Meta to Spend Tens of Billions on AMD, Guthrie Reward Now $1M, More
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The UK stands apart as a place to do business, not because of one advantage, but many working together. Over £10 trillion in capital, four of the world's top universities, a 10-year industrial strategy in action, its stability with dynamism, global reach with local depth. It all adds up to greater growth. Find out more at business.gov.uk slash growth.
News when you want it with Bloomberg News Now. I'm Amy Morris.
What major deal is Meta making with AMD?
A huge deal for advanced micro devices. Meta platforms will deploy six gigawatts worth of data center gear based on processors from AMD. It is a blockbuster deal that marks a win for the chip makers attempts to catch up with NVIDIA. Bloomberg's Ed Ludlow.
You basically say to Meta, OK, let's do this together for five years. Your engineers come and work with our engineers and you can help us install the systems. And that kind of projects quite a lot of confidence for the market toward AMD in particular.
Bloomberg's Ed Ludlow, the agreement is the latest step in a colossal spending spree by Meta. Meta shares are little changed. Shares of advanced micro devices are more than 7% higher. The family of Nancy Guthrie is offering a reward of up to a million dollars for information leading to her recovery. Savannah Guthrie made that announcement on Instagram.
We need to know where she is.
We need her to come home. For that reason, we are offering... A family reward of up to $1 million.
The family is also donating a half million dollars to the National Center for Missing and Exploited Children, and the FBI is offering a reward of up to $100,000 for information in the case. Fed Governor Lisa Cook warns the U.S. central bank may not be able to counter rising unemployment driven by adoption of artificial intelligence. Cook noted that it may take five to ten years for the impact of AI to appear in the economy-wide productivity statistics, and the Fed is already incorporating AI into its forecasts.
A rise in unemployment may not indicate increased slack. As such, our normal demand-side monetary policy... may not be able to ameliorate an AI-caused unemployment spell without also increasing
inflationary pressure fed governor lisa cook spoke at an event in washington fed governor christopher waller speaking at a separate event said that report overstated the potential impact on employment he says the central bank is moving toward a system-wide deployment of artificial intelligence across regional banks and its dc headquarters in my lifetime i have never seen a technological revolution quite like this
And I've seen this birth of space exploration, the rise of the personal computer, the explosion of the Internet, and then smartphones.
Waller spoke at a conference organized by the Boston Fed. Chicago Fed President Austin Goolsbee says the Supreme Court's decision to strike down many of President Trump's global tariffs may cause more uncertainty for businesses, but could help cool inflation.
I'm pretty optimistic that we can get rates down further, multiple cuts in 2026, as long as we see the progress on inflation.
Goolsbee says inflation progress will not be determined by the number of months over which prices cool. Consumer confidence ticked up in February on more upbeat prospects for the economy, incomes and job market. The conference board's gauge rose to 91.2. That beat expectations. Conference board chief economist Dana Peterson tells Bloomberg it's a modest gain.
From our perspective, we only saw a little bit of an uptick in confidence. And a lot of that was focused on people being a little less morose. about the labor market currently, as well as expectations for business conditions six months forward, as well as the labor market and incomes.
The rise in confidence comes as recent data indicate the labor market is showing some signs of stabilization and inflation has been relatively tame. Rally and tech firms spurred a rebound in stocks. We check those markets for you all day long at Bloomberg. The S&P 500 up 0.5%. NASDAQ up 0.9%. The Dow up 0.6%. The 10-year Treasury yield at 4.03%.
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