Key Takeaways
- Meta Platforms (META) has made a significant strategic move by poaching Shengjia Zhao, a key engineer from OpenAI, and appointing him as Chief Scientist of its Superintelligence Labs.
- US President Trump indicated a "good 50-50 chance" of reaching a trade agreement with the European Union (EU) despite 20 different sticking points, with a meeting scheduled for Sunday.
- President Trump also announced that a trade deal with the United Kingdom (UK) has been concluded, with plans to meet the UK Prime Minister soon for a "celebration."
- California regulators have imposed a ban on Tesla (TSLA) from testing or transporting people in autonomous vehicles, whether paid or unpaid, with or without a driver.
- The US is set to announce its rate on Canadian soft lumber on August 8, confirming the collection of antidumping duties.
Corporate Developments
Meta Platforms (META) is significantly strengthening its artificial intelligence division with the strategic hire of Shengjia Zhao, a prominent engineer formerly with OpenAI. Zhao has been named Chief Scientist of Meta's Superintelligence Labs, a move that underscores Meta's aggressive push into advanced AI research and development. This high-profile recruitment highlights the intensifying competition among tech giants for top AI talent.
US Trade and Diplomacy
US President Trump has been actively engaged in international trade discussions, noting a "good 50-50 chance" of securing a trade deal with the European Union. He acknowledged approximately 20 different sticking points that need resolution. The President is scheduled to meet with EU representatives on Sunday to continue these critical negotiations. Trump also urged Europe to address immigration issues and reconsider its stance on windmills.
In a separate development, President Trump confirmed that a trade deal with the United Kingdom has been concluded. He plans to meet with the UK Prime Minister in the coming days, describing the upcoming meeting as more of a "celebration" of the deal than further negotiation. Beyond trade, other topics will be discussed during the UK meetings.
On the trade front with Canada, the US will announce the specific rate on Canadian soft lumber on August 8, confirming that antidumping duties will be collected. This follows ongoing disputes regarding lumber imports.
Regulatory and Industry News
California regulators have issued a significant ruling against Tesla (TSLA), prohibiting the company from testing or transporting individuals in its autonomous vehicles. This ban applies regardless of whether the service is paid or unpaid, or if a driver is present. However, the regulator did state that Tesla would be permitted to offer a chartered transport service specifically for employees' friends, family, and select public members. This regulatory action could impact Tesla's autonomous driving development and deployment strategies within the state.
In other sector news, Brazil's pig iron producers are reportedly considering halting output due to escalating tensions with the US. Additionally, FHFA Chief Pulte expressed optimism that Fed Chair Powell will "do the right thing" regarding monetary policy. A joint statement from members of Congress has urged the Trump administration to pressure Netanyahu to reach a ceasefire agreement in Gaza. President Trump also commented on the situation with Hamas, calling it "terrible."
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications.