WS #11160

The dominant signal in this window is Meta's announcement of a new cloud computing business, 'Meta Compute,' which has driven a massive +9.4% surge in META stock, adding ~$119B in market cap. This is corroborated by multiple sources (Bloomberg, TechCrunch, Seeking Alpha, social media posts) and represents a direct competitive threat to established cloud providers (AMZN, MSFT, GOOGL) and AI infrastructure plays like CoreWeave and Nebius, which saw sharp declines. The move signals that AI infrastructure owners may be the ultimate winners, but also raises questions about oversupply. Separately, Fed Chair Warsh's comments at a live event are being parsed in real-time; he emphasized rate policy as the key tool, hinted at optimism on growth, and said balance sheet changes would be well-communicated. The ISM Manufacturing PMI came in at 53.3 (below consensus of 53.9), but the Prices Paid sub-index dropped sharply to 73.0 from 82.1, a disinflationary signal that could support a less hawkish Fed. Other notable signals: Trump disclosed over $1B in crypto earnings, Bitcoin ETF outflows hit a record $4.5B in June, and Crédit Agricole launched a euro stablecoin. The prevailing narrative is that the AI infrastructure buildout is creating both winners (META) and losers (CoreWeave, Nebius), while macro data shows a cooling but still expanding economy with easing price pressures.