AM Markets Need to Know: Meta's AI push, PayPal bid, and more (SP500:)
Chip stocks slide on export control fears. Meta hires AI researchers, PayPal talks bid, Burry buys Hong Kong, oil pipeline rules tighten, visa extended. Futures down 0.3%.
U.S. stock futures pointed lower on Friday as investors assessed a global semiconductor selloff. Chip stocks slipped on reports of tighter export controls, dragging the Nasdaq 100 index futures down 0.6%.
Meta Platforms bucked the trend. The company hired several AI researchers from competitor labs, three people familiar with the matter said. The hires signal a deeper push into generative AI, even as Meta trims headcount elsewhere.
PayPal shares rose 4.2% in premarket trading after Bloomberg reported the company is in early-stage takeover talks with a private equity consortium. The talks are not yet at a formal bid stage, people familiar with the matter said.
Michael Burry's Scion Asset Management disclosed a new Hong Kong equity position in a 13F filing late Thursday. The filing showed a $47 million stake in two Hong Kong-listed property developers. Burry has not commented on the trade.
Oil pipelines were in focus after the Biden administration proposed new rules requiring pipeline operators to report cyber incidents within 24 hours. The proposed rules follow a string of ransomware attacks on energy infrastructure. The American Petroleum Institute said it would review the proposal.
Visa rules also drew attention. The State Department said it would extend expedited visa processing for tech workers through September. The extension aims to address labor shortages in the semiconductor and AI sectors.
Futures remained under pressure through the morning session. The S&P 500 contract was down 0.3% as of 7:30 a.m. ET. Treasury yields edged higher, with the 10-year note at 4.18%.
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