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Business Times
38 minutes ago
- Business Times
Meta poached Apple's AI engineer Pang with pay package over US$200 million: sources
[SAN FRANCISCO] Meta Platforms has made unusually high compensation offers to new members of its 'superintelligence' team – including a more than US$200 million package for a former Apple distinguished engineer. Meta hired Ruoming Pang, who ran Apple's AI models team, with a pay package in the hundreds of millions over a several-year period, according to people with knowledge of the matter, who declined to be named discussing unannounced compensation details. Apple did not try to match the offer, as it far exceeds pay at the company for leaders other than chief executive officer Tim Cook. That pay package is in line with other major hires for Meta's new superintelligence team focused on building AI systems that can complete tasks as well as or better than humans, the people said. The team now includes former GitHub chief Nat Friedman and AI startup founder Daniel Gross. Meta tapped Scale AI co-founder Alexandr Wang as its chief AI officer by taking a 49 per cent stake in his firm worth US$14.3 billion. Menlo Park, California-based Meta declined to comment. Apple did not respond to a request for comment. From a pure numbers standpoint, the superintelligence group has some of the highest compensation of any corporate job, including CEO roles at the world's major banks. But much of the money is tied up in performance targets and unlocked during years of loyalty, meaning it might not all be received if employees leave early or if the stock does not perform well. The compensation packages for hires to Meta superintelligence labs, or MSL, are comprised of a base salary, a signing bonus and Meta shares, with the stock as the weightiest part of the package. The salary and bonus to join are often significant cash payments. In cases where a recruit would have to walk away from significant startup equity to join Meta, the signing bonus may be higher to account for that lost opportunity, the people said. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up For the stock portion, Meta tends to put in its contracts that the payouts are tied to specific metrics such as Meta's stock growing by at least a certain percentage in a given year, the people said. In many cases, the new hires are agreeing to join on contracts that exceed a typical four-year vesting schedule for stock, they added. New details of the structure of the compensation package come after OpenAI chief executive officer Sam Altman shocked Silicon Valley by describing AI talent wars with Meta on a podcast with his brother. Altman said in June that Meta had offered his employees signing bonuses as high as US$100 million, along with even larger overall compensation packages, to join the company's superintelligence team. Altman suggested his employees were choosing to stay at OpenAI because it had cultivated a better culture and reputation for innovation. Despite Altman's remarks, Meta CEO Mark Zuckerberg has now successfully hired more than 10 OpenAI researchers, as well as top researchers and engineers from Anthropic, Google and other startups. As the talent wars have escalated, Altman said on Tuesday that he has not spoken to Zuckerberg since the Meta co-founder began his effort to poach some of OpenAI's top talent, but he's anticipating a meeting at the Allen & Co conference in Sun Valley, Idaho, this week and is 'looking forward to it.' BLOOMBERG
Business Times
38 minutes ago
- Business Times
EU rolls out AI code with broad copyright, transparency rules
[BRUSSELS] The European Union published a code of practice to help companies follow its landmark AI Act that includes copyright protections for creators and transparency requirements for advanced models. The code will require developers to provide up-to-date documentation describing their AI's features to regulators and third parties looking to integrate it in their own products, the European Commission said on Thursday (Jul 10). Companies also will be banned from training AI on pirated materials and must respect requests from writers and artists to keep copyrighted work out of datasets. If AI produces material that infringes copyright rules, the code of practice will require companies to have a process in place to address it. The code of practice is voluntary and aims to help companies establish internal mechanisms for implementing the AI law. The regulation, which is going into force on a staggered timetable, establishes curbs on AI in general purpose and high-risk fields and restrict some applications. Rules impacting 'general purpose AI' like OpenAI's ChatGPT or Anthropic's Claude will apply starting next month. Breaching the AI Act can carry a fine of as much as 7 per cent of a company's annual sales or 3 per cent for the companies developing advanced AI models. The code, which still needs final sign off from the commission and EU member states, has been controversial and triggered a backlash from some technology companies, including Meta Platforms and Alphabet They complained that earlier drafts went beyond the bounds of the AI Act and created a new set of onerous rules. This month, European companies including ASML Holding, Airbus and Mistral AI also asked the commission to suspend the AI Act's implementation for two years in an open letter this month calling for a more 'innovation-friendly regulatory approach.' The commission, which missed an initial May deadline to publish the code of practice, has so far declined to postpone the implementation. The code was drafted under the guidance of officials from the commission, the EU's executive branch, which organized working groups composed of representatives from AI labs, technology companies, academia and digital rights organisations. The commission will only start directly overseeing the AI Act's application in August 2026. Enforcement will be in the hands of national courts, which may have less specific technical expertise, until then. Signing the code of practice will give companies 'increased legal certainty,' the commission has said. BLOOMBERG
Independent Singapore
an hour ago
- Independent Singapore
Nvidia becomes first company to hit US$4 trillion valuation amid AI boom
Photo: Depositphotos/MichaelVi NEW YORK: Nvidia just became the first publicly traded company to reach a US$4 trillion market valuation on Wednesday (July 9), after its shares rose 2.8% to US$164.42 (S$210.34). Back in January, Nvidia faced pressure after its shares fell 17% over concerns that China's DeepSeek was using fewer of its chips compared to US competitors. Still, the company said it was confident demand would hold. According to The Edge Singapore , the stock is now up more than 20% in 2025 and has gained over 1,000% since early 2023. It also now makes up 7.5% of the S&P 500 Index, pointing to the increasing presence of the overall technology sector, Reuters reported. Client portfolio manager Brian Mulberry at Zacks Investment Management noted that there's 'obviously tremendous demand' for Nvidia's chips, amid its role in the artificial intelligence (AI) race. He said the recent rally since April shows how quickly the market has shifted its focus back to AI infrastructure. 'It's been a pretty remarkable 90-day period. There's no doubt about that,' he added. The company's chips remain central to the AI boom, with strong demand from tech giants Microsoft, Meta, Amazon, and Alphabet. These four companies are expected to spend a combined US$350 billion on capital expenses in their next fiscal years, up from US$310 billion this year, as per Bloomberg analysts' estimates. These companies contribute more than 40% of Nvidia's total revenue. Other tech giants approaching Nvidia's US$4 trillion valuation include Microsoft, with a valuation of roughly US$3.7 trillion, and Apple, valued at US$3.1 trillion. Reuters reported that alongside Nvidia's rally, Microsoft has climbed 19% in 2025, Oracle 40%, and Palantir 88%. /TISG Read also: Nvidia CEO says that if he were a student today, he would learn AI to have a successful career Featured image by Depositphotos () => { const trigger = if ('IntersectionObserver' in window && trigger) { const observer = new IntersectionObserver((entries, observer) => { => { if ( { lazyLoader(); // You should define lazyLoader() elsewhere or inline here // Run once } }); }, { rootMargin: '800px', threshold: 0.1 }); } else { // Fallback setTimeout(lazyLoader, 3000); } });
