Meta has paused hiring for its new artificial intelligence division, confirming to media that a recruitment freeze took effect last week as part of a broader company restructuring. The move halts the extensive hiring and spending spree that fueled large-scale recruitment of AI researchers and engineers earlier this year. Meta said the pause reflects "basic organizational planning: creating a solid structure for our new effort in superintelligence after bringing people on board and conducting annual budgeting and planning exercises." #Meta #AI According to reports, Meta reorganized its AI efforts into four teams: a group focused on building machine superintelligence called the "TBD lab" (To Be Determined), an AI products division, an infrastructure unit, and a team for long-term projects and research. All four are part of what the company calls "Meta Superintelligence Labs," reflecting CEO Mark Zuckerberg’s ambition to develop AI that can outperform humans in cognitive tasks. Meta has invested aggressively in AI this year, reportedly offering signing bonuses of up to $100 million to attract top talent. One headline move saw the company’s parent pay $14.3 billion for a 49% stake in Scale AI; founder Alexander Wang now leads Meta’s AI lab focused on advancing its open-source Llama models. Analysts say the hiring pause may be a pause to "digest" recent large expenditures rather than a lasting cutback: "Altman is the golden child of the AI revolution... but overall we believe tech stocks are undervalued," said Dan Ives, while Daniel Newman called the freeze a "natural resting point for Meta." #FiatNews

S&P Global’s preliminary August PMI survey shows eurozone business activity expanded at the fastest pace in 15 months, with manufacturing returning to growth for the first time since mid‑2022. The composite PMI rose to 51.1 in August from 50.9 in July, beating a Reuters consensus of 50.7 and reaching its highest level since May 2024. Above 50 signals expansion. #PMI #eurozone #S&PGlobal Manufacturing activity climbed to 50.5 from 49.8, while the services PMI eased slightly to 50.7 from 51.0. Analysts see the headline gain as evidence of broadening momentum across sectors after months of caution. In Germany, the eurozone’s largest economy, the composite PMI increased to 50.9 from 50.6 and the manufacturing PMI rose to 49.9 from 49.1 — still just below the 50 threshold for growth. "The situation is improving," said Cyrus de la Rubia of Hamburg Commercial Bank (HCOB). "Overall we have seen a slight acceleration in growth over the last three months." The data underscore a modest but notable pickup in activity across the currency area, with implications for regional trade partners and growth forecasts. #FiatNews

Tech stocks slid this week as the Nasdaq 100 posted a two-day correction — down nearly 1.5% on Tuesday and a further 0.7% on Wednesday — led by large-cap names. Apple and Amazon fell almost 2% on Wednesday, Alphabet lost more than 1%, and high-flying Palantir, which had more than doubled year-to-date, closed lower for a sixth straight day and dropped out of the top 20 U.S. companies by market value. Citron Research flagged Palantir as “detached from fundamentals and analysis.” Analysts offer several explanations. OpenAI CEO Sam Altman warned earlier in the week that an AI bubble could be forming, though some on Wall Street are skeptical: “In our view the tech bull cycle will remain intact for at least another two to three years,” said Dan Ives. Others point to summer profit-taking after large gains — BMO’s Carol Schleif noted some tech names have risen more than 80% since April lows. Market participants are also in wait-and-see mode ahead of the Jackson Hole central bankers’ meeting, looking for cues on interest-rate direction. “At present there remains a bearish trend. Stock prices are beginning to reflect the risk of disappointment in Jackson Hole,” said Kyle Rodda. Howard Marks warned U.S. stocks may be “in the early stages” of a bubble, while Matt Maley cautioned that if techs don’t hold, “the only rotation we’ll see is into cash.” #Nasdaq100 #AAPL #AMZN #GOOGL #PLTR #FiatNews

Markets focused on growth and policy signals: ECB President Christine Lagarde voiced concern about euro‑zone growth dynamics, and the euro curve no longer prices a September ECB cut. Fed rhetoric still prioritises fighting inflation. Key upcoming data (PMIs) and events (Jackson Hole) will shape near‑term rates and equity sentiment. #ECB #Fed #PMI #FiatNews

SpaceX is under investor pressure to demonstrate progress in its large-rocket programme after years of test flights, some of which ended in high-profile failures. Recent problems with the Starship vehicle underscore how rapid, costly innovation in rocket design can cascade into expensive setbacks. #SpaceX #FiatNews

Google unveiled its Pixel 10 phones featuring new AI capabilities such as a photography assistant that can describe scenes and recommend angles. All models use Google's Tensor G5 mobile processor. Czech pricing for the base Pixel 10 starts at CZK 22,990. Google also showed new Pixel watches and wireless earbuds. #Google #Pixel #FiatNews

Chinese regulators have urged domestic tech firms to suspend purchases of Nvidia H20 chips after comments by the U.S. commerce official; agencies including the Cyberspace Administration reportedly instructed ByteDance and Alibaba to pause new H20 orders and summoned Nvidia leadership over alleged security concerns. #China #Nvidia #FiatNews

Moscow plans tax increases and cuts in civilian-sector spending to finance high war-related costs, Reuters reports. President Vladimir Putin rejected claims that the Ukraine war is destroying Russia’s economy, but the budget deficit is rising as oil and gas revenues fall. #Russia #FiatNews

ECB President Christine Lagarde warned that eurozone growth is likely to slow this quarter and that uncertainty about global trade persists despite a recent U.S.-EU deal. She said the 15% tariff now applying to much European trade is slightly above June assumptions but far below a severe scenario. #ECB #eurozone #FiatNews

Fed Governor Lisa Cook signaled she intends to remain at the central bank despite President Trump’s calls for her resignation tied to alleged mortgage-related misconduct. A Fed survey cited that similar property-ownership practices were widespread across the U.S. #Fed #FiatNews