Google's AI shake-up, tariff refunds, the interest rate outlook and more in Morning Squawk

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1. Rain check

Kevin Warsh, chairman of the US Federal Reserve, during a news conference following a Federal Open Market Committee (FOMC) meeting in Washington, DC, US, on Wednesday, July 29, 2026. Al Drago | Bloomberg | Getty Images

2. Revolving door

Jeff Dean, head of artificial intelligence at Google LLC, speaks during a Google AI event in San Francisco, California, U.S., on Tuesday, Jan. 28, 2020. David Paul Morris | Bloomberg | Getty Images

Shares of Alphabet fell 4% yesterday after the Google parent announced it is shaking up its artificial intelligence divisions. Chief scientist Jeff Dean is leaving after 27 years to start his own company, and Google DeepMind CEO Demis Hassabis is assuming his title. As CNBC's MacKenzie Sigalos writes, Dean is only the latest talent to leave Google. His departure and Hassabis' new position raise questions about Google's ability to be an AI leader, particularly as booming growth in its cloud unit tests its commitment to frontier AI. Google wasn't the only one announcing leadership changes yesterday: Salesforce elevated its revenue head Miguel Milano to operating chief. Milano was previously an Oracle executive before rejoining Salesforce in 2023.

3. Cut the check

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