Meta Surged 9% Selling AI Compute It's Still Buying From Google | AI News

Meta's stock had its best day since 2020 after Bloomberg reported it's building a cloud business to sell 'excess' AI capacity — three days after Google rationed Meta's Gemini access because there isn't enough to go around. Microsoft is cutting another 5,700 jobs while spending $190 billion on AI, and Xbox faces what insiders call the largest layoff event in gaming history. Fed Chairman Warsh confirmed the AI build-out now has 'huge implications for monetary policy' as inflation sits above target for a fifth straight year.