Daily brief
Google's Gemini co-lead Noam Shazeer is leaving the company to join OpenAI. The move marks a significant shift in AI talent as Shazeer, a key figure in Google's AI efforts, heads to a major competitor.
President Trump announced that Apple will partner with Intel on US chip production, sending Intel shares surging; separately, Apple CEO Tim Cook said iPhone price increases are 'unavoidable' due to rising memory chip costs linked to the AI boom.
The Federal Reserve signaled a more hawkish stance on interest rates, unsettling investors and leading to a rise in the dollar and short-term Treasury yields.
US Vice President Vance announced that 12.5 million barrels of oil are transiting the Strait of Hormuz following a US-Iran memorandum of understanding, and said the US has effectively lifted the blockade of Iran's seaports.
The US dollar hit a one-year high against a basket of currencies on rate hike bets, while the Japanese yen weakened to a 23-month low, prompting a warning from Japanese officials.