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• Meta AI Cloud Report Hits Memory and Storage Stocks: Reports that Meta Platforms (NASDAQ: META) is building an AI cloud business to sell excess computing capacity sparked fears that AI firms may extract more value from existing hardware rather than buying new chips.
• Global Memory Selloff Spreads: Reports of Meta's AI cloud ambitions and OpenAI's model efficiency gains triggered a global memory sector selloff that spread from Micron to South Korean rivals SK Hynix and Samsung.
• Chip Sector Drops Over 6%: Semiconductor stocks fell more than 6% on July 1 following reports that Meta (NASDAQ: META) is building an AI cloud business and that OpenAI achieved significant AI model efficiency gains.
• Chanos Flags Governance Risk: Short-seller Jim Chanos criticized an $800 million RSU grant to IREN's Co-CEOs, calling it 17% of projected cumulative adjusted net income through 2030.
• Gold prices jumped 2.30 percent above 4,124 dollars per ounce, rebounding from an eight-month low.
• Silver prices climbed 3.76 percent above 61.30 dollars per ounce, recovering from seven-month lows.
• WTI crude fell 1.48 percent to 67.564 dollars a barrel while Brent dropped 1.34 percent to 70.612 dollars, both marking a third straight session of declines.
• US heating oil prices fell 1.60 percent to 3.1664 dollars per gallon, near their lowest level since the Iran conflict began.
• US gasoline prices fell 2.35 percent to 2.8759 dollars per gallon, near their lowest level in more than three months.
• A severe heat wave is forecast to push New York City temperatures to 100 degrees Fahrenheit, threatening a 1966 record.
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