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Good morning! Today, we have an exclusive report on Meta, the social media giant. Meta has recently disbanded a team that was using artificial intelligence to create a groundbreaking database of over 600 million protein structures. This move indicates Meta’s shift away from purely scientific endeavors and towards the development of AI products that generate revenue.
The team, known as ESMFold, consisted of about a dozen scientists who trained a large language model to process vast amounts of biological data and predict protein structures. Their work has been highly praised by experts in the field of drug development and treatment.
However, the ESMFold group was disbanded earlier this year as part of a broader restructuring within Meta, resulting in layoffs across the company. According to insiders, this decision reflects Meta’s focus on AI projects that can contribute to its business success, rather than purely academic or exploratory research.
Yaniv Shmueli, a former research scientist and engineering manager at Meta AI who worked on ESMFold, commented on the company’s new research strategy: “Meta has shifted its focus towards understanding how to create advanced intelligence that can benefit its business, rather than pursuing mere curiosity projects.”
Here’s a roundup of other news:
Economic Data: China will release its trade balance for July, while Germany will share inflation rate data for the previous month. Earnings Reports: SoftBank, Lyft, Glencore, and Eli Lilly are among the companies reporting their earnings. Check out our Week Ahead newsletter for a complete list.
India: Prime Minister Narendra Modi will face a no-confidence motion in parliament due to inter-ethnic clashes in the state of Manipur. The opposition accuses Modi’s government of ignoring this security crisis. Although the motion is expected to fail, it will force the prime minister to address the violence in Manipur.
And now, the top five stories:
1. Pressure mounts on German Chancellor Olaf Scholz to supply cruise missiles to Ukraine as it struggles against Russia. While Germany has been hesitant to provide long-range weapons, two politicians from Scholz’s party are joining the call to send Taurus missiles to Kyiv. Read more about the missile debate in Germany.
2. Big Tech companies in China, such as Baidu, Xiaomi, and Didi, are facing obstacles due to regulatory red tape in their efforts to launch electric vehicles. These companies are experiencing delays in their car rollouts, leaving engineers with little to do. Learn more about Beijing’s stricter regulations impacting tech groups.
3. Ant Group, founded by Jack Ma, plans to exchange almost half of its equity stake in the Indian payments company Paytm for convertible debt. Geopolitical tensions between India and China have raised concerns among stakeholders regarding Chinese ownership. Read the full story on this transaction.
4. HSBC’s head of public affairs has apologized for criticizing the UK government’s decision to limit dealings with China under US pressure. This apology highlights the challenges HSBC faces as it navigates rising geopolitical tensions between East and West.
5. Tens of thousands of young people attending a global gathering of scouts in South Korea are being evacuated due to high temperatures and an incoming typhoon. The cancellation of the World Scout Jamboree is a setback for the South Korean government’s efforts to establish itself as a premier destination for global events.
The Big Read: Coral reefs near Florida and the Caribbean are dying due to higher sea temperatures. As global temperatures reach record highs, marine biologists are concerned about the impact on fisheries in the North Atlantic. While human activities contribute to marine heating, the reasons behind the current acceleration are not yet clear.
We’re also reading:
– Rana Foroohar explores the challenges of completely disconnecting the US from China, particularly in areas like solar power.
– Gideon Rachman discusses how the current US administration shares many of Trump’s views, including rivalry with China.
– Valdis Dombrovskis, EU trade commissioner, speaks about Brussels’ push for China to reduce barriers to European exports.
Chart of the Day: China’s largest mutual funds are nearing government limits on offshore investments. With slower growth at home, these funds are seeking higher returns elsewhere.
Take a Break from the News:
Our Aesthetes at HTSI share their favorite artists and summer playlists. Discover the discerning and delightful music selections from James Blake to Siouxsie and the Banshees.
Contributors: Tee Zhuo and Gordon Smith
Recommended Newsletters:
Asset Management: Get an inside look at the multi-trillion-dollar asset management industry.
The Week Ahead: Start your week with a preview of upcoming events and major news items.
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