL), and Amazon (AMZN). The Dow Jones Industrial Average (^DJI) floated below the flat line, with stocks reversing earlier premarket gains. Nike stock pops after JPMorgan upgrade Nike stock (NKE) jumped 4% in premarket trading Monday after JPMorgan upgraded shares from Neutral to Outperform. JPMorgan analyst Matthew Boss raised his price target on the stock to $93 from $64 previously, writing that he sees revenue growth reaccelerating in the second half of 2026 and 2027. Year to date, Nike stock is up less than 1%, versus an 8% gain for the S&P 500 (^GSPC). Trump looms large over a Fed likely to again defy his call for cuts President Trump and others in the White House have hammered Jerome Powell for months over the Federal Reserve Chair's wait-and-see stance on easing interest rates. That means Trump should loom large over the Fed's policy meeting this week, even if policymakers do what the market expects and keep rates unchanged. Yahoo Finance's Jennifer Schonberger reports: Read more here. Health insurance companies have a problem As Americans use their health insurance more and the cost of care increases, insurance companies have seen their financial results come under pressure. Yahoo Finance's Jake Conley reports: Read more here. Dollar strengthens, euro slips on trade deal The US dollar index ( rose 0.6% on Monday following news that the United States and European Union struck a trade deal. The euro (EURUSD=X) slipped 0.7% against the dollar at $1.16. While the framework's added clarity brought some relief to the trading partners, the deal was seen as more mixed in Europe, which was angling for free trade. Under the deal, European goods bound for the US will face a 15% tariff, and the EU will spend $600 billion on US investments, though some details remain unclear. Together, the US and EU account for about a third of all global trade. How ethereum rose to become a mainstream cryptocurrency The Ether Machine is preparing to go public after raising the equivalent of $1.5 billion, with its promise of offering the public a new way to access cryptocurrency yields. It's the latest sign of ethereum's move out of bitcoin's shadow and into mainstream adoption. Yahoo Finance's Nina Moothedath reports: Here's what to know about ethereum and what sets it apart from other blockchains. ASML's stock is in focus after US/EU trade deal Semiconductor play ASML (ASML, getting a lot of mentions on the Street this morning as a winner from the US/EU trade deal. Shares were up nearly 5% at one point in premarket trading. (I would note ASML just a week ago issued weak guidance that hammered the stock, so be mindful of that.) Here's what JP Morgan had to say this morning: Good morning. Here's what's happening today. Economic data: Dallas Fed manufacturing activity (July) Earnings: Tilray (TLRY), Waste Management (WM), Whirlpool (WHR) Here are some of the biggest stories you may have missed overnight and early this morning: Fed meeting, July jobs report and Big Tech earnings: Week ahead Health insurers have a problem that's squeezing their earnings Musk hails $16.5B Samsung deal to make Tesla's AI chips Trump looms large over defiant Fed's meeting this week Eyes on US-China talks after EU strikes 15% tariff deal Oppenheimer lifts S&P 500 target to call third year of 20% gains US LNG producers soar as EU agrees $250B in annual purchases Japan: Only 2% of $550 billion US fund will be investment Fed meeting, jobs report, Big Tech earnings — and Trump's deadline: What to watch this week The impact of President Trump's policies on the economy is about to get a lot clearer. Yahoo Finance's Josh Schafer takes a look at what to expect this week and why it matters: Read more here. Trending tickers: Nike, Samsung Electronics and US liquefied natural gas stocks Here are some top stocks trending on Yahoo Finance in premarket trading: Nike (NKE) shares were up over 3% before the bell on Monday after receiving an upgrade from JPMorgan (JPM), moving its rating from neutral to overweight and setting a new price target of $93, up from the previous $64. Samsung Electronics ( stock rose 6% after announcing that it had secured a 16.5 billion deal to make Tesla's next-generation AI chip. Shares in US liquefied natural gas developers surged in premarket trading on Monday, after the European Union pledged to purchase $750 billion worth of the super-cooled fuel over the next three years as part of a sweeping trade pact. NextDecade (NEXT), Venture Global (VG), and Cheniere Energy (LNG)jumped between 7% and 8.8%. Samsung to make AI chips for Tesla under $16.5 billion deal Samsung Electronics ( SSNLF) has landed a $16.5 billion deal to make Tesla's (TSLA) next-generation AI chip. The agreement, which runs through the end of 2033, will see the South Korean company produce the AI6 semiconductor at an upcoming plant in Texas. Shares of Tesla stepped up 1.5% in premarket trading, after its CEO Elon Musk confirmed on X that the EV maker had struck the multibillion-dollar deal. Meanwhile, Samsung's Seoul-traded stock rose almost 7% to its highest level since September. 'The strategic importance of this is hard to overstate,' Musk wrote. "The $16.5B number is just the bare minimum. Actual output is likely to be several times higher." Bloomberg reports: Read more here. Oil rises with EU-US trade deal locked in Oil prices eked out gains as the US and the EU finalized details of a trade deal ahead of Trump's Aug. 1 deadline. Bloomberg reports: Read more here. European stock futures rise on US-EU trade deal announcement Futures in European stock indexes saw positive bumps early morning Monday as the markets reacted to the announcement of a tariff deal between the US and the EU Interest in individual stocks in carmakers, luxury goods makers, and alcohol conglomerates is rising ahead of the market open Monday with those industries the most impacted by the deal. Bloomberg reports: Read more here. Coinbase falls amid analyst downgrade ahead of Q2 earnings Shares of crypto exchange platform Coinbase (COIN) fell 3.6% Monday as Monness Crespi Hardt analyst Gus Galá downgraded the stock to Neutral from his prior Buy rating, citing lower crypto trading volumes in the second quarter of 2025. Galá wrote that crypto exchange volumes tracked by his firm were down 2% in the quarter from the prior year. That's in contrast to the 16% year over year increase in trading volumes in the first quarter. He estimated trading volumes on Coinbase, which garners revenue by charging fees for trades on its platform, grew 6% in the second quarter, higher than Wall Street's estimate of 19%. Galá said Coinbase reporting trading volumes below expectations during its second quarter results set for Thursday could "cast a negative shadow on shares." Shares of crypto exchange platform Coinbase (COIN) fell 3.6% Monday as Monness Crespi Hardt analyst Gus Galá downgraded the stock to Neutral from his prior Buy rating, citing lower crypto trading volumes in the second quarter of 2025. Galá wrote that crypto exchange volumes tracked by his firm were down 2% in the quarter from the prior year. That's in contrast to the 16% year over year increase in trading volumes in the first quarter. He estimated trading volumes on Coinbase, which garners revenue by charging fees for trades on its platform, grew 6% in the second quarter, higher than Wall Street's estimate of 19%. Galá said Coinbase reporting trading volumes below expectations during its second quarter results set for Thursday could "cast a negative shadow on shares." Chip stocks rise amid trade war relief, Samsung-Tesla deal Chip stocks climbed Monday after the US and EU reached a trade agreement and a report said China and the US would likely extend their tariff truce by an additional three months. Nvidia (NVDA) rose nearly 1%, while rival AI chipmaker Advanced Micro Devices (AMD) climbed more than 4%. British chip designer Arm (ARM) and Dutch chipmaking machine producer ASML (ASML) gained 1.1% and 2.8%, respectively. Server maker Super Micro Computer (SMCI) spiked over 6%. Also on Monday, Samsung ( reached a $16.5 billion deal to supply Tesla (TSLA) with AI chips. Chip stocks climbed Monday after the US and EU reached a trade agreement and a report said China and the US would likely extend their tariff truce by an additional three months. Nvidia (NVDA) rose nearly 1%, while rival AI chipmaker Advanced Micro Devices (AMD) climbed more than 4%. British chip designer Arm (ARM) and Dutch chipmaking machine producer ASML (ASML) gained 1.1% and 2.8%, respectively. Server maker Super Micro Computer (SMCI) spiked over 6%. Also on Monday, Samsung ( reached a $16.5 billion deal to supply Tesla (TSLA) with AI chips. Strategy stock inches higher with earnings ahead Strategy (MSTR) stock rose nearly 1% Monday, with the software firm turned crypto giant set to report quarterly earnings results Thursday after the market close. The stock's climb also comes as Strategy reported in a filing to the US Securities and Exchange Commission Monday that it made no bitcoin purchases last week. That's after the firm — the world's largest corporate holder of bitcoin — earlier this month reported buying 10,445 bitcoins for over $1 billion. Strategy has spent $43.6 billion to purchase more than 607,000 bitcoins since 2020, when it adopted its crypto strategy. Shares have risen roughly 3,400% over the past five years. Critics have argued that the company is overvalued because it trades at a premium to its underlying asset (bitcoin). Last week, Strategy also said it expects to raise roughly $2.5 billion by issuing preferred stock expected to trade on the Nasdaq under the ticker STRC. Strategy (MSTR) stock rose nearly 1% Monday, with the software firm turned crypto giant set to report quarterly earnings results Thursday after the market close. The stock's climb also comes as Strategy reported in a filing to the US Securities and Exchange Commission Monday that it made no bitcoin purchases last week. That's after the firm — the world's largest corporate holder of bitcoin — earlier this month reported buying 10,445 bitcoins for over $1 billion. Strategy has spent $43.6 billion to purchase more than 607,000 bitcoins since 2020, when it adopted its crypto strategy. Shares have risen roughly 3,400% over the past five years. Critics have argued that the company is overvalued because it trades at a premium to its underlying asset (bitcoin). Last week, Strategy also said it expects to raise roughly $2.5 billion by issuing preferred stock expected to trade on the Nasdaq under the ticker STRC. US LNG companies pop after EU pledges $750 billion in energy buys Liquified natural gas (LNG) stocks led gains for US energy names on the heels of the US-European Union trade deal. The EU promised to make $750 billion in purchases of US fuel — covering oil, nuclear, and LNG energy — under the transatlantic trade framework agreed at the weekend. LNG exporters should get a boost from the strategic purchases, analysts believe, as demand from Europe expands. Shares of the biggest US LNG exporter Cheniere Energy (LNG) rose about 3% in early regular trading on Monday, but was losing steam after popping in premarket. LNG terminal developer NextDecade (NEXT) traded about 1% higher, while Gulf Coast supplier Venture Global (VG) was up about 3% at last check. Oilprice reports: Read more here. Liquified natural gas (LNG) stocks led gains for US energy names on the heels of the US-European Union trade deal. The EU promised to make $750 billion in purchases of US fuel — covering oil, nuclear, and LNG energy — under the transatlantic trade framework agreed at the weekend. LNG exporters should get a boost from the strategic purchases, analysts believe, as demand from Europe expands. Shares of the biggest US LNG exporter Cheniere Energy (LNG) rose about 3% in early regular trading on Monday, but was losing steam after popping in premarket. LNG terminal developer NextDecade (NEXT) traded about 1% higher, while Gulf Coast supplier Venture Global (VG) was up about 3% at last check. Oilprice reports: Read more here. Wall Street bull calls for 11% rally in S&P 500 to end 2025 as trade 'uncertainty' subsides The high-water mark for Wall Street's S&P 500 (^GSPC) targets has moved up amid the market rally, Yahoo Finance's Josh Schafer reports. Schafer writes: Read the full story here. The high-water mark for Wall Street's S&P 500 (^GSPC) targets has moved up amid the market rally, Yahoo Finance's Josh Schafer reports. Schafer writes: Read the full story here. Stocks nudge higher at the open Stocks moved mostly higher Monday at the open as investors digested the US-EU trade deal and anticipated a major week of economic data, earnings results, and a Fed meeting. The S&P 500 (^GSPC) rose about 0.2%, while the Nasdaq Composite (^IXIC) gained around 0.4%, with quarterly reports on deck this week from Meta (META), Microsoft (MSFT), Apple (AAPL), and Amazon (AMZN). The Dow Jones Industrial Average (^DJI) floated below the flat line, with stocks reversing earlier premarket gains. Stocks moved mostly higher Monday at the open as investors digested the US-EU trade deal and anticipated a major week of economic data, earnings results, and a Fed meeting. The S&P 500 (^GSPC) rose about 0.2%, while the Nasdaq Composite (^IXIC) gained around 0.4%, with quarterly reports on deck this week from Meta (META), Microsoft (MSFT), Apple (AAPL), and Amazon (AMZN). The Dow Jones Industrial Average (^DJI) floated below the flat line, with stocks reversing earlier premarket gains. Nike stock pops after JPMorgan upgrade Nike stock (NKE) jumped 4% in premarket trading Monday after JPMorgan upgraded shares from Neutral to Outperform. JPMorgan analyst Matthew Boss raised his price target on the stock to $93 from $64 previously, writing that he sees revenue growth reaccelerating in the second half of 2026 and 2027. Year to date, Nike stock is up less than 1%, versus an 8% gain for the S&P 500 (^GSPC). Nike stock (NKE) jumped 4% in premarket trading Monday after JPMorgan upgraded shares from Neutral to Outperform. JPMorgan analyst Matthew Boss raised his price target on the stock to $93 from $64 previously, writing that he sees revenue growth reaccelerating in the second half of 2026 and 2027. Year to date, Nike stock is up less than 1%, versus an 8% gain for the S&P 500 (^GSPC). Trump looms large over a Fed likely to again defy his call for cuts President Trump and others in the White House have hammered Jerome Powell for months over the Federal Reserve Chair's wait-and-see stance on easing interest rates. That means Trump should loom large over the Fed's policy meeting this week, even if policymakers do what the market expects and keep rates unchanged. Yahoo Finance's Jennifer Schonberger reports: Read more here. President Trump and others in the White House have hammered Jerome Powell for months over the Federal Reserve Chair's wait-and-see stance on easing interest rates. That means Trump should loom large over the Fed's policy meeting this week, even if policymakers do what the market expects and keep rates unchanged. Yahoo Finance's Jennifer Schonberger reports: Read more here. Health insurance companies have a problem As Americans use their health insurance more and the cost of care increases, insurance companies have seen their financial results come under pressure. Yahoo Finance's Jake Conley reports: Read more here. As Americans use their health insurance more and the cost of care increases, insurance companies have seen their financial results come under pressure. Yahoo Finance's Jake Conley reports: Read more here. Dollar strengthens, euro slips on trade deal The US dollar index ( rose 0.6% on Monday following news that the United States and European Union struck a trade deal. The euro (EURUSD=X) slipped 0.7% against the dollar at $1.16. While the framework's added clarity brought some relief to the trading partners, the deal was seen as more mixed in Europe, which was angling for free trade. Under the deal, European goods bound for the US will face a 15% tariff, and the EU will spend $600 billion on US investments, though some details remain unclear. Together, the US and EU account for about a third of all global trade. The US dollar index ( rose 0.6% on Monday following news that the United States and European Union struck a trade deal. The euro (EURUSD=X) slipped 0.7% against the dollar at $1.16. While the framework's added clarity brought some relief to the trading partners, the deal was seen as more mixed in Europe, which was angling for free trade. Under the deal, European goods bound for the US will face a 15% tariff, and the EU will spend $600 billion on US investments, though some details remain unclear. Together, the US and EU account for about a third of all global trade. How ethereum rose to become a mainstream cryptocurrency The Ether Machine is preparing to go public after raising the equivalent of $1.5 billion, with its promise of offering the public a new way to access cryptocurrency yields. It's the latest sign of ethereum's move out of bitcoin's shadow and into mainstream adoption. Yahoo Finance's Nina Moothedath reports: Here's what to know about ethereum and what sets it apart from other blockchains. The Ether Machine is preparing to go public after raising the equivalent of $1.5 billion, with its promise of offering the public a new way to access cryptocurrency yields. It's the latest sign of ethereum's move out of bitcoin's shadow and into mainstream adoption. Yahoo Finance's Nina Moothedath reports: Here's what to know about ethereum and what sets it apart from other blockchains. ASML's stock is in focus after US/EU trade deal Semiconductor play ASML (ASML, getting a lot of mentions on the Street this morning as a winner from the US/EU trade deal. Shares were up nearly 5% at one point in premarket trading. (I would note ASML just a week ago issued weak guidance that hammered the stock, so be mindful of that.) Here's what JP Morgan had to say this morning: Semiconductor play ASML (ASML, getting a lot of mentions on the Street this morning as a winner from the US/EU trade deal. Shares were up nearly 5% at one point in premarket trading. (I would note ASML just a week ago issued weak guidance that hammered the stock, so be mindful of that.) Here's what JP Morgan had to say this morning: Good morning. Here's what's happening today. Economic data: Dallas Fed manufacturing activity (July) Earnings: Tilray (TLRY), Waste Management (WM), Whirlpool (WHR) Here are some of the biggest stories you may have missed overnight and early this morning: Fed meeting, July jobs report and Big Tech earnings: Week ahead Health insurers have a problem that's squeezing their earnings Musk hails $16.5B Samsung deal to make Tesla's AI chips Trump looms large over defiant Fed's meeting this week Eyes on US-China talks after EU strikes 15% tariff deal Oppenheimer lifts S&P 500 target to call third year of 20% gains US LNG producers soar as EU agrees $250B in annual purchases Japan: Only 2% of $550 billion US fund will be investment Economic data: Dallas Fed manufacturing activity (July) Earnings: Tilray (TLRY), Waste Management (WM), Whirlpool (WHR) Here are some of the biggest stories you may have missed overnight and early this morning: Fed meeting, July jobs report and Big Tech earnings: Week ahead Health insurers have a problem that's squeezing their earnings Musk hails $16.5B Samsung deal to make Tesla's AI chips Trump looms large over defiant Fed's meeting this week Eyes on US-China talks after EU strikes 15% tariff deal Oppenheimer lifts S&P 500 target to call third year of 20% gains US LNG producers soar as EU agrees $250B in annual purchases Japan: Only 2% of $550 billion US fund will be investment Fed meeting, jobs report, Big Tech earnings — and Trump's deadline: What to watch this week The impact of President Trump's policies on the economy is about to get a lot clearer. Yahoo Finance's Josh Schafer takes a look at what to expect this week and why it matters: Read more here. The impact of President Trump's policies on the economy is about to get a lot clearer. Yahoo Finance's Josh Schafer takes a look at what to expect this week and why it matters: Read more here. Trending tickers: Nike, Samsung Electronics and US liquefied natural gas stocks Here are some top stocks trending on Yahoo Finance in premarket trading: Nike (NKE) shares were up over 3% before the bell on Monday after receiving an upgrade from JPMorgan (JPM), moving its rating from neutral to overweight and setting a new price target of $93, up from the previous $64. Samsung Electronics ( stock rose 6% after announcing that it had secured a 16.5 billion deal to make Tesla's next-generation AI chip. Shares in US liquefied natural gas developers surged in premarket trading on Monday, after the European Union pledged to purchase $750 billion worth of the super-cooled fuel over the next three years as part of a sweeping trade pact. NextDecade (NEXT), Venture Global (VG), and Cheniere Energy (LNG)jumped between 7% and 8.8%. Here are some top stocks trending on Yahoo Finance in premarket trading: Nike (NKE) shares were up over 3% before the bell on Monday after receiving an upgrade from JPMorgan (JPM), moving its rating from neutral to overweight and setting a new price target of $93, up from the previous $64. Samsung Electronics ( stock rose 6% after announcing that it had secured a 16.5 billion deal to make Tesla's next-generation AI chip. Shares in US liquefied natural gas developers surged in premarket trading on Monday, after the European Union pledged to purchase $750 billion worth of the super-cooled fuel over the next three years as part of a sweeping trade pact. NextDecade (NEXT), Venture Global (VG), and Cheniere Energy (LNG)jumped between 7% and 8.8%. Samsung to make AI chips for Tesla under $16.5 billion deal Samsung Electronics ( SSNLF) has landed a $16.5 billion deal to make Tesla's (TSLA) next-generation AI chip. The agreement, which runs through the end of 2033, will see the South Korean company produce the AI6 semiconductor at an upcoming plant in Texas. Shares of Tesla stepped up 1.5% in premarket trading, after its CEO Elon Musk confirmed on X that the EV maker had struck the multibillion-dollar deal. Meanwhile, Samsung's Seoul-traded stock rose almost 7% to its highest level since September. 'The strategic importance of this is hard to overstate,' Musk wrote. "The $16.5B number is just the bare minimum. Actual output is likely to be several times higher." Bloomberg reports: Read more here. Samsung Electronics ( SSNLF) has landed a $16.5 billion deal to make Tesla's (TSLA) next-generation AI chip. The agreement, which runs through the end of 2033, will see the South Korean company produce the AI6 semiconductor at an upcoming plant in Texas. Shares of Tesla stepped up 1.5% in premarket trading, after its CEO Elon Musk confirmed on X that the EV maker had struck the multibillion-dollar deal. Meanwhile, Samsung's Seoul-traded stock rose almost 7% to its highest level since September. 'The strategic importance of this is hard to overstate,' Musk wrote. "The $16.5B number is just the bare minimum. Actual output is likely to be several times higher." Bloomberg reports: Read more here. Oil rises with EU-US trade deal locked in Oil prices eked out gains as the US and the EU finalized details of a trade deal ahead of Trump's Aug. 1 deadline. Bloomberg reports: Read more here. Oil prices eked out gains as the US and the EU finalized details of a trade deal ahead of Trump's Aug. 1 deadline. Bloomberg reports: Read more here. European stock futures rise on US-EU trade deal announcement Futures in European stock indexes saw positive bumps early morning Monday as the markets reacted to the announcement of a tariff deal between the US and the EU Interest in individual stocks in carmakers, luxury goods makers, and alcohol conglomerates is rising ahead of the market open Monday with those industries the most impacted by the deal. Bloomberg reports: Read more here. Futures in European stock indexes saw positive bumps early morning Monday as the markets reacted to the announcement of a tariff deal between the US and the EU Interest in individual stocks in carmakers, luxury goods makers, and alcohol conglomerates is rising ahead of the market open Monday with those industries the most impacted by the deal. Bloomberg reports: Read more here. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Forbes
12 minutes ago
- Forbes
From Meta To Mezcal, Zacal's Tech Vets Are Betting Big On Agave
Zacal Manso There are faster ways to build a drinks brand. You can slap your name on a bottle. You can find a contract distillery. You can sell 100,000 units on launch and call it artisanal simply because the label says so. Zacal, a new mezcal made in the volcanic hills of Michoacán, does nothing of the sort. Instead, its quad of founders—who've spent more time in the tech world than on the agave trail (see: CVs that include Meta, FIIT, and Gaucho)—spent years working on their spirit in partnership with a third-generation Mezcalero. Their branding mantra is 'the spirit less ordinary.' Their launch run? 600 bottles. As Zacal's co-founder and CEO Phil Clayton puts it, 'We purposely chose the tougher routes on everything, because we knew it would pay back in spades—and it kept us excited by what we're doing.' Clayton, McCaig and Ochoa drinking Zacal The mezcal, made from rare Michoacán agaves Manso Sahuayo and Bruto, is triple-distilled to soften smoke and amplify flavor. It's designed for the discerning drinker who'd like their mezcal a little less bonfire, a little more mineral. The bottles are hand-blown from recycled glass. The copper stoppers are made by local craftspeople. And no one, absolutely no one, is pretending this was easy. 'To see and hold those bottles, it all just clicked,' Clayton says. 'They did justice to the uniqueness of the liquid and elevated the overall experience. It even tasted better poured from these beautiful bottles!' They're not bluffing, either. Zacal's early acclaim—including dual 'Master' awards at The Global Spirit Masters—comes off the back of obsessive detail, strategic stubbornness, and what the team repeatedly calls 'respect.' Not just for the product, but for the process and the people. 'We knew this couldn't be just another outsider brand parachuting into Mexico,' says co-founder Ian McCaig. 'That's why Milton [Ochoa, Zacal's aforementioned Mezcalero] isn't just a partner, he's a co-founder and equity holder. We've structured everything around balance in how we operate, how we give back to the local community, and how we present the product.' The decision to base the brand in Michoacán rather than Oaxaca, the more familiar home of mezcal, for example, wasn't just for point-of-difference PR. It was the cornerstone of the whole operation. 'With 95% of all exported mezcal coming from Oaxaca and being made from Espadín maguey, it was crucial to find another place to start,' Clayton explains. 'Not only to stand out but to help bring some variety to the market and learn from the monoculture challenges seen in Jalisco for tequila.' Zacal's initial mezcal releases, Ensamble and Manso Sahuayo Michoacán, known as the 'rebel state' and the 'soul of Mexico,' is home to less than 1% of the country's exported mezcal and some of its most complex, undercelebrated agave varieties. The volcanic terroir, clay-rich soil, and dramatic elevation make for a very different profile than what you'll find in most bottle shops. Or bars. Or, almost most notably in the industry's current landscape, celebrity partnerships. It's also where Milton Ochoa's family has run their vinata for generations. There, Zacal's maguey plants—Bruto and Manso de Sahuayo—are slow-roasted under volcanic rock and distilled not twice, but three times. 'We wanted to create something that was more lightly smoked and more approachable,' says McCaig, 'and the triple distillation increases the purity of agave flavour.' They're also not chasing scale. At least, not in the way most start-ups would define it. 'Our current production can produce 1,500 to 2,000 bottles a month,' Clayton says. 'But we don't want to push beyond this. Otherwise corners get cut, compromises are made on quality and Milton can't directly run the end-to-end process. We cannot allow that. 'We're not here to claim that we're 'artisanal' only to then industrially produce at mass volume. When people pay. a premium, that's exactly what they should get, not something which is only seen as high-end because of marketing and inflated prices' This is where the tech backgrounds come in. 'Mine taught me to be a strategic nerd,' Clayton says. 'To do your research, size the market, understand where the opportunities are, what your niche is and what their itch to scratch is.' McCaig is just as methodical, but arguably more romantic. 'After years scaling businesses in tech and digital [including co-founding App Store favorite FIIT], I wanted to build something with soul. Something that blended culture, craft, and connection.' The contrast between their previous ventures and Zacal couldn't be sharper. 'When we launched FIIT back in 2018 we went from an idea to a Minimum Viable Product [MVP] in less than 1 year,' McCaig continues. 'But with Zacal it took us a little over 3 years. We realised our 'MVP' actually needed to be pretty amazing from day one, although we still believe in bringing a 'test and iterate' process into this industry, much like software development.' As a result, the co-founders have built a modern company that behaves like a legacy brand. The kind that doesn't rely on hype to get into bars or artificial scarcity to court collectors. Just, as McCaig says, that solid MVP. 'At FIIT, we obsessed over content, community, and experience,' McCaig says. 'We're applying the same principles at Zacal. Build slow, build true, and let real people—not marketing gloss—tell the story.' That story includes a handful of private seed investors (friends or friends-of-friends), with no current plans to raise—unless the new routes to market they're testing take off faster than expected, of course. 'If we're able to nail down the three new routes to market we're working on, then we may well need to re-raise with existing investors,' Clayton says. 'It's coming earlier than planned, but it shows the momentum we're creating.' They've done this by targeting the mindful hedonist as a consumer—that is, a drinker who cares about what's in the bottle, how it was made, and who made it. 'Few other brands have spotlighted the fact that mezcal is naturally pure,' McCaig says. 'It's 100% agave and nothing else. Its unadulterated nature, combined with more complex sugars, arguably makes it one of the best choices for the more health-conscious drinker.' Which, of course, raises the bigger question: isn't it kind of mad to launch a mezcal brand—and hope to build an entire artisanal portfolio around it—at a time when the spirits industry is spiralling over the mere idea that people might be drinking less? Clayton doesn't think so. 'People are drinking perhaps less,' he says, 'but when they do drink, they drink as well as they can afford.' And on that front, Zacal more than delivers. The Manso Sahuayo [$94] is soft and balanced, almost shockingly so, with almond, citrus, and the gentlest whisper of smoke. The Ensamble [$140] goes deeper—herbaceous, floral, lightly briny, built for sipping—and lingers on the palate like a premium agave should. For a triple-distilled mezcal from an underdog region, launched by four friends with no interest in doing it the easy way, this niche-inside-a-niche brand might just prove first-time founders have the passion, and curiosity, to build better than the pros.
Entrepreneur
40 minutes ago
- Entrepreneur
How Much Do Walmart Employees Make? Salaries Revealed
New data reveals the compensation paid to Walmart's over two million employees. New federal filings reveal what the world's largest private employer, Walmart, with over two million global employees, pays its workforce. Top tech companies can pay hundreds of thousands of dollars in salaries, with Meta paying up to millions, and Walmart is no different. According to the filings, seen by Business Insider, Walmart pays software engineers up to $286,000, comparable to the $263,700 made by top engineers at rival Amazon. Other tech giants offer high compensation for similar roles, including Microsoft, which can pay $284,000 for top engineering talent. At Meta and Google, the same roles can pay up to $480,000 at Meta and a maximum of $340,000 for Google. Related: Top-Performing Walmart Managers Can Now Make $620,000 a Year The filings also show that Walmart, which is the world's largest company by revenue, compensates staff product managers anywhere from $136,500 to $286,000. Meanwhile, data scientists take home a range of $138,333 to $286,000. The data arrives from the 1,750 filings Walmart submitted to the U.S. Department of Labor in the first half of this year. Companies are required to submit pay information when hiring foreign workers through the H-1B visa program, which allows highly skilled workers to take on specialty occupations. The documents show base annual salaries for H-1B visa workers and do not include additional forms of compensation, like signing bonuses and stock options. They present a snapshot of compensation, but not the entire picture. Related: This 'Sweet' Role Is the Highest Paid Position at Walmart After Managers The filings reveal that Walmart pays other roles as follows: Distinguished Architect: $184,827 to $338,000 $184,827 to $338,000 Senior Product Manager: $121,000 to $286,000 $121,000 to $286,000 Senior Design Researcher: $142,002 to $234,000 $142,002 to $234,000 User Experience Design Senior Manager: $183,227 to $286,000 $183,227 to $286,000 Software Engineering Director: $190,486 to $312,000 $190,486 to $312,000 Product Management Director: $201,323 to $338,000 While these roles can pay six figures, they are outside the typical salary for most Walmart employees. Walmart's workforce mainly consists of hourly store workers, who average an hourly wage of close to $18. As of 2021, Walmart employed 1.2 million part-time and full-time hourly store workers in the U.S. out of 1.5 million overall U.S. employees. As of the time of writing, more than 75% of Walmart's 45,201 open jobs globally are for positions in Walmart stores and warehouses. That composition is reflected in broader assessments of Walmart's pay levels. According to Walmart's annual proxy statement, filed with the U.S. Securities and Exchange Commission earlier this year, the median Walmart employee made $29,469. In comparison, Walmart CEO Doug McMillon earned a total annual compensation of $27,408,854, or 930 times more than the median employee. Walmart CEO Doug McMillon. Photo byThe statement also showed that Walmart has increased its workforce over the past few years. As of the end of fiscal year 2024, Walmart employed approximately 1.6 million U.S. employees and had about 2.1 million workers worldwide, making it both the largest employer in the U.S. and in the world. Related: Here's How Much 8 CEOs Made in 2024, From JPMorgan's Jamie Dimon to Disney's Bob Iger Some Walmart market managers who manage a cluster of stores can make $420,000 to $620,000 in total compensation. Walmart gave these managers a pay increase of up to $100,000 from last year. Additionally, with revenue of $681 billion last year, Walmart beat Amazon, which earned $638 billion across the same period, to the top spot of the world's biggest company by revenue. Walmart stock was up nearly 9% year-to-date at the time of writing. The company has a market value of over $780 billion.
