Meta under pressure, food prices fall in Poland, AI increases emissions

Meta, the parent company of Facebook and Instagram, is facing a significant lawsuit in California. Twenty-nine U.S. states allege that the company intentionally designed its social media platforms to be addictive for young users and concealed information about the negative impacts on their mental health. Meta denies these accusations, stating that no evidence of harm has been presented.

In contrast to rising global food prices, Poland has seen a decrease in food costs. While the FAO global food price index increased by 1% year-on-year in July, reaching its highest point since January 2023, Polish food prices were 0.8% lower than the previous year. However, experts caution that factors like more expensive fertilizers and weather conditions could influence future price trends.

Europe continues to be a major tourist destination, attracting about one-third of global recreational travel spending. Italy, Spain, and France remain the most popular, with Poland also seeing growing significance, hosting over 21 million tourists last year.

The burgeoning artificial intelligence sector presents a less obvious challenge: increased energy demand. The expansion of data centers in the U.S. could lead to a 30% rise in the energy sector's emissions, according to Bloomberg Intelligence. This growing demand is expected to be met largely by gas-fired power plants, with hundreds of new units planned or under construction.

Meanwhile, companies on the Warsaw Stock Exchange (GPW) are reporting strong second-quarter earnings. Stalprofil saw a 390% profit increase, ASBIS over 250%, and Synektik over 130%. Positive results from banks and large industrial companies may support a continued bull market on the GPW.