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Top stories today:
- Trump announces up to 40% tariffs on 14 countries starting Aug. 1
- Appleās AI model chief leaves for Meta
- Samsungās Q2 operating profit -56% YoY to $3.3B, lowest since 2023
- CoreWeave to buy Core Scientific in $9B all-stock deal
- OpenAI pay hike after Meta poaching may swell stock compensation
0. Data and calendar
All values as of 6 AM ET / 3 AM PT, other than S&P500 and NASDAQ close (4 PM ET / 1 PM PT).
No major events today.
Listen to our AI-generated podcast summarizing todayās newsletter (beware of hallucinations):
1. Trump announces up to 40% tariffs on 14 countries starting Aug. 1
Japan, South Korea, Malaysia, and Kazakhstan will see 25% tariffs on goods imported to the U.S., per Trumpās letters.
The U.S. would āperhapsā consider adjusting the new tariff levels ādepending on our relationship with your country,ā Trump wrote in his letters.
Even more letters will be sent out in the coming days, White House press secretary Karoline Leavitt said.
The new tariffs replace the so-called reciprocal tariffs that Trump had announced in Apr. but paused for 90 days until Jul. 9.
The Aug. 1 deadline was ānot 100% firm,ā Trump said.
The S&P 500 rebounded from the Apr. 2 tariff plunge but was -0.8% after Mon.ās announcement
-0.8% in the Nasdaq 100 Index after the tariff updates were announced on Mon.
Trumpās latest tariff targets have included Japan and South Korea, the 2 giant U.S. import sources
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3. Appleās AI model chief leaves for Meta
Representational image generated using ChatGPT.
Ruoming Pang was the manager in charge of Appleās foundation models team.
2021: Pang joined Apple from Alphabet.
Meta reportedly offered a āpackage worth tens of millions of dollars per yearā to secure Pang.
The exit could be another setback in Appleās struggling AI efforts.
Meta has also hired OpenAI researcher Yuanzhi Li and Anthropic researcher Anton Bakhtin.
4. Samsungās Q2 operating profit -56% YoY to $3.3B, lowest since 2023, as chip crisis deepens
Samsungās chip profit has continued to drop for the 3rd quarter in Q1:
