Meta Jumps 8% on Plan to Sell Excess AI Computing Power to Customers

CNBC reported on July 1 that Meta will sell excess computing power to outside customers amid the artificial intelligence boom. Shares jumped over 8% in the session, marking the stock's best day since January. The move is part of Meta's effort to build a new cloud business and recoup investments in AI infrastructure.

Separately, the June jobs report released today showed nonfarm payrolls are expected to rise by 115,000, a slowdown from May's 172,000 gain. Additionally, the U.S. announced that its USMCA trade agreement with Canada and Mexico will not be extended, shifting to annual reviews instead of a 16-year renewal, creating uncertainty for American automakers.