Category: 3. Business

And yet, amid all the pessimism, one tiny group of humans has become extraordinarily valuable: Those creating AI. Many tech companies are scrambling to hire top-notch AI leaders and researchers, using multi-million dollar paychecks to entice them. 

The latest example of how essential some humans are in the AI era came in the last few weeks, when Facebook-parent Meta went on a spending spree to beef up its all-important AI operations. The company is betting that the infusion of new talent will jumpstart its efforts, which are said to be lagging the competition and putting tens of billions of dollars in future profits at risk. 

The push started with Meta CEO Mark Zuckerberg hiring Alexandr Wang, CEO of AI labeling startup Scale AI, to be his first chief AI officer, and making a $14.3 billion investment in Wang’s company. Zuckerberg also recruited former GitHub CEO Nat Friedman to partner with Wang in leading Meta’s new superintelligence lab.  

Just days later, Meta went on another hiring blitz by poaching a number of AI researchers from ChatGPT maker OpenAI, along with employees from Google and Anthropic, maker of the Claude AI assistant. 

“As the pace of AI progress accelerates, developing superintelligence is coming into sight,” Zuckerberg wrote in a memo on Monday to formally announce Wang and Friedman’s new roles and the opening of the superintelligence lab. “I believe this will be the beginning of a new era for humanity, and I am fully committed to doing what it takes for Meta to lead the way.”

The AI talent war between Meta and OpenAI is just an extreme example of what’s happening across the tech industry. Companies large and small are fighting to recruit big-name AI leaders and their foot soldiers, readily acknowledging that developing superintelligence, or AI that’s vastly smarter than humans, hinges on the work of actual humans. 

In their sales pitches, companies often claim AI can perform magic. But for now at least,  the technology can’t entirely perform its magic on itself.

AI research scientists who are focused on foundational AI and making sci-fi advancements to it are considered to be at the top of this new pecking order. They oversee the training of vast general-purpose models, fine tune them, and make them more adaptable for developers to incorporate into their products. 

Some companies are willing to pay big money—including millions of dollars in salaries, stock options, and bonuses—for what they consider to be the top talent in that cohort. 

OpenAI CEO Sam Altman recently claimed that Meta had dangled $100 million compensation packages in front of some of his employees, and then boasted that no one of significance had accepted such an offer. 

However, within days, the exodus began. Ultimately, OpenAI’s chief research officer, Mark Chen, erupted about it in an internal memo, Wired reported. “I feel a visceral feeling right now, as if someone has broken into our home and stolen something,” he wrote. To keep other workers from leaving, he vowed to be “more proactive than ever before” by “recalibrating comp,” or compensation, and “scoping out creative ways to recognize and reward top talent.” 

David Horn, head of AI at financial services company Brex, agreed that humans are essential for developing and perfecting AI at his company and others. A few individuals, he said, can have a huge impact on a company’s ultimate success.  

“You still need people who can tell AI what problems to solve when we’re working with AI tools,” Horn said. “What we found is that the value humans bring to a task is not necessarily putting in the effort but being able to very clearly explain what needs to be done—and also, more importantly, why.”

Unlike many of the major tech companies, Brex isn’t developing foundational AI. Rather, it’s building on top of the super-sized models that those bigger companies produce, specifically to tailor it for the financial sector. Several layers of workers are needed to do the job, Horn said. They include those who work directly with the AI, others who manage their work and the product pipeline, and still more who set the policies, or broader strategy, for how to work with AI on particular tasks. 

Of course, not everyone in tech is in as big demand as AI researchers are. 

Because of AI, hiring is slowing in certain specialties. 

Software engineers, for example, are increasingly enlisting AI to help them write code. In response, some companies have slowed hiring or, like Amazon, discussed cutting jobs to save on costs.

Customer service, data entry, and low level finance jobs are particularly vulnerable to advances in AI. 

Last week, Salesforce CEO Marc Benioff gave a sense of where humans stand in the AI era, saying that AI does up to half of the work within his company. He didn’t provide any details about what he meant. And as chief salesman for Salesforce’s AI products, it’s clearly in his interest to talk up AI’s success. 

But a glance at Salesforce’s website shows something that Benioff didn’t mention: Salesforce has dozens of job openings with AI or related terms in the title or description. 

A memo from the Indian government recently revealed that the country’s aviation regulator reprimanded Air India Express in March for failing to timely replace engine parts on an Airbus, as mandated by the European Union Aviation Safety Agency, and for falsifying compliance records.

In response, Air India Express acknowledged the oversight and committed to implementing “remedial and preventive measures”, Reuters reported citing a statement made by the airline.

The airline has faced increased scrutiny following a tragic incident in June when a Boeing Dreamliner crash in Ahmedabad resulted in the deaths of 241 passengers, marking one of the worst aviation disasters in a decade which is still being investigated.

Alarmingly, the issue had been flagged by regulators on March 18, well before the crash.

Additionally, the parent company, Air India, was warned this year for operating three Airbus aircraft with overdue escape slide checks and for serious violations regarding pilot duty timings.

Air India Express is a subsidiary of Air India, which is owned by the Tata Group. It has more than 115 aircraft and flies to more than 50 destinations, with 500 daily flights.

The EU’s aviation safety agency in 2023 issued an airworthiness directive to address a “potential unsafe condition” on CFM International LEAP-1A engines, asking for replacement of some components such as engine seals and rotating parts, saying some manufacturing deficiencies had been found.

The agency’s directive said “this condition, if not corrected, could lead to failure of affected parts, possibly resulting in high energy debris release, with consequent damage to, and reduced control of, the aeroplane.”

The Indian government’s confidential memo in March sent to the airline, seen by Reuters, said that surveillance by the Directorate General of Civil Aviation (DGCA) revealed the parts modification “was not complied” on an engine of an Airbus A320 “within the prescribed time limit”.

“In order to show that the work has been carried out within the prescribed limits, the AMOS records have apparently been altered/forged,” the memo added, referring to the Aircraft Maintenance and Engineering Operating System software used by airlines to manage maintenance and airworthiness.

The “mandatory” modification was required on Air India Express’ VT-ATD plane, the memo added. That plane typically flies on domestic routes and some international destinations such as Dubai and Muscat, according to the AirNav Radar website.

The lapse “indicates that accountable manager has failed to ensure quality control,” it added.

Air India Express told Reuters its technical team missed the scheduled implementation date for parts replacement due to the migration of records on its monitoring software, and fixed the problem soon after it was identified.

It did not give dates of compliance or directly address DGCA’s comment about records being altered, but said that after the March memo it took “necessary administrative actions”, which included removing the quality manager from their position and suspending the deputy continuing airworthiness manager.

The DGCA and the European safety agency did not respond to Reuters queries.

Airbus and CFM International, a joint venture between General Electric and Safran, also did not respond.

The lapse was first flagged during a DGCA audit in October 2024 and the plane in question took only a few trips after it was supposed to replace the CFM engine parts, a source with direct knowledge said.

“Such issues should be fixed immediately. It’s a grave mistake. The risk increases when you are flying over sea or near restricted airpsace,” said Vibhuti Singh, a former legal expert at the India’s Aircraft Accident Investigation Bureau.

The Indian government told parliament in February that authorities warned or fined airlines in 23 instances for safety violations last year. Three of those cases involved Air India Express, and eight Air India.

BEIJING, July 4 (Xinhua) — With the annual summer travel rush underway in China, the tourism industry is anticipating an even more robust market, buoyed by optimistic projections for continued growth in family travel.

According to a report on the 2025 summer travel trend released by online travel agency LY.com in June, family travel remains the main driver of summer transportation this year.

The report expected that passengers traveling with minors would account for 34.7 percent of domestic civil aviation travelers and approximately 23 percent on international routes during this year’s summer travel season, from July to August, both higher than the same period in 2024.

It also estimated that around 6 million people are expected to take a flight for the first time during the summer travel season this year.

Beijing-based travel agency Utour had already seen a 70 percent year-on-year growth in the number of its summer travel customers as of mid-June. Family travel is projected to account for more than 60 percent of its summer bookings.

“Our view is that this summer could become the most vibrant tourism season in recent years,” said Li Mengran, media and public relations manager of Utour.

According to information released by the agency, there is a significant rise in customer queries for educational trips, study tours, and family-themed products. In that regard, the agency has introduced a 12-day summer travel package, featuring a family tour to Britain. The package includes visits to several top British universities, guided tours of the British Museum, and immersive Harry Potter-themed experiences, including visits to iconic filming locations.

Tourism industry insiders believe that as more people born in the 1980s and 1990s become parents, they increasingly seek experiences that go beyond traditional sightseeing and are more willing to spend on emotionally enriching travel.

In May, China’s leading e-commerce platform, Meituan, and the China Association of Amusement Parks and Attractions (CAAPA) jointly released a report on the development of family vacations in 2025, noting that family vacations have become a new form of investment in modern family consumption.

Wang Peng, an associate researcher at the Beijing Academy of Social Sciences, explained that rather than focusing solely on buying physical goods for their children, the new generation of parents are increasingly inclined to create meaningful experiences through family travel and themed activities for children’s growth, which is a key reason behind the recent boom in family tourism.

Following that trend, immersive cultural learning experiences are also on the rise, leading to the growing popularity of activities such as traditional craft workshops, folk customs, intangible cultural heritage experiences, and science education.

In south China’s Guangdong Province, GZL International Travel Service has introduced more cultural-heritage-related experiences in their domestic family travel packages to meet the new demand.

The agency has designed a variety of themed packages featuring intangible cultural heritage items, such as dough figurine making and paper cutting. As of June, family travelers had accounted for 82 percent of the agency’s summer season customers.

In the meantime, the report by Meituan and CAAPA argued that, in the age of social media, trending intellectual properties (IPs) have also increasingly influenced family travel choices, with parents placing a high value on photo-worthy experiences that can spark online sharing.

According to a recent report by online travel platform Mafengwo, ticket bookings for the Pop Land have surged significantly, driven by the sensational Labubu, a character under Pop Mart’s IP portfolio.

Meanwhile, the soon-to-open LEGOLAND Shanghai Resort, the largest LEGOLAND in the world, set to officially launch on July 5, has also become a top summer travel destination for many tourists.

Li Mengran believes that the 2025 summer tourism market is poised for a full recovery and structural transformation, with family travelers serving as the key growth engine.

“Driven by the global economic rebound and expanding international flight capacity, this summer will be marked by three major trends — family-led demand, stronger themed travel, and deeper, more immersive experiences, which will offer new opportunities for the tourism industry,” Li said.  ■

XAU/USD

Gold was firmer on Friday morning and recovered a part of post-NFP losses.

The metal is on track for a weekly gain after being in red for two consecutive weeks that adds to positive signals, as the price remains at the upper side of larger consolidation range ($3500/$3120).

Negative impact from upbeat US labor data was short-lived, with growing fiscal concerns after the US Congress passed President Trump’s tax-cut and spending bill (which will add $3.4 trillion to a massive US debt) expected add pressure on dollar and underpin safe-haven demand.

Technical picture on daily chart is still mixed as near-term action remains supported by thickening daily Ichimoku cloud, but positive signal being countered by 14-d momentum still in negative territory and overbought stochastic.

Near-term bias is expected to remain with bulls while the price holds above $3325 (broken Fibo 38.2% of $3452/$3246) though sustained break above cracked $3350 barrier (50% retracement / daily Kijun-sen) and $3365 (Thursday’s high) required to strengthen near-term structure and shift focus on targets at $3373 (Fibo 61.8%) and $3400 (psychological).

However, Friday’s action is likely to be less dynamic due to lower volumes, as US markets will shut for Independence Day.

Res: 3345; 3350; 3365; 3373.
Sup: 3325; 3311; 3308; 3300.

Interested in XAU/USD technicals? Check out the key levels

Company Announcement:
11:38 CEST • 04 Jul 2025

Vestas Wind Systems A/S, Aarhus, 4 July 2025
Company Announcement No. 19/2025

Pursuant to Section 30 of the Danish Capital Markets Act, Vestas Wind Systems A/S hereby discloses a notification received on 3 July 2025 from BlackRock, Inc., Wilmington, Denver, USA, cf. attachment.

BlackRock informs that the reason for the notification is a change to BlackRock’s group structure, resulting from the acquisition of HPS Investment Partners.  

Furthermore, BlackRock informs that it is still a major shareholder, and that in its new group structure, its holding of voting rights and share capital as per 1 July 2025 corresponded to a position of 8.61 percent of the total share capital in Vestas Wind Systems A/S (holding in previous notification, cf. Company Announcement No. 15/2024 of 9 October 2024: 7.59 percent).

	Number	Percent
Shares according to section 38 of the Danish Capital Markets Act
Voting rights attached to shares	1,655,659,451	8.19
Share capital attached to shares	82,782,973	8.19
Financial instruments – according to section 39(2)(1) of the Danish Capital Markets Act
Voting rights attached to financial instruments	25,556,740	0.12
Share capital attached to financial instruments	1,277,837	0.12
Financial instruments with similar economic effect – according to section 39(2)(2) of the Danish Capital Markets Act
Voting rights attached to financial instruments with similar economic effect	58,836,300	0.29
Share capital attached to financial instruments with similar economic effect	2,941,815	0.29

The shares and financial instruments are held through BlackRock Japan Co., Ltd.; BlackRock Investment Management, LLC; BlackRock Investment Management (UK) Limited; BlackRock Investment Management (Australia) Limited; BlackRock Institutional Trust Company, National Association; BlackRock Fund Advisors; BlackRock Financial Management, Inc.; BlackRock Asset Management North Asia Limited; BlackRock Asset Management Deutschland AG; BlackRock Asset Management Canada Limited; BlackRock Advisors, LLC; BlackRock Advisors (UK) Limited; BlackRock (Singapore) Limited; BlackRock (Netherlands) B.V.; and Aperio Group, LLC; each controlled through chains of BlackRock entities, ultimately controlled by BlackRock, Inc.

Contact details
Vestas Wind Systems A/S, Denmark

Daniel Patterson, Vice President
Investor Relations
Tel: +45 2669 2725

Frederik Holm Jacobsen, Senior Specialist
Investor Relations
Tel: + 45 2835 3365

EU gas and electricity markets from January to March 2025 proved their continued resilience as they ensured stable and secure energy supplies with important milestones on both markets. For electricity, while the wind sector and hydropower faced unfavourable conditions, solar power generation reached 45 TWh, a record level for the first quarter – some 30% higher than the same period last year. On the gas market, the end to the transit of Russian gas through Ukraine from 1 January led to a 45% drop in Russian pipeline gas relative to the previous quarter, and 39% down on the same period in 2024. This means that the U.S. has now overtaken Russia to become the EU’s second largest gas supplier (behind Norway). The colder than usual heating season saw higher gas demand for the quarter than in recent years, but prices were broadly kept in check thanks to the significant EU storage levels at the beginning of the quarter. The combination of higher gas prices and a higher share of gas power generation led to higher electricity prices compared with the first quarter of 2024. However, this was only short-lived and still lower than in 2023.

The gas market report confirms that further progress was achieved in the diversification of EU gas supply away from Russia and the structural change in imports. The end to Russian pipeline gas transit through Ukraine, meant that total Russian gas imports (including LNG) declined by 28% year-on-year and 27% quarter-on quarter. The volumes of Russian LNG imports remained stable compared to the previous quarter and declined 11% year-on-year. This change also further accentuated the shift towards more LNG imports (45% – relative to 38% in the previous quarter), while pipeline gas imports were reduced (55%, from 62% in Q4-2024). 

The drop in temperatures in the first 3 months of the year – much lower than in the past 2 years, although still above the historical average – drove a 15% increase in EU gas consumption (to 119 bcm) compared to the previous quarter. Consumption grew by 8% year-on-year, indicating a possible halt in the structural decline of EU gas demand observed since 2021. Imports declined by 2% both quarter-on-quarter and year-on-year, while domestic gas production increased by 3% both quarter-on-quarter and year-on-year.

Norway remained the EU’s largest gas supplier with a share of 31% in total EU gas imports and provided 55% of the EU’s pipeline gas. The United States became the second largest EU gas supplier with a 24% share in EU imports and surpassed Russia, whose share dropped to 14% from 19% in Q4-2024 and Q1-2024. The U.S. provided more than half (53%) of EU LNG in the quarter. North-Africa (Algeria) increased its pipeline gas supply share to 21% from 19% in the previous quarter and 17% in Q1-2024 – the second biggest pipeline gas suppler after Norway, relegating Russia to third with 12%. Qatar remained an important LNG supplier (10%) to the EU and occupied the third largest position after Russia (16%) in EU LNG supply. 

The upward price movement in wholesale gas price (observed already in Q4-2024) continued, driven by rapidly drawn-down gas storage levels combined with lower renewable production and geopolitical tensions. European wholesale prices averaged 47 €/MWh in the first quarter of 2025, an increase of 9% compared to the previous quarter and a 71% increase year-on-year. The monthly average price reached 48 €/MWh in January and 50 €/MWh in February, before falling back to 42 €/MWh in March 2025. Retail gas prices increased by 6% both in quarter-on-quarter and year-on-year comparison. The EU quarterly average retail price was 112 €/MWh. 

The electricity market report highlights the contrast between the record solar power generation (45 TWh) and the exceptionally low wind generation for the first quarter due to the poor wind speeds. Wind generation declined year-on-year, with onshore wind dropping by 17% (-22 TWh) and offshore wind by 22% (-4 TWh). Hydropower also saw a 15% decrease (-16 TWh), albeit from very high levels in Q1 2024. This unusual combination – and the rise in gas demand because of the cold weather – meant that the renewable share of power generation decreased to 41% in the first quarter of 2025. This compares with 46% in the first quarter of 2024. A closer look at the figures shows that, after atypically weak generation in January and February, renewable output started to pick up again in March, indicating a positive trajectory for the upcoming months.

In contrast, fossil fuel generation rose by 17% (+33 TWh), compensating for the atypically low renewable output and a moderate rise in electricity demand. This was largely driven by less CO₂-intensive gas generation which increased 23% (+21 TWh), alongside a 15% rise (+11 TWh) in coal-fired generation. Nuclear output also experienced an increase of 4% (+6 TWh).

Electricity prices exhibited volatility, with the European Power Benchmark averaging 100 €/MWh due to higher gas prices and more gas power generation. This marks a 49% increase from Q1 2024, but a 38% decrease from Q1 2023. Retail electricity prices for households in EU capital cities saw a marginal increase of 3% to 255 €/MWh, driven by higher energy taxes and network charges.

More than 620 000 new electric vehicles (EVs) were sold in Q1 2025 in the passenger car segment in the EU – a record high for the first quarter and 15% higher than the same quarter last year. This translates into a 21% EV share in the EU passenger car market.

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