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On energy, earlier concerns that higher oil prices could be passed through to inflation for other goods and services have greatly diminished, based on inflation data so far and the recent fall in oil prices. That said, crude oil prices are still volatile, farther-dated futures prices remain higher than before the Middle East conflict, and even the earlier surge in spot prices could show up in core inflation.

Speech by Governor Waller on the economic outlook

Oil pass-through risks have diminished #Macro

Starting with high inflation in 2021, followed by high interest rates from 2022 through 2024, the shock of import tariffs in 2025, and higher energy prices from the Middle East conflict, consumers have powered through and have continued spending at a solid pace. With a nod to that resilience, I expect solid consumer spending growth to continue, helped by energy prices that have recently fallen from their April highs.

Speech by Governor Waller on the economic outlook

Consumers remain resilient #Macro

The fact that you've got others in the industry following our lead is no surprise as well. But I mentioned a point on the call this morning, that even with the improvements we've seen in pricing for the industry, the low end of the market still has to increase fares by another 5% by our estimate, just to get to breakeven at today's fuel environment. And there's nothing to be gained by trying to grow in that environment. The opportunity has to be in finding ways to secure higher revenues, not higher market share.

Delta Air Lines, Inc. (DAL) Q2 2026 Earnings Call Transcript

The lowest-fare segment requires another estimated 5% fare increase merely to break even at current fuel prices #Consumer

Even after recent fare increases, airfares remain 10 to 15 points below overall inflation since COVID. With continued fuel volatility and much of the industry is still earning returns below its cost of capital, we believe current revenue momentum should remain sustainable even if fuel prices moderate. That is an important step towards improving the industry's financial health and earning sustainable returns over time.

Delta Air Lines, Inc. (DAL) Q2 2026 Earnings Call Transcript

Airfares remain 10–15 points below broader inflation since COVID #Consumer

Well, actually, in the second quarter, our unit revenue in main cabin did exceed premium because we are down in capacity. And the industry has removed significant amount of unprofitable capacity. If you look at the ultra LCC category, that capacity is down about 30%. So main cabin has gotten significantly healthier this year. I mean, last year, it was one of our biggest objectives to improve the main cabin.

Delta Air Lines, Inc. (DAL) Q2 2026 Earnings Call Transcript

The airline industry has removed significant unprofitable capacity #Consumer

Probably the last time that we saw the element of fuel moving around with a lot of volatility was maybe 9, 10 years ago. And back then, the low-cost carriers were the darlings of the industry. They had the highest margins. They had the highest growth rates. They looked fuel as a competitive advantage because they had lower cost in other areas. Some of them such as Southwest had fuel hedges in place, which they used to try to take market share. None of that exists any longer. All of that world has changed completely -- entirely. No one has fuel hedges of any note. The cost of production, not just for fuel is up, but the cost for labor is up, the cost for airports are up, the cost for technology is up. Planes, you can get. And if you can get them, their costs are higher.

Delta Air Lines, Inc. (DAL) Q2 2026 Earnings Call Transcript

Low-cost carrier economics have structurally deteriorated #Consumer

The U.S. economy remains resilient, supported by strong employment, rising household incomes and strong significant wealth accumulation.

Delta Air Lines, Inc. (DAL) Q2 2026 Earnings Call Transcript

Consumer remains resilient #Macro

We generated record revenue, which grew 14%, increasing more than $2 billion over last year. This reflects sustained strength in demand and momentum across our diversified business. We delivered pretax profits of $1.4 billion, earnings of $1.56 per share and an operating margin of 9%, all better than the guidance that we provided at the start of the quarter.

Delta Air Lines, Inc. (DAL) Q2 2026 Earnings Call Transcript

Strong quarter for Delta #Consumer

Handel Jones CEO and Founder, International Business Strategies 7:03:45PM

Aiera | Events | SEMI at SEMI: AI Driving the Semiconductor Supercycle - Rising AI Demand and the Semiconductor Innovation Loop

Ensure the orchestration layer is decoupled from any single model. Ask yourself: If any one model you are using is taken away, do you still have the ability to operate and optimize for your evals using other models?

The Reverse Information Paradox

Build your own proprietary learning environments within the tenant boundary to train or tune models, where models learn against real workflows without exposing the company’s knowledge.

The Reverse Information Paradox

we’re excited to introduce Muse Spark 1.1, the latest model from Meta Superintelligence Labs and a significant upgrade from Muse Spark. Muse Spark 1.1 is a multimodal reasoning model built for agentic tasks, with major gains in tool and computer use, coding, and multimodal understanding. With these improvements, Muse Spark 1.1 advances the performance-efficiency frontier. Together with this week’s launch of Muse Image, this release brings us closer to our vision of personal superintelligence: models that help you pursue your goals, create what you imagine, deepen your relationships, and take action on what you value most.

Introducing Muse Spark 1.1

Meta launches Muse Spark 1.1 with stronger coding and agentic capabilities #Tech

Products AI Research Resources About Try Meta AI Introducing Muse Spark 1.1 July 9, 2026 • 10 minute read Today, we’re excited to introduce Muse Spark 1.1, the latest model from Meta Superintelligence Labs and a significant upgrade from Muse Spark. Muse Spark 1.1 is a multimodal reasoning model built for agentic tasks, with major gains in tool and computer use, coding, and multimodal understanding. With these improvements, Muse Spark 1.1 advances the performance-efficiency frontier. Together with this week’s launch of Muse Image, this release brings us closer to our vision of personal superintelligence: models that help you pursue your goals, create what you imagine, deepen your relationships, and take action on what you value most. Along with this release, we are launching a public preview of the new Meta Model API where developers can access Muse Spark 1.1. The model is available now in "Thinking" mode in the Meta AI app and on meta.ai. Evaluations For more details about our evaluations, see our report. Agents Muse Spark 1.1 delivers exceptional performance in personal agentic tasks that require planning and orchestration across a range of external apps and services. It zero-shot generalizes to new native tools, MCP servers, and custom skills. It tackles complex projects significantly faster than Muse Spark, as it is trained to orchestrate multi-agent systems to optimize end-to-end latency. As the main agent, it can gather context, make a plan, and delegate execution across parallel subagents. As a subagent, it adheres to its job, understands available tools, and knows when to escalate back to the main agent. Muse Spark 1.1 can actively manage its context window of 1 million tokens. It remembers actions, retrieves information from much earlier work, and compacts in a way that keeps the critical steps needed for later work. Computer Use Muse Spark 1.1 excels at computer-use workflows that unfold across multiple applications with information changing on-the-fly. It maintains context across extended sessions, adapts to evolving requirements, and navigates unfamiliar interfaces with minimal human intervention. Rather than reasoning through every desktop step one click at a time, Muse Spark 1.1 understands when to automate and when to use the interface directly. We trained the model to write scripts when automation is faster, click when direct interaction is simpler, and generate batches of actions at each step. Agentic dinner party organization: In real-world applications, new context arises that changes the task. Muse Spark 1.1 notices these changes when placing the dinner order and makes necessary updates without user intervention. Coding Coding performance for Muse Spark 1.1 improved substantially on real-world tasks involving large, complex codebases. It can diagnose and fix complex bugs, implement new features in enterprise-grade systems, and execute large code migrations. In use cases like creating web applications and end-to-end question answering, Muse Spark 1.1 shows large gains over our first model. We trained our model to smoothly adapt to diverse harnesses and reliably handle complex multi-turn dynamics. Muse Spark 1.1 performs well with popular agentic coding setups, supporting common features like planning mode, goal conditioning, subagent delegation, and context compaction. Debugging demo in OpenCode: Muse Spark 1.1 builds a chat web app, takes automated screenshots to identify user-visible failures, traces issues back to relevant code to implement fixes, and validates these changes. The model seamlessly combines coding, multimodal understanding, and tool calling. Across Meta, developers and researchers are using Muse Spark 1.1 daily to build faster and work smarter. On our primary internal coding evaluation, Meta Internal Coding Bench, Muse Spark 1.1 significantly improves upon Muse Spark and is competitive with leading alternatives. Researchers are now also automating model development and evaluation tasks by leveraging Muse Spark 1.1 in their workflows. DeepSWE evaluation in OpenCode: Muse Spark 1.1 evaluates itself on a subset of DeepSWE tasks across different reasoning strengths and produces an analysis dashboard based on the results. Multimodal Along with coding and agentic capabilities, Muse Spark 1.1 excels in perception, multimodal reasoning, and tool use. It can interact with real environments and produce grounded outputs with strengths in visual-to-code artifact generation, ultra-descriptive image and video captioning, and agentic workflow execution for multimodal use cases. Muse Spark 1.1’s multimodal capabilities are especially valuable when perception and action need to happen together. The model can inspect visual and audio, preserve details across a long workflow, and use those details while operating computers on the user’s behalf. Facebook Marketplace agent: Using video shot from a smartphone, Muse Spark 1.1 extracts useful photos and reasons about the product to operate a user's browser and make a Facebook Marketplace listing on the user's behalf. Safety We conducted extensive safety evaluations before deployment, following the Advanced AI Scaling Framework, which defines evaluations, threat models, and deployment thresholds for our most advanced models. Across all frontier risk categories — Chemical & Biological, Cybersecurity, and Loss of Control — our evaluations show Muse Spark 1.1 operates within safe margins. Muse Spark 1.1 demonstrates strong resistance to direct jailbreaks and indirect attacks from untrusted data, prompt injection, and developer-prompt attacks. Consequently, it shows better adversarial robustness, lower hallucination rates, and reduced sycophancy. Our full safety posture for 1.1 is documented in our Muse Spark 1.1 Evaluation Report. Availability For the first time, developers can begin building with Muse Spark 1.1 via the new Meta Model API, now in public preview. Early partners of Muse Spark 1.1 praise the model as a complete agentic foundation, pairing long context handling with strong coding and reasoning capabilities to handle large-scale agentic workloads. “What’s most impressive about Muse Spark is how much it packs into one model: massive million-token context, full multimodal support (images, video, PDFs), built-in search with citations, strong reasoning, top-tier coding abilities (particularly frontend and design), structured output, and parallel tool calling — all in a clean OpenAI-compatible package. A complete agentic foundation." — Amjad Masad, CEO of Replit “Meta is clearly building for serious agentic coding – strong tool use at a price point that makes it viable to run real coding workloads at scale. That combination is rare, and it’s exactly why we wanted Cline developers to have access early.” — Saoud Rizwan, CEO of Cline “When tested against Box’s enterprise work evaluation set, Muse Spark delivered enterprise capabilities competitive with today's leading frontier models. That level of intelligence, combined with its strengths in structured, procedural workflows across industries such as professional services, public sector, and industrial operations, makes it a compelling choice for organizations.” — Yashodha Bhavnani, VP of AI Products at Box "Muse Spark 1.1 is an awesome model for running agents. Fast, powerful, and fun with OpenClaw.” — Dave Morin, OpenClaw Foundation We're thrilled to be releasing Muse Spark 1.1, a testament to our research momentum. We have even more capable models in training and look forward to sharing what’s to come. Written by: Meta Superintelligence Labs Share: Our approach About AI at Meta People Careers Research Infrastructure Resources Demos Meta AI Assistant Media Generation Vibes AI Studio Latest news Blog Newsletter Foundational models Llama Privacy Policy Terms Cookies Meta © 2026

Introducing Muse Spark 1.1

Our consumer continues to be resilient as reflected in another quarter of strong results. It's broad-based across channels, geographies and categories.

Levi Strauss & Co. (LEVI) Q2 2026 Earnings Call Transcript

Consumer remains resilient #Macro

The Deep Sea Chemical index is up around 80% since the conflict in the Middle East began driving volatility in freight markets. The effect comes both ways. Some routes are seeing upward pressure on rates and ton-mile demand and others downward pressure, and we are watching this closely as it evolves.

Stolt-Nielsen Limited (SOIEF) Q2 2026 Earnings Call Transcript

The Hormuz shock has created route-specific winners and losers rather than a uniform tanker-rate benefit #Ind

Current estimates suggest crude and energy flows could take up to 4 months to recover to 80% of pre-war levels. Chemical export normalization may lag crude and CPP given the upstream feedstock constraints built up during the closure.

Stolt-Nielsen Limited (SOIEF) Q2 2026 Earnings Call Transcript

Crude and energy flows may require up to four months to recover to 80% of prior levels #Ind

Before the closure, around 130 vessels move through the strait each day. At the low point, that fell to around 10 to 15 vessels. Whilst we have seen recent positive development to around 40 ships per day, we still sit well below pre-conflict levels. Given events in the last couple of days, we have seen something of a slowdown in activity, but it's too soon to tell whether this is short-lived or not.

Stolt-Nielsen Limited (SOIEF) Q2 2026 Earnings Call Transcript

Current ship transits through Hormuz remain far below the pre-conflict level #Ind

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