🚀 Microsoft steals Google's AI talent

Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. Microsoft continues its aggressive push in AI by hiring top talent from Google DeepMind, with at least two dozen employees joining Mustafa Suleyman’s team in recent months to bolster its Copilot and Bing efforts. High-profile hires include Amar Subramanya, former VP of Engineering for Google’s Gemini Assistant, and Adam Sadovsky, a longtime leader at DeepMind. The move highlights intensifying competition among tech giants for AI expertise, with Meta offering $100 million signing bonuses and Google spending $2.4 billion to acquire startup Windsurf. Despite recent layoffs, Microsoft is prioritizing its consumer AI ambitions.

2. Kohl’s stock soared over 30% Tuesday in a wild trading session fueled by meme stock-style momentum, despite no news from the company. Reddit’s Wall Street Bets forum has recently buzzed about the retailer due to its high short interest, around 50% of shares sold short, and nostalgia-driven name recognition. Trading volume spiked to 17 times its 30-day average, triggering a temporary halt. While the stock briefly doubled before paring gains, Kohl’s fundamentals remain weak: it faces declining sales, rising competition, and leadership turmoil following the ouster of its CEO amid a scandal.

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4. President Trump softened his stance on removing Federal Reserve Chair Jerome Powell, saying it’s “highly unlikely” he’ll fire him and noting, “He’s going to be out pretty soon anyway,” referencing Powell’s term ending in May 2026. Despite previously calling Powell “too late” on rate cuts and blaming him for high mortgage costs, Trump now appears content to wait out his tenure. Meanwhile, the administration is scrutinizing the Fed’s $2.5 billion D.C. renovation, accusing it of “mission creep,” with Treasury Secretary Scott Bessent calling for a broad internal investigation beyond just monetary policy.

   Headlines

   1. Coca-Cola will be offering real cane sugar drinks in the US starting in the fall.

   2. The House of Representatives has recessed early ahead of the scheduled August break.

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