Today on The Open Bell:

Meta has spent years hoarding AI chips, and it's bought so many that it's now turning itself into a cloud computing business to lease the excess out, which apparently came as enough of a shock to markets that it knocked more than 10% off several chipmakers in a single day.

UK energy bills jumped 13% on July 1, the biggest quarterly increase since the 2022 crisis, and the country that has to absorb that hit is currently running without a prime minister.

The US added only 98,000 private-sector jobs in June, one of the weakest prints in well over a year, but wages are still rising fast enough that the Federal Reserve, which sets interest rates in part to keep price pressures in check, has no real reason to cut rates any time soon.

Hosted by Alex Monroe. New episodes every weekday morning at theopenbell.co

Not investment advice. For informational purposes only.

---

Chapters:

00:00 Introduction

00:17 Meta Cloud Pivot Wipes Billions from Global Chip Stocks

03:03 UK Energy Bills to Jump 13% in July as Ofgem Raises Price Ca

05:31 US June ADP Payrolls Miss: Private Hiring Slows to 98,000

06:59 Closing thoughts