Market Beats | Apple’s AI Chief Joins Meta; US Universities Face $1 Billion Hit from Falling International Enrollment; Douglas Elliman Struggles Amid Agent Exodus and Prolonged Losses; Amazon Prime Day Sales Dip in Opening Hours Despite Extended Format; Rishi Sunak Returns to Goldman Sachs as Senior Adviser; Intel Cuts Over 500 Jobs in Oregon as Part of Major Layoffs

—— Apple’s AI Chief Joins Meta; US Universities Face $1 Billion Hit from Falling International Enrollment; Douglas Elliman Struggles Amid Agent Exodus and Prolonged Losses; Amazon Prime Day Sales Dip in Opening Hours Despite Extended Format; Rishi Sunak Returns to Goldman Sachs as Senior Adviser; Intel Cuts Over 500 Jobs in Oregon as Part of Major Layoffs

1. Apple’s AI Chief Joins Meta

Apple Inc.’s top AI executive, Ruoming Pang, is leaving the company to join Meta Platforms Inc., marking a significant loss for Apple’s struggling artificial intelligence efforts. Pang led Apple’s foundation models team, which focused on the company’s in-house large language models (LLMs). He had joined Apple in 2021 from Alphabet Inc.

Meta, under CEO Mark Zuckerberg, offered Pang a compensation package worth tens of millions of dollars per year, as part of an aggressive hiring spree to build its superintelligence team. The team has already attracted high-profile AI talent from OpenAI, Anthropic, GitHub, and Scale AI.

Pang’s departure underscores Apple’s internal struggles in generative AI, where it lags behind rivals like Meta, Google, and OpenAI — despite recent Siri upgrades and ongoing talks to integrate third-party models such as ChatGPT and Claude.

Zuckerberg has made AI Meta’s top priority, and has personally recruited talent by hosting candidates at his homes and directly reaching out.

______

2. US Universities Face $1 Billion Hit from Falling International Enrollment

Dozens of American universities risk losing over $1 billion in tuition revenue as international students grow wary of studying in the US due to President Donald Trump’s immigration and visa policies. Delays in visa processing, intensified scrutiny, and even detentions on campuses and at the border are deterring new applicants.

An FT analysis of federal data shows 162 universities where over 15% of the student body is international are especially vulnerable. These range from large research universities to small liberal arts colleges across the country.

A NAFSA survey found that 75% of schools expect a drop in international enrollment this year, with most predicting a decline of at least 10%. That alone could cost nearly $900 million in new student revenue, while a similar drop in current international students would result in an estimated $3 billion total loss.

These shifts pose significant challenges for institutions that have come to rely heavily on foreign tuition to fund operations, particularly amid tight domestic enrollment and rising operational costs.

______

3. Douglas Elliman Struggles Amid Agent Exodus and Prolonged Losses

Douglas Elliman Inc., once a premier broker for luxury real estate in New York and Florida, is in turmoil. The firm has posted 11 consecutive quarterly losses, and more than 130 top agents—representing $3 billion in annual sales—have left since early 2024, many joining competitor Compass Inc.

Compass, a younger rival backed by venture capital, now boasts a market value 15 times larger and has surpassed 20,000 agents, growing by 16% in Q1. In contrast, Elliman’s principal agent count shrank nearly 10% to 4,763. A widely noted blow came when Compass rang the opening bell at the NYSE, flanked by former Elliman stars—including one who hadn’t even announced her departure yet.

Interviews with over 30 insiders describe a firm beset by cost-cutting, morale issues, and allegations of toxic workplace behavior, signaling the end of a once high-flying era.

______

4. Amazon Prime Day Sales Dip in Opening Hours Despite Extended Format

Amazon.com Inc.’s Prime Day sales dropped 14% in the first four hours compared to the start of last year’s event, according to e-commerce firm Momentum Commerce. The 2025 version of Prime Day spans four days versus two in 2024, which may dilute early figures as shoppers spread purchases across more time.

Despite that, the opening hours remain a key performance indicator. Momentum, which manages Amazon sales for major brands like Crocs, Beats, and Therabody, said consumers may be holding back for steeper discounts later in the sale.

In 2024, spending peaked on the first morning and evening and again late on Day 2. With the new four-day format, sales may be more evenly distributed this year.

Amazon shares slipped 1.8% in morning trading in New York.

______

5. Rishi Sunak Returns to Goldman Sachs as Senior Adviser

Former UK Prime Minister Rishi Sunak will join Goldman Sachs as a senior adviser, marking his first major role since stepping down as Conservative Party leader after a crushing defeat in the July 2024 general election.

Sunak previously worked at Goldman Sachs from 2001 to 2004 as a junior analyst and intern. Goldman CEO David Solomon said Sunak will advise the firm and its clients on geopolitical and economic issues, and also contribute to internal learning and development.

The former prime minister, who remains MP for Richmond and Northallerton, has maintained a low profile since his party fell from 365 seats in 2019 to just 121 seats in 2024 — the worst Conservative result in a century.

He has also taken up academic roles at Oxford and Stanford.

______

6. Intel Cuts Over 500 Jobs in Oregon as Part of Major Layoffs

Intel Corp. will cut 529 jobs in Oregon as part of a broader restructuring plan expected to affect about 20% of its global workforce. The layoffs will begin July 15 and impact facilities in Aloha and Hillsboro, the company disclosed in a regulatory filing.

This move follows earlier layoffs in California, where 107 positions were cut at Intel’s Santa Clara headquarters. The job reductions are part of new CEO Lip-Bu Tan’s strategy to cut costs and reverse years of decline at the company.

The stock is up nearly 10% year-to-date, as the company attempts to become “leaner, faster and more efficient” and regain competitiveness in AI and semiconductor manufacturing, where it has lagged rivals like Nvidia.

Intel shares rose as much as 6.9% on Tuesday following the Oregon announcement.

______

7. Mercedes-Benz Q2 Sales Drop 9% as Tariffs Hit US and China Demand

Mercedes-Benz reported a 9% drop in global car sales for the second quarter of 2025, totaling 453,700 vehicles, as trade tensions and tariffs driven by President Donald Trump’s policies weighed on key markets. Sales declined 12% in the US and 19% in China, where import duties on American-made SUVs further dampened demand.

Although the numbers slightly exceeded company guidance and improved modestly over Q1, analysts say they underscore the growing toll of tariffs. Mercedes produces large SUV models like the GLE and GLS in Alabama and exports them to China — now subject to a 10% retaliatory tariff by Beijing.

The company also continues to struggle in the EV market, with EV sales down 24% year-on-year. Competition from local Chinese manufacturers like BYD is squeezing foreign brands.

However, Mercedes noted encouraging early interest in its upcoming CLA electric sedan, based on a new EV-first platform focused on maximizing range.

______