-- Joy Spreader Group (HKG:6988) is partnering with Beijing Volcano Engine Technology to implement artificial intelligence across its business operations, according to a Hong Kong bourse filing Monday.
Under the framework, Volcano Engine Technology will provide technology services, including the Doubao large model, to Joy Spreader.
The agreement shall remain in effect until March 31, 2027.
Meta Platforms (META) may disclose more layoffs later this year as the technology giant looks to boost operational efficiency through artificial intelligence, Wedbush Securities said in a note.Meta is laying off roughly 8,000 employees, about 10% of its workforce, to improve efficiency and help it cover other investments, Bloomberg News reported Thursday, citing a memo sent to the company's employees.In addition, the Facebook parent will no longer hire for about 6,000 open roles, according to the report. Meta spokesperson Tracy Clayton confirmed the content of the Bloomberg article.Meta is likely targeting a leaner operating structure by leveraging AI tools to automate tasks, Wedbush analysts including Dan Ives said in the note on Thursday."While this number represents a significant cut to its workforce, we note that additional layoffs could come later this year," Ives wrote.Shares of Meta, which also owns WhatsApp and Instagram, rose 3.3% in Friday trade.Meta said in January it expected capital spending at $115 billion to $135 billion in 2026, driven by increased investment to support the Meta Superintelligence Labs efforts and its core business. Meta has seen a series of job cuts over the past few months, including a 10% workforce reduction within Reality Labs, Wedbush said."While we acknowledge investor concern around management's intent to invest more deeply this year, we believe the company is taking a more intentional approach, and this cycle is more disciplined than Meta's investment thesis four years ago," Ives said.Meta is scheduled to release its first-quarter results on April 29.Price: $680.10, Change: $+20.95, Percent Change: +3.18%
US equity indexes traded mixed as Intel's (INTC) blowout Q1 results galvanized the tech sector, and crude oil futures dropped following reports that Iran's Foreign Minister Abbas Araghchi and President Donald Trump's envoys will arrive in Pakistan for peace talks this weekend.The Nasdaq Composite jumped 1.5% to 24,802.2, with the S&P 500 up 0.7% to 7,158.3, with semiconductor manufacturers among the top gainers. The Dow Jones Industrial Average, however, declined 0.3% to 49,163.3.Intel shares rose 20%, the top gainer on the S&P 500 and the Nasdaq, after the company reported higher fiscal Q1 adjusted earnings and revenue. The chipmaker issued a fiscal Q2 outlook above market expectations. Nvidia (NVDA), Advanced Micro Devices (AMD), and Arm Holdings (ARM) were among the leaders across both indexes.Araghchi, the main mediator between Tehran and Washington, is set to arrive in Islamabad with a small delegation, Pakistani government sources and an Iranian source told CNN. Pakistan is brokering the talks between Washington and Tehran, seeking an end to the war in Iran and a reopening of the Strait of Hormuz.From the US, President Donald Trump is sending envoys Steve Witkoff and Jared Kushner to Pakistan to participate in talks with Araghchi this weekend, administration officials told CNN.West Texas Intermediate crude oil futures fell 2% to $93.98, and Brent crude futures slipped 0.2% to $104.87 after midday as geopolitical risk receded. Both WTI and Brent were up more than 1.5% each earlier in the session.In precious metals, gold futures rose 0.4% to $4,741.60, and silver futures climbed 1% to $76.84, after both traded lower earlier in the session.The Strait is the chokepoint for exports from Persian Gulf nations, which met 20% of daily global oil demand before the Feb. 28 start to the war, which also trapped shipments of diesel and jet fuel, as well as petrochemical feedstocks and fertilizers."What began as a crude oil supply shock linked to the effective closure of the Strait of Hormuz has now broadened into a multi-commodity disruption," Ole Hansen, head of commodity strategy at Saxo Bank, said in a note. "The implications are no longer confined to energy markets alone but are spreading into industrial production, transportation, and ultimately agriculture and food prices."US Attorney General for DC Jeanine Pirro said Friday on X that she has ordered her office to close its investigation into Federal Reserve Chair Jerome Powell. The Inspector General for the Federal Reserve has been asked to scrutinize cost overruns related to building construction, Pirro said.Most US Treasury yields fell, with the 10-year slipping 1.7 basis points to 4.31% and the two-year dropping 4.9 basis points to at 3.78%.In economic news, the University of Michigan consumer sentiment index was revised up to 49.8 for April from 47.6 preliminary, compared with expectations for 48.5 in a Bloomberg-compiled survey. The index remains below the final 53.3 print in March. Respondents expected a 4.7% inflation rate over the next year and 3.5% annual inflation over the next five years, up from 3.8% and 3.2%, respectively, in March.
Broad Market IndicatorsBroad-market exchange-traded fund IWM and IVV gained. Actively traded Invesco QQQ Trust (QQQ) rose 1.8%.US equity indexes traded mixed as Intel's (INTC) strong Q1 results lifted technology, and crude oil futures retreated following reports that Iran's Foreign Minister Abbas Araghchi will arrive in Pakistan late Friday for peace talks.EnergyIShares US Energy ETF (IYE) and the State Street Energy Select Sector SPDR (XLE) each shed 1%.TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) rose 2.7%; iShares US Technology ETF (IYW) and iShares Expanded Tech Sector ETF (IGM) gained.The State Street SPDR S&P Semiconductor (XSD) jumped 6.4%, and iShares Semiconductor (SOXX) climbed 4.4%.FinancialThe State Street Financial Select Sector SPDR (XLF) shed 0.6%. Direxion Daily Financial Bull 3X Shares (FAS) declined 1.7%, and its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), climbed 1.6%.CommoditiesCrude oil dropped 1.9%, and the US Oil Fund (USO) fell 2.9%. Natural gas declined 3.5%, and the US Natural Gas Fund (UNG) shed 2%.Gold on Comex added 0.3%, and the State Street SPDR Gold Shares (GLD) rose 0.7%. Silver gained 1%, and iShares Silver Trust (SLV) advanced 1.3%.ConsumerThe State Street Consumer Staples Select Sector SPDR (XLP) slipped 0.3%. The Vanguard Consumer Staples ETF (VDC) eased 0.1%, and iShares Dow Jones US Consumer Goods (IYK) was little changed.The State Street Consumer Discretionary Select Sector SPDR (XLY) rose 0.7%. VanEck Retail ETF (RTH) fell 0.2%, while the State Street SPDR S&P Retail (XRT) lost 0.3%.Health CareThe State Street Health Care Select Sector SPDR (XLV) dropped 1.4%, iShares US Healthcare (IYH) eased 1.4%, and Vanguard Health Care ETF (VHT) dropped 1.2%. IShares Biotechnology ETF (IBB) lost 0.8%.IndustrialThe State Street Industrial Select Sector SPDR (XLI) fell 0.8%. Vanguard Industrials Index Fund (VIS) and iShares US Industrials (IYJ) also dropped.CryptocurrencyIn midday activity, bitcoin (BTC-USD) fell 0.2%. Among cryptocurrency ETFs, ProShares Bitcoin ETF (BITO) dipped 0.2%, ProShares Ether ETF (EETH) was little unchanged, and ProShares Bitcoin & Ether Market Cap Weight ETF (BETH) was up 0.4%.