Fed Chair Kevin Warsh said artificial intelligence is driving a surge in capex and that demand has risen markedly.

Meta Platforms (META.O) shares rose more than 10% intraday after reports the company is building a cloud business to sell excess AI compute capacity.

On July 1 local time, Russian Deputy Prime Minister Novak said Russia has adequate overall supplies of gasoline and diesel. He said isolated shortages and service interruptions at individual filling stations are mainly due to changes in fuel logistics, and that recent price rises—concentrated at private stations—are a "normal market situation" that should stabilize as the market becomes saturated.