Galeanu MihaiListen below or on the go on Apple Podcasts and SpotifyMeta reportedly offered $200 million to poach an Apple AI exec. (0:15) Delta rallies post-earnings. (1:53) Ferrero Group buys Kellog’s. (2:18)This is an abridged transcript of the podcast:Our top story so far, Meta Platforms (META) has offered huge compensation packages to key hires for its new “superintelligence” division, including a deal worth more than $200 million for Ruoming Pang, a former engineer at Apple (AAPL).Bloomberg says Pang, who previously led Apple’s AI models team, received a multi-year offer from Meta, worth hundreds of millions. Apple did not attempt to match Meta’s bid, which far exceeds typical compensation for its senior leaders, aside from CEO Tim Cook.New details about Pang’s deal surface as tensions intensify in Silicon Valley's AI talent war. OpenAI CEO Sam Altman recently revealed on a podcast that Meta has offered his employees signing bonuses up to $100 million—and even more in total compensation—to entice them to jump ship. Despite the lucrative offers, Altman claimed that many OpenAI employees remain, drawn by the company’s culture and reputation for innovation.The superintelligence team now includes former GitHub CEO Nat Friedman, AI startup founder Daniel Gross, and Scale AI co-founder Alexandr Wang, who was named Meta’s chief AI officer as part of a deal giving Meta a 49% stake in Scale, valued at $14.3 billion.Looking to the economy, weekly initial jobless claims declined by 5,000 to 227,000 vs. the 236,000 consensus. Continuing claims for the week rose to 1.965 million, the highest level since November 2021, from 1.955 million. But it was lower than the 1.98 million consensus.Pantheon Macro says the small drop was “likely due to later timing of auto manufacturers’ summer shutdowns.”“Looking ahead, we continue to expect the unemployment rate to rise more quickly in the second half of this year than the FOMC expects,” they added.Among active stocks, Delta Air Lines (DAL) is rallying after topping Q2 estimates and setting profit guidance ahead of expectations.Looking ahead, Delta guided for Q3 EPS of $1.25 to $1.75 (midpoint $1.50) vs. $1.34 consensus. FY25 EPS of $5.25 to $6.25 (midpoint $5.75) is anticipated vs. $5.35 consensus and free cash flow of $3 billion to $4 billion.WK Kellogg (KLG) are holding onto a 30% gain seen post market Wednesday following confirmation that Ferrero Group will buy the cereal giant for $23 per share in cash, representing an enterprise value of $3.1 billion.The acquisition is expected to close in the second half of 2025 at which time WK Kellogg will become a wholly owned subsidiary of Ferrero and cease trading on the NYSE.And Deutsche Bank began coverage of Micron Technology (MU) with a Buy rating and a $150 price target.On the secular side, analysts believe High Bandwidth Memory is an underrated driver of gen/gen AI processor performance improvements and believe growth in HBM bits and Average Selling Price should drive DRAM revenue growth and profitability above historical levels.On the cyclical side, the analysts see a path to continued bit growth and ASP expansion in non-HBM DRAM in the coming years, driven by higher DRAM content-per-device as well as healthy supply-demand dynamics.In other news of note, Disney (DIS) has signed a partnership with the UK's ITV for the parties to carry each other’s streaming services.The companies hope to expand their audience base in the UK on Disney+ and ITVX through the partnership. The financial details were not disclosed.A curated selection of shows and movies from Disney+ and ITVX will be available to viewers on both platforms starting July 16. ITV viewers will be able to see shows like “Andor” and “The Bear” for free, while Disney+ will host a selection of ITV shows, including “Love Island” and “The 1% Club.”And in the Wall Street Research Corner, AllianceBernstein's latest macro outlook paints a picture of a global economy navigating a precarious balance between policy uncertainty and market resilience. While financial markets remained relatively steady through Q2 2025, the asset manager says this calm masks deeper concerns.They expect global growth to weaken in the second half of the year, prompting further monetary easing. The firm forecasts that the Fed will join the global rate-cutting cycle later in 2025, possibly pushing its policy rate below 3.0%.While AllianceBernstein anticipates a moderate global slowdown rather than a full recession, it warns that unresolved trade disputes and potential shifts in global capital flows -- especially from China -- could challenge this outlook.