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Treasury Secretary Yellen to visit China this week to deepen communication

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Yellen marks the second top ranking U.S. official to visit China in recent weeks, following Secretary of State Antony Blinken last month

U.S. Treasury Secretary Janet Yellen will travel to Beijing from July 6-9 for meetings with Chinese officials to cover topics including U.S. concerns over a new Chinese counterespionage law, a senior Treasury official said on Sunday.

President Joe Biden has been pushing to deepen communications between the world’s leading economies, and it is hoped this trip can help stabilise the relationship and minimise the risks of any possible disagreements.

It follows a recent trip by Secretary of State Antony Blinken just weeks ago, which also sought to ensure the two countries do not fall into conflict. Biden did cause some concern in Beijing when he subsequently referred to China’s President, Xi Jinping as a “dictator”, however the overall response following those remarks has been muted.

Yellen plans to tell China that Washinton will continue to defend human rights and its own national security interests, but seeks to cooperate on climate change and rising debt distress faced by many smaller countries.

“We seek a healthy economic relationship with China, one that fosters growth and innovation in both countries,” the official said. “We do not seek to decouple our economies. A full cessation of trade and investment would be destabilising for both our countries and the global economy.”

Yellen was expected to meet the Chinese Vice Premier He Lifeng, according to a second Treasury Department official.

 

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Big Tech pushes AI investments

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Tech giants like Microsoft and Meta are accelerating AI data center spending, with massive capital pouring into these projects.

Microsoft and Meta reported on Wednesday that AI investments are spiking their expenses, while Alphabet announced similar trends.

Amazon, due to report earnings shortly, is expected to mirror these projections, foreseeing further pressure on profit margins.

Wall Street is getting wary of the financial strain, as each company’s stock took a hit this week despite strong quarterly numbers.

Shares of Meta fell over 3%, and Microsoft saw a 6% drop, underscoring Wall Street’s jitters.

“It’s expensive to keep up with AI technology demands,” says GlobalData’s Beatriz Valle, emphasising a competitive race in AI capacity.

The high-stakes investments are starting to test investor patience in Big Tech’s ambitious AI journey.

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Meta expects strong holiday ad revenue boost

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Meta’s holiday-quarter forecast beats expectations as AI tools drive growth

Meta Platforms, parent company of Facebook, has forecast holiday-quarter revenue that surpasses market expectations, anticipating a surge in ad spending as the year ends.

The projection comes as Meta’s AI-driven advertising tools and short-form video feature Reels have spurred revenue growth this year.

Meta’s shares dipped 2.5% in after-hours trading, despite a third-quarter profit of $6.03 per share—well above analysts’ forecast of $5.25.

Analysts expect digital ads to have a “blockbuster” year in 2024, helped by improved economic forecasts and steady consumer spending.

Meta, heavily reliant on advertising revenue, stands to benefit from increased holiday marketing as it eyes revenues of $45 to $48 billion this quarter.

The company’s third-quarter revenue reached $40.59 billion, narrowly topping analysts’ estimates.

With interest rates easing, analysts suggest Meta’s ad revenue could continue to thrive into the new year.

As holiday spending ramps up, Meta’s AI investments are paying off.

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Microsoft CEO Satya Nadella receives $30 million pay raise

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Despite layoffs, Nadella’s pay jumps 63% amid company growth

Microsoft’s CEO, Satya Nadella, saw a significant 63% pay raise this year, with his total compensation rising to $71 million, up from $48.5 million in 2023. This comes even as Microsoft laid off 2,500 employees, including job cuts in its gaming division, following its $69 billion acquisition of Activision Blizzard.

While concerns were raised in Congress over cybersecurity breaches, Microsoft’s stock still rose by over 16% this year, benefiting investors, although it lags behind the broader S&P 500. Investors are now eagerly awaiting the company’s earnings report next week.

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