Meta Platforms is reportedly laying off 600 employees from its AI superintelligence lab while forming a $10 billion data center joint venture. Meanwhile, GE Vernova’s CEO revealed ongoing discussions with OpenAI, hinting at potential power supply collaborations amid a broader tech sell-off.
Market Downturn and Defensive Shifts
Stocks experienced significant selling pressure on Wednesday, with profit-taking particularly affecting technology and AI infrastructure sectors, according to market analysis. The downturn reportedly extended to unprofitable, speculative stocks, while defensive sectors like consumer staples and healthcare outperformed. Analysts suggest renewed U.S.-China trade tensions contributed to the sell-off after Reuters reported the Trump administration might curb exports of products using U.S. software.