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Data center gamble: Meta Platforms disclosed that it has $279 billion in future lease commitments, primarily for AI-related data centers and network infrastructure, that have not yet appeared on its balance sheet, up 53% from $183 billion last quarter. The company added $68 billion in new commitments in July alone, with many leases set to begin in 2027 and 2028 as it rapidly expands its AI infrastructure. The massive spending comes as investors question whether Meta can generate enough returns from these investments since it does not currently sell computing capacity as a cloud service. Bloomberg has the full story.
Slight bump up: U.S. unemployment benefit applications rose by 9,000 to 197,000 last week, but layoffs remain historically low and the labor market continues to show resilience. Rising oil prices, persistent inflation, slower economic growth and cautious hiring are creating risks that could pressure companies to reduce jobs in the future. While hiring has weakened and major companies have announced layoffs, unemployment remains relatively stable with continued signs of a cooling but still healthy job market. The Associated Press has the full story.
Solar support: Former gaming executives launched CleanPlay’s SuperPower service to reduce the environmental impact of video games by funding renewable energy projects through gamer subscriptions and rewards. The program uses subscription fees to support solar projects, allowing gamers to contribute to clean energy without directly changing their gaming habits. With more than 50,000 members already participating, the initiative aims to turn the massive gaming community into a force for renewable energy investment. The Wall Street Journal has the full story.
